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Sessions control risk parameters based on external reference availability and expected liquidity.

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Session States

StateDescription
Reference OpenExternal reference available, normal liquidity
Weekday OvernightReference closed, reduced liquidity
WeekendThin liquidity, reference often stale
Reference DisruptedFeed outage or abnormal conditions
Underlying HaltedTrading halt or corporate action

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Trading Behavior by Session

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Position Limits

SessionMultiplierExample ($1M base)
Reference Open1.0×$1,000,000
Weekday Overnight0.5×$500,000
Weekend0.1×$100,000
Disrupted / Halted0×Reduce-only
Accounts exceeding limits become reduce-only until within limits.

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Leverage Caps

SessionMax Leverage
Open10×
Overnight5×
Weekend2×

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Order Price Bands

SessionEquitiesIndices
Open±10%±5%
Overnight±7%±4%
Weekend±5%±3%

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Liquidation Throttles

SessionMax per Second
Reference Open$100k
Weekday Overnight$50k
Weekend$10k

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Index and Mark Behavior

SessionIndexAnchorMark
Reference OpenTracks MDPUpdates continuouslyNormal updates
Reference ClosedInternal driftFrozenBounded by Anchor band
DisruptedFrozen or minimal driftFrozenStrictly bounded

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Session Transitions

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Open → Closed

  1. Freeze Anchor at current Index
  2. Activate tighter limits
  3. Cancel orders exceeding new limits
  4. Disable funding
  5. Reduce liquidation throttles

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Closed → Open

  1. Validate external reference quality
  2. Re-anchor Index to MDP
  3. Mark walks toward new Index (step clamp)
  4. Restore normal limits
  5. Re-enable funding
Mark does not jump instantly—it walks via step clamp, giving liquidations time to execute progressively.

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API Fields

{
  "session_state": "OPEN",
  "external_reference_available": true,
  "position_limit_multiplier": 1.0,
  "leverage_cap_effective": 10.0,
  "order_band_pct": 0.10,
  "liquidation_throttle_usd_per_sec": 100000,
  "funding_active": true
}