What is Market-Hours Gap?
The market-hours gap is the window when a tokenized equity keeps trading but its underlying exchange is closed. During the gap the NAV reference is a frozen last print, so any premium or discount reading measures the market's expectation of the next open rather than a live mispricing. Gaps are widest over weekends, holidays and trading halts.
Also called: weekend gap · after-hours tokenized stock · stale NAV · closed-market premium
Why the gap distorts premium
NAV depends on an exchange print. When the exchange closes, that print stops moving while the token continues to trade against news, futures and crypto-market risk appetite. The premium column therefore drifts by construction: a wide weekend premium on a token whose sector rallied after the close is a forecast, not an arbitrage. The honest treatment is to timestamp NAV and label any premium computed against a stale print.
What to watch instead
During a gap, cross-source agreement and traded depth carry more information than the premium number. When the exchange reopens, NAV catches up in one step and the premium usually collapses. A gap that does not close on the reopen is the real signal — something structural, such as a gated redemption path, is holding the price away from NAV.
Frequently asked questions
Why does a tokenized stock trade at a premium on weekends?
Because the underlying exchange is closed and NAV is frozen at the last print while the token keeps trading. The premium reflects expectations for the next open and usually resets when the exchange reopens.
Is the market-hours gap the same as a de-peg?
No. A gap is a scheduled, self-correcting artefact of a closed exchange. A de-peg is a divergence that persists after the underlying market reopens.
Where this shows up live
On the desk
Every figure on those pages carries its source and as-of time. Nothing is shown when the upstream is unavailable.
Related terms
- 24/5 vs 24/7 Trading — 24/5 means trading runs around the clock on weekdays and pauses at the weekend; 24/7 means it never stops.
- NAV Premium & Discount — NAV premium (or discount) is the gap between a tokenized asset's on-chain market price and its net asset value (NAV) — the value of the underlying share or fund.
- Net Asset Value (NAV) — Net asset value (NAV) is the reference value of what a token represents — for a tokenized equity, the underlying share price multiplied by the shares multiplier; for a tokenized fund, assets minus liabilities divided by units outstanding.
More in Market Structure
24/5 vs 24/7 Trading · Custody vs Self-Custody · Primary vs Secondary Market
Informational only · not financial advice. See the live numbers on the data desk, the sourcing rules in the methodology, or the day's stories in the newsroom. · ← All glossary terms