> For the complete documentation index, see [llms.txt](https://stonkmarket.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://stonkmarket.gitbook.io/docs/concepts/market-hours.md).

# Market Hours

Tokens on stonk.market only trade when the New York Stock Exchange is open. This isn't a soft convention — it's enforced on-chain, in two independent places. If the NYSE is closed, no swap and no token transfer will land.

The check runs at both layers as defence in depth:

* The **StonkHook's `beforeSwap`** reverts any Uniswap v4 swap while the market is closed.
* The **token's own transfer function** gates every `transfer` / `transferFrom` the same way.

Either one alone would block off-hours trading; together they mean there is no path — swap, wallet-to-wallet, or otherwise — to move a token while the NYSE is shut.

## The Schedule

|                   |                      |
| ----------------- | -------------------- |
| **Open**          | 9:30 AM Eastern Time |
| **Close**         | 4:00 PM Eastern Time |
| **Weekends**      | Closed               |
| **NYSE Holidays** | Closed               |

That's about 32.5 hours per week of tradable time. Outside that window, every buy and sell reverts.

## Why Restrict Trading?

Most crypto markets run 24/7. That makes them exhausting and easy to manipulate during low-liquidity hours. Constraining trading to NYSE hours:

* Creates the same daily rhythm equities traders are used to — an open, a close, and a quiet overnight.
* Concentrates volume into a known window, which generally means tighter spreads and more honest price discovery.
* Removes the worst time for retail to be trading (3 AM, half-asleep, against bots).

## Daylight Saving Time

The oracle handles this automatically. The market open time in UTC shifts between 13:30 and 14:30 depending on the season, following US DST rules (second Sunday in March, first Sunday in November).

## Holidays

The oracle keeps an on-chain calendar of NYSE holidays. The ten currently loaded:

* New Year's Day
* Martin Luther King Jr. Day
* Washington's Birthday (Presidents' Day)
* Good Friday
* Memorial Day
* Juneteenth
* Independence Day
* Labor Day
* Thanksgiving Day
* Christmas Day

Holidays are loaded by the oracle owner in advance, a year at a time, and the owner can add, move, or remove dates at any point. Every change applies immediately to every token pointing at the oracle — including tokens deployed long before the change. Read the live calendar with `getHolidays()`.

## What Counts as a Transfer

Between the hook and the token gate, the market-hours check covers **every** way a token can move:

* Uniswap v4 swaps — gated by the hook's `beforeSwap`.
* Every `transfer` / `transferFrom` — gated by the token's transfer function.
* Wallet-to-wallet transfers — gated.
* The factory seeding liquidity and the dev allocation at launch — **exempt** (otherwise a launch outside market hours would fail).
* Minting the fixed supply at launch, and any burn — **exempt** (these run through `_update()` directly, not the public transfer path).

There is no graduation event to consider — the pool is a live Uniswap v4 market from launch, and both layers gate it whenever the NYSE is closed.

***

## Details

The oracle exposes four states:

```solidity
enum MarketState {
    HOLIDAY,      // Closed for holiday
    WEEKEND,      // Closed for weekend
    AFTER_HOURS,  // Weekday but outside 9:30-4:00 ET
    OPEN          // Market is open
}
```

Two guards read the same oracle:

* The **StonkHook's `beforeSwap`** rejects any Uniswap v4 swap on a stonk pool while the market is closed.
* The token's public `transfer()` / `transferFrom()` carry a trading-window modifier that gates every ordinary transfer.

Both resolve the window the same way:

1. Before `launchTime` (the next NYSE open computed at deploy) the token is locked — trading cannot start until the first bell. The factory's one-shot launch actions (seeding liquidity, the dev allocation) are exempt so the launch transaction itself can complete.
2. From `launchTime` onward, delegate to `marketHoursOracle.isMarketOpen()`.

If the check fails, the swap or transfer reverts.

Holidays are stored as `YYYYMMDD` integer keys (e.g. `20260101` for Jan 1, 2026). The oracle owner can add, remove, or amend holidays without touching deployed tokens — see [MarketHoursOracle](/docs/smart-contracts/market-hours-oracle.md) for the full interface.


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