The session guard
Leverage is capped around the moments these markets move the most: when their home market opens.
A stock perp keeps trading while its exchange is shut, and its price follows Hyperliquid’s own trading until the home market opens again. At the open, the oracle starts following fresh exchange prints, and the gap since the close is settled in seconds.
On 28 July 2026 a bad pre-market print in Seoul moved trade.xyz’s SK hynix perp about 19% in seconds and liquidated about $57M of longs.
What the guard does
From 30 minutes before each open to 15 minutes after it, the ticket caps leverage at 3x. An open is a pre-market start after the market was shut, or the regular open after a pre-market. Lunch breaks, the futures daily pause and the currency roll are not opens.
The cap is a default, not a block: tick Trade anyway to keep your leverage. Outside the window, the ticket tells you when the home market is shut and that the price can gap at the next open.
Earnings
For stocks listed in New York, the guard also covers the company’s earnings release, from Nasdaq’s calendar: from 06:30 to 15 minutes after the open for a report before the open, and from 15:45 to 17:30 New York time for one after the close. Results can move a stock several percent in seconds, and these perps keep trading through them. Every report is on the earnings calendar.
Alerts
Set an alert from the session chip in the terminal and the browser tells you 10 minutes before the next open. Price alerts fire once when the market reaches your price. Both work while an Afterbell tab is open.