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Outside of regular trading hours, trading bands are imposed around the last regular-hours mark price, preventing trades from executing outside of the price range ±0.5× the initial margin ratio on either side. If the order book pushes persistently (i.e. over one hour) against either the upper or lower bound of the trading band, the band will permit automatic expansions in progressive steps: 1×, then 2×, then 4× of initial margin - but only in the direction of pressure. This design permits genuine off-hours moves to be reflected in the price of the perpetual contract while protecting open positions from unwarranted or cascading liquidations in thin markets. For the full read on How Arcus Handles Equity Perpetuals during Off Hours, see here.