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Yes. Markets trade 24/7, including overnight, weekends, and holidays. Liquidity is deepest when the underlying market is open (US hours for US markets) and can thin outside those windows, resulting in wider spreads. Perps trade continuously too: for any perp whose underlying has set hours (equities, commodity ETFs, index ETFs), when that market closes, funding moves to a fixed off-hours rate (SOFR + 0.5%), initial margin requirement rises, and price bands limit off-hours moves to curb liquidation cascades. Only crypto perps run with no off-hours regime - funding stays live around the clock.