What Are Stock Perpetuals?

Stock Perpetuals, or Stock Perps, are a type of crypto derivatives contract launched by Bitunix. They use the price movement of the underlying stock asset as a reference and are settled and margined in USDT.

Unlike traditional stock trading, Stock Perpetuals do not involve the actual purchase or sale of the underlying U.S. stocks. You do not own the real shares, and these contracts do not grant voting rights, dividend rights, or any other shareholder rights. They are purely price-tracking trading instruments.

Stock Perpetuals (Stock Perps) are Bitunix products linked to U.S. stock underlyings, with the following key features:

• Price reference: Based on the price of the underlying U.S. stock assets, such as Tesla
• Settlement asset: Fully margined and settled in USDT
• Key advantages:

1. No need to buy, hold, or take delivery of actual stocks, and no securities ownership verification is required
2. No voting rights or dividend entitlements
3. Supports both long and short trading, allowing users to amplify both potential returns and risks through leverage

Trading Hours Rules

Core principle: Trading hours are fully aligned with the New York Stock Exchange (NYSE) and automatically adjust for daylight saving time and standard time.

1. Regular Trading Session

• Market open: 04:00 ET, which corresponds to approximately 16:00 Beijing time on the same day
• Market close: 20:00 ET, which corresponds to approximately 08:00 Beijing time on the following day

2. Market Close Rules: Positions Can Only Be Reduced, Not Increased

• Closed period: From 20:00 ET to 04:00 ET the next day
• Core restriction: This is not standard spot trading during a market break. The market enters reduce-only mode, where opening new positions and adding to positions are prohibited

3. Market Closed on Statutory Holidays

• The NYSE is closed for the entire day on statutory holidays (00:00 to 24:00 ET)
• The opening time will be postponed until 04:00 ET on the next trading day
• Please refer to Bitunix's official announcements for the exact holiday schedule

Market Closed: What Can and Cannot Be Done in Reduce-Only Mode?

✅ Allowed Actions

1. Reduce or close positions: Gradually reduce or fully close existing positions
2. Cancel pending orders: Cancel unfilled orders, except take-profit and stop-loss orders
3. Adjust margin: Freely increase or decrease the margin allocated to the current position
4. Switch modes: Freely switch between Asset Mode and Position Mode
5. Adjust leverage: Modify the leverage multiple applied to the position

❌ Prohibited Actions

1. Open or add to positions: Opening new positions or increasing existing positions is strictly prohibited
2. Special order types: Reverse position orders and trailing stop orders are unavailable
3. Order modification: Except for take-profit and stop-loss orders, other pending orders cannot be modified

⚠️ Key Mechanism Reminders

• Price updates: The index price, mark price, and market price will continue to update normally
• Funding settlement: Funding fees will continue to be settled normally during the market closure period, which means holding costs may still apply
• Liquidation mechanism: If the mark price reaches the liquidation price, the system will force liquidation of the position

One-Way Position Mode: Safety Protection During Market Closure

During the market closure period, One-Way Position Mode will automatically trigger a protection mechanism:

• Limit orders, market orders, and conditional orders must be set as Reduce-Only, and once confirmed, this setting cannot be canceled
• The system will automatically lock the order setting to Reduce-Only to prevent accidental opening of new positions during the market closure period

Regional Compliance Restrictions(Special note: The restricted area is the USA)

• Users in unrestricted regions: Regardless of whether they hold positions, they can view Stock Perpetual trading pairs normally and have full trading access.
• Users in restricted regions (no positions): Cannot view Stock Perpetual trading pairs or access related features.
• Users in restricted regions (with positions): Can only view the trading pairs they already hold, and trading permissions are limited to reduce-only actions.

Determination Criteria

• A user will be classified as being in a restricted region if either the IP location or the KYC verification country falls within a restricted jurisdiction.
• Using a VPN or proxy to bypass regional restrictions is strictly prohibited. Violations may result in trading restrictions.

Quick Self-Check List Before Trading

1. Confirm whether you are in a restricted region based on IP and KYC status.
2. Keep the trading hours in mind: the market opens at 04:00 ET on Monday and closes at 20:00 ET on Friday.
3. Check whether your margin is sufficient before the market closes to avoid liquidation.
4. When placing orders during the market closure period, only Reduce-Only can be selected, and some orders cannot be canceled.
5. Monitor your funding fees and liquidation price closely to manage position risk.

FAQ

Will positions be forcibly liquidated during market closure?

Yes. The liquidation mechanism remains fully active during market closure. If the mark price reaches the liquidation price, the position will be liquidated immediately. Before the market closes, please make sure your margin is sufficient to avoid liquidation caused by sudden price swings.

Are take-profit and stop-loss orders still effective during market closure?

Yes. Take-profit and stop-loss orders remain valid during market closure and will be executed automatically once triggered.

⚠️ Risk reminder: A gap may occur when the market reopens, and the execution price may differ significantly from the trigger price.

Are funding fees still charged during market closure?

Yes. Funding fees continue to be settled normally during market closure, so they will still affect your holding costs. Please factor this into your trading costs.

Why can’t I see Stock Perpetual trading pairs?
In most cases, this means you are a user in a restricted region and currently do not hold any positions. In this case, the trading pairs will be completely hidden. Users in restricted regions who already hold positions can only view the pairs they currently hold, and they are limited to reduce-only actions. If there are no open positions, the trading pairs will not be visible at all.

Can I cancel previously placed orders during market closure?

Yes. Except for take-profit and stop-loss orders, other unfilled orders can generally be canceled as usual.

Is API Trading Supported for Stock Perps Futures?

No, at the moment stock perps futures trading pairs do not support API trading. Please trade stock perps on the website or application.

Disclaimer

This article does not provide:

(i) investment advice or investment recommendations;

(ii) an offer or solicitation to buy, sell, or hold digital assets;

(iii) financial, accounting, legal, or tax advice.

Digital assets, including stablecoins and NFTs, involve high risk and may fluctuate significantly. Consider whether trading or holding digital assets is appropriate for you given your financial situation. Consult a qualified legal, tax, or investment professional when needed. You are responsible for understanding and complying with applicable local laws and regulations.