> ## Documentation Index
> Fetch the complete documentation index at: https://docs.xblu.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Markets and hours

> The five asset classes, how each is sized, the sessions of a share, which instruments trade through the weekend, and why an order can be refused for want of a fresh price.

The markets page of the app lists every instrument Xblu quotes, with the spread and the maximum
leverage it trades at. This page explains what the list means.

## The classes

| Class | Sized | One lot | Hours |
| - | - | - | - |
| Crypto | BTC, ETH, SOL, BNB and XRP in lots, the other coins by amount and leverage | 1 BTC, 10 ETH, 100 SOL, 10 BNB, 10,000 XRP | every hour of the week |
| Forex | in lots | 100,000 units of the base currency | the interbank week, and through the weekend on the pairs priced by a perpetual |
| Stocks | in lots, a few ETFs by amount | 100 shares, from a hundredth of a lot | the exchange's sessions, and through the weekend on the shares priced by a perpetual |
| Indices | SPX500 and NAS100 in lots, the others by amount and leverage | 10 times the index | the exchange's sessions, and through the weekend on the indices priced by a perpetual |
| Commodities | in lots, copper by amount | gold 100 oz, silver 5,000 oz, oil 1,000 barrels, natural gas 10,000 MMBtu, platinum and palladium 100 oz | through the weekend on the perpetual-priced ones |

The ticket writes the notional of an order (lots times what one lot is worth at today's price) and
the pip value, so the size in money is always on screen.

## Hours and sessions

Each instrument carries a weekly calendar in its own time zone, set by the desk, and exception
days for holidays and early closes. The instrument's hours panel shows the sessions of the week,
when it reopens if it is closed, and "Open 24/7" when it is.

A share quotes in sessions: **regular hours**, **pre-market**, **after-hours**, **overnight**,
and **off-exchange** when a perpetual prices it while the exchange is shut. Outside regular hours
the venues' spread is usually wider, and the ticket shows the spread quoted now. A halted or
paused instrument says so in the same place.

While a market is closed, open positions stay open, the overnight swap keeps accruing, and waiting
orders keep waiting. See [Liquidation](/trading/liquidation#when-a-market-is-closed) for what a
gap at the reopening does.

## The weekend

Crypto trades every hour of the week. A number of shares, indices, currency pairs and commodities
are also quoted through the weekend from perpetual markets that price them when the exchange is
shut, and they can be traded then. The markets page says which instruments are open at any
moment, and the hours panel of each instrument says why.

## When no fresh price exists

An order is only filled against a price that is fresh. When the venues that price an instrument
go quiet, during an outage or on a thin weekend book, the order is refused with "There is no fresh
price for this instrument right now", and nothing is taken. Try again once the instrument quotes.

## How a price is made

Crypto is priced from several venues at once: the reference price is the median of the books
that agree, and a venue that disagrees with the others is left out, so a spike on one venue does
not reach your fill, your stop or your liquidation. Shares, currency pairs, gold and the
instruments priced from a perpetual can rest on one venue, and then its price is the reference.
Your fill is the reference plus half the spread, against you. See [Fees and spread](/trading/fees-and-spread#spread).


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