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Three things adjust automatically:
  • Initial margin rises 50% (maintenance margin unchanged)
  • Trading bands constrain price action
  • Funding snaps to a fixed rate (SOFR + 0.5%) until reopen.
These rules apply to equities, commodity ETFs, and index ETFs; only crypto is unaffected.
These rules are driven by the trading hours of the underlying assets. US equity trading hours are typically  04:00–20:00 ET (pre- to post-market); Equity Perps and Stock Tokens stay tradeable throughout.
  • The change in margin & the trading bands guard against potential manipulation when liquidity is thinner, by making it costlier for a potential attacker to move the market.
  • The funding snaps to a fixed rate because there is no reliable external price to anchor to.
For the full read on How Arcus Handles Equity Perpetuals during Off Hours, see here.