When the stock market is shut, a stock perp’s only price is the other traders.
Between 21:22 and 21:32 UTC on Saturday 17 October 2026, about $51.6m of leveraged bets on chip stocks and semiconductor funds were force-closed on crypto exchanges, while the shares themselves sat idle with Wall Street closed. This is how weekend stock perpetuals are priced, read by a marketer rather than a trader.
~$51.6m in 10 minutes
Chip-stock and semiconductor-fund positions, 21:22–21:32 UTC, per CoinGlass data.
~$38m
Of the total came from traders betting on higher prices.
SOXL, ~$12.7m
A fund that triples the daily moves in chip shares. SanDisk and SK Hynix followed at about $10.8m each.
Closed
No live share price until US markets opened on Monday.
How weekend stock perps are priced.
A perpetual future tracks a stock’s price and trades around the clock on crypto exchanges, so a trader can buy or sell exposure to a chip stock on a Saturday night. On a weekday the contract has a real share price to follow. At the weekend it doesn’t.
With the stock market shut, traders react only to each other. Trade XYZ, which lists stock-tracking contracts on Hyperliquid, lets trading on the platform set its own reference prices until outside stock quotes come back.
A trader who borrows to make a bigger bet is closed out automatically when losses eat through their deposit. That forced selling pushes the price lower for the next trader in line.
How the ten minutes ran.
Per the trade review cited by CoinDesk.
What this means for anyone selling 24/7 stocks.
The hours are the product. “Trade Nvidia on a Sunday” is the pitch. Saturday showed what those hours look like when the only reference is the venue itself.
Say where the weekend price comes from. If it’s set by trading on your venue, say so on the product page, before a customer finds out from a liquidation.
Monday’s open is the public test. Outside quotes return when New York opens, and anyone can compare them with Saturday’s prices. Positions closed at the weekend stay closed.
Questions.
What is a stock perpetual?
A perpetual futures contract that tracks a stock’s price and trades around the clock on crypto exchanges. It has no expiry, so traders can buy or sell exposure to a share on a Saturday night when the stock market is closed.
How are stock perps priced when the stock market is closed?
There is no live share price to follow, so traders react only to each other. Trade XYZ, which lists stock-tracking contracts on Hyperliquid, lets trading on the platform set its own reference prices until outside stock quotes come back, according to CoinDesk.
What happened on 17 October 2026?
About $51.6m of leveraged positions tied to chip stocks and semiconductor funds were force-closed between 21:22 and 21:32 UTC on Saturday, according to CoinGlass data reported by CoinDesk. About $38m of that came from traders betting on higher prices.
Which contracts were hit hardest?
SOXL, a fund that triples the daily moves in chip shares, took the biggest hit at about $12.7m. SanDisk and SK Hynix contracts followed at about $10.8m each.
Where did the selling start?
On Binance, according to a review of the trades by David Jeong, chief executive of trading firm Tread.fi, cited by CoinDesk. Less than a second later orders hit Hyperliquid, where roughly 10 addresses opened bets against six chip-linked contracts within 1.8 seconds. Binance handled about $21.9m of SanDisk trading in the first minute, against $3.1m on Trade XYZ.
What happens when the stock market reopens?
Outside quotes return when US markets open on Monday, which shows how far the weekend prices strayed from where the shares actually trade. Positions liquidated on Saturday were closed at the weekend price, whatever Monday’s open says.
Is this trading advice?
No. It is a marketer’s summary of published reporting, for founders building or marketing these products.
Sources.
Selling 24/7 access and need the explanation ready first?
Twenty minutes, direct with the founder.