Stock Index Perpetual Contracts
Last updated: 04/17/2026 06:09:52
KuCoin’s Stock index perpetual contracts are perpetual derivatives that closely track the price of traditional equities and related assets as their reference. Users can participate in market movements by going long or short based on price fluctuations, without actually holding the underlying assets.
Unlike traditional equities, which have limited daily trading hours (e.g., the trading hours applicable to TSLA stock runs from 9:30 AM to 4:00 PM Eastern Time (ET) on business days excluding public holidays and weekends), KuCoin’s Stock index perpetual contracts support 24/7 trading.
To ensure continuous trading availability, KuCoin has implemented special mechanisms for index price and mark price, enabling fair, continuous, and stable pricing even when the underlying stock market is closed for trading.
Differences Between Stock Index Contracts and Standard Perpetual Contracts
| Parameter | Stock Index Perpetual Contract | Standard USDT Perpetual Contract |
| Trading Hours | 7*24 | 7*24 |
| Special Period – Low Liquidity Session |
Periods when the underlying market is closed |
None |
| Representative Perpetual | TSLAUSDT Perpetual (tracks Tesla stock price) |
BTCUSDT Perpetual |
| Settlement & Margin Currency | USDT | USDT |
| Maximum Leverage | Lower than standard perpetuals (e.g., up to 10x) | Up to 125x |
| Index Price | Track the corresponding Stock price | Tracks spot market price |
| Mark Price | Same as standard during normal sessions; special rules during low-liquidity sessions |
Standard rules |
| Funding Rate | Standard rules | Standard rules |
| Liquidation | Standard rules | Standard rules |
| Position Mode | Cross / Isolated supported | Cross / Isolated supported |
Normal Trading Session vs. Low Liquidity Session
Since KuCoin Stock index perpetual contracts support uninterrupted 24/7 trading, the platform divides market conditions into:
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Normal Trading Session
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Low Liquidity Session
Different pricing and risk-control mechanisms apply to each.
Trading Sessions in 2026 (UTC Time)
| Session Period | Daylight Saving Time (March 2026 –November 2026) | Standard Time (November 2026 –March 2027) |
| Normal Trading Session | Monday –Friday 13:30 – 20:00 | Monday–Friday 14:30 – 21:00 |
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Low Liquidity Session
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Pre-market session: Monday–Friday 08:00–13:30 (UTC) After-hours session: Monday–Friday 20:00–00:00 (UTC) (starts the previous UTC day) Overnight session: 00:00–08:00 (UTC) |
Pre-market session: Monday–Friday 09:00–14:30 (UTC) After-hours session: Monday–Friday 21:00–01:00 (UTC) (crosses midnight) Overnight session: 01:00–09:00 (UTC) |
| Weekends (Saturday & Sunday) | ||
| Early Closing Days (market closes at 18:00 UTC) November 27, Friday — Day after Thanksgiving (Black Friday) December 24, Thursday — Christmas Eve |
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Full-Day Market Closures: Public / Major Holidays
or any public holidays (as determined by the relevant government authority from time to time)
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1. Session Definitions
1.1 Normal Trading Session
A normal trading session refers to the period when the underlying stock market is officially open for trading.
During this period:
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The underlying equities trade normally
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Market liquidity is sufficient with active quotes
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Third-party data providers supply continuous real-time prices
KuCoin’s contract index price will closely track the underlying asset market price in real time, maintaining strong correlation with the underlying market.
1.2 Low Liquidity Session
A low-liquidity session refers to periods when the underlying stock market is not in normal trading status, including but not limited to:
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Pre-market or after-hours sessions
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Overnight trading periods
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Weekends or public holidays
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Temporary trading halts or emergency market closures
During these periods:
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The underlying stock market does not trade normally
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Liquidity may drop significantly or pause
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Continuous real-time trade prices may be unavailable
Accordingly, KuCoin implement special risk-control rules for mark price.
2. Index Price
Normal Trading Session
The index price tracks the underlying stock market in real time. Sources include:
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Real-time quotes from third-party data providers
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Other stable and verifiable pricing references
Low Liquidity Session
During periods of low market liquidity, index price updates may be subject to certain limitations or smoothing mechanisms to ensure price stability and reliability.
Note: KuCoin reserves the right to adjust index components and parameters in real time based on market conditions without prior notice.
3. Mark Price
Normal Trading Session
Mark Price = Clamp(Median(Price1, Price2, Contract Price), Index Price × (1 − Coefficient A),Index Price × (1 + Coefficient A))
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Ensures mark price fluctuates within a reasonable range
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Prevents irrational liquidations caused by short-term anomalies
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Coefficient A = 8%
Low Liquidity Session
Mark Price = Clamp(Median(Price1, Price2, EWMA Contract Price), Index Price × (1 − Coefficient B),Index Price × (1 + Coefficient B))
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Coefficient B = 5%
EWMA Contract Price = α × Latest Contract Price + (1 − α) × Previous-Second EWMA Price
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α (EMA factor) = 1 / (N + 1), N = 600 seconds
Smooth Transition Between Calculation Modes
To avoid sudden jumps when switching between standard and smoothing modes, KuCoin applies a transition mechanism:
Mark Price =(1 − TransitionTime / SmoothingPeriod) × MarkPrice_before+ TransitionTime / SmoothingPeriod*MarkPrice_after
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Smoothing period for mode switching: 300 seconds
4. Funding Fees
Funding rate rules for stock index perpetual contracts are the same as standard perpetual contracts.
5. Liquidation Mechanism
The liquidation mechanism follows standard perpetual contract rules, determined by liquidation price or maintenance margin ratio.
6. Risk Warning
Stock index perpetual contracts are derivatives that track underlying asset price movements without granting ownership of or any rights associated with the underlying assets.
These products carry high risk and may result in the loss of your entire investment. Trading is available only to users in eligible jurisdictions.
Before trading, please fully understand the risks, evaluate whether the product suits your financial situation, and assume full responsibility for your decisions.Please consult independent advice if necessary.
During low-liquidity sessions, although trading remains available, risk characteristics differ significantly from normal sessions due to limited underlying market liquidity.
Please monitor closely:
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Position margin ratio
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Liquidation price changes
Avoid excessive leverage or oversized positions, maintain sufficient margin buffer, and consistently review your exposure before or after the stock market reopens.
7.Corporate Actions
Corporate actions refer to events initiated by the underlying assets company that may affect shareholders’ or creditors’ rights and economic interests. Different types of corporate actions may change stock prices, circulating shares, or cash flows between issuers and holders.
If any corporate action that may materially affect the underlying stock price occurs (such as stock splits/reverse splits, mergers & acquisitions, spin-offs, etc.), KuCoin will publish a separate announcement with details.
Important Notice:
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These contracts are synthetic derivative products designed to track the price movements of certain publicly available equity benchmarks. They are stablecoin-settled perpetual derivative contracts and do not represent ownership of any stocks or securities, and no shares will be delivered.
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Access to these products may not be available in certain jurisdictions and may be restricted based on applicable laws and platform compliance requirements. Trading derivatives involves significant risk, including the potential loss of your entire position. If you have any questions, please seek independent advice. Before trading, please review the Terms of Use, Futures Services Terms, and Risk Disclosure Statement (as updated from time to time).