Price: mark price · perpetual futures / vs. 24h earlier / / Saved / stale
How much world share prices move at the weekend: up to 30 weekends, measured
- For the Nikkei 225, the window from 15:00 on Friday to 9:00 on Monday had a median of 0.93%, and went beyond ±1% on 9 of 18 weekends.
- For the Nikkei 225, the median absolute change of hourly candles was 0.12% in the weekend common window and 0.22% over a weekday 24 hours.
- The figures are Hyperliquid perpetual-futures reference values. They are not official index values or cash-market prices.
Section highlights (13)
- Each window is defined by its symbol and the endpoints used in the calculation.
- The common window includes external-pricing hours for all six symbols. Internal-pricing hours were measured separately for the Nikkei 225 only.
- The cash-market window covers 18 weekends; the two weekends with a Monday holiday are in a separate table.
- Between 10 and 30 weekends were measured per symbol.
- From Saturday 6:00 to Monday 8:00 JST, neither Tokyo Stock Exchange cash equities nor Osaka Exchange Nikkei 225 futures have a session.
- Weekend figures are related instruments, not the Nikkei 225 itself or a forecast of its next opening value.
- Beyond ±1%: Gold 33%, the Nikkei 30%, USD/JPY 3%. The three indices had their largest fall on the same weekend.
- In the cash-market window (Friday 15:00 → Monday 09:00 JST, perpetual-futures candle closes), the median was 0.93%, and the change went beyond ±1% on 9 of 18 weekends.
- Over the 49 internal-pricing hours the median change was 0.59%; over the hour that followed it was 0.53%.
- The median hourly change was 0.12% at the weekend and 0.22% over a weekday 24 hours.
- These are perpetual-futures reference prices. The original statistics and the update cover separate periods.
- The Monday-open comparison is a definition. The statistics compare perpetual-futures closes with each other.
- The 13 points compare one perpetual-futures reference contract on one stated basis; they do not turn a weekend quote into the Nikkei 225 or its next opening value.
Contents
- 2026-04-11-1.49%
- 2026-04-18+0.31%
- 2026-04-25+0.24%
- 2026-05-09+1.47%
- 2026-05-16+1.15%
- 2026-05-23+1.38%
- 2026-05-30+0.41%
- 2026-06-06-4.37%
- 2026-06-13+3.82%
- 2026-06-20+0.19%
- 2026-06-27+0.86%
- 2026-07-04+0.41%
- 2026-07-11-0.32%
- 2026-07-25+1.32%
- 2026-08-01-1.00%
- 2026-08-08+1.08%
- 2026-08-15+0.20%
- 2026-08-22+0.46%
Dashed lines: -1%, +1%
Each row is the Saturday date of the weekend (JST). The dashed lines mark ±1%. The change went beyond those lines on 9 of 18 weekends; those values are in bold. The value for 2026-08-01 is -1.0050% before rounding, which is beyond the line. Reference values calculated from hourly candle closes of the perpetual future xyz:JP225.
Cash equity exchanges close for the weekend. Perpetual-futures reference prices have a separate trading schedule.
This article measures reference-price changes in windows that span the weekend. The windows also include part of the cash-market trading hours. The original sample ends on 25 August 2026; five later weekends appear in the update table.
The six symbols covered are the Nikkei 225, the S&P 500, XYZ U.S. 100, the VanEck Semiconductor ETF, Gold and USD/JPY.
Method: the observation windows
Windows by symbol
A weekend can be cut at different times. Each window below uses the close of the hourly candle completing at its stated endpoints. JST means Japan Standard Time; ET means U.S. Eastern Time.
| Window | Endpoints | Use |
|---|---|---|
| Common window | Saturday 00:00 → Monday 08:00 JST | Compare all six symbols |
| Cash-market window (Nikkei 225) | Friday 15:00 → Monday 09:00 JST | Measure from near the Tokyo close to near the Monday open |
| Internal-pricing hours (Nikkei 225) | Saturday 06:00 → Monday 07:00 JST | Measure the hours without an outside value under the specification |
| Cash-market window (S&P 500) | Friday 16:00 → Monday 09:00 ET | The worked example in the text |
Source: Hyperliquid public API, hourly candles, retrieved 25 August 2026. Over the period, no candles were missing for any symbol.
Tokyo closes at 15:30. Its last completed hourly candle before the close completes at 15:00. The Nikkei 225 cash-market window includes those final 30 minutes.
The common window is 56 hours. The Nikkei 225 cash-market window is 66 hours and its internal-pricing window is 49 hours. The S&P 500 cash-market window ends 30 minutes before Monday's 09:30 open.
All these windows measure perpetual-futures closes, not cash-market prices.
Each window is defined by its symbol and the endpoints used in the calculation.
Where the values come from — external and internal pricing
Each contract has two kinds of reference price: an external price and an internal price. The terms are the same as in the contract section of each symbol page.
The external price is one the issuer derives from values in outside markets. The internal price is one derived from the contract's own order-book quotes, for hours when no outside value is available.
| Symbol | Hours under the specification |
|---|---|
| Nikkei 225 | Internal pricing in three items: weekdays from 6:00 to 7:00 Japan time, Saturday 6:00 to Monday 7:00, and holidays (separate table) |
| S&P 500, XYZ U.S. 100, Gold | External pricing from Sunday 18:00 ET to Friday 17:00 ET |
| VanEck Semiconductor ETF | External pricing ends at 20:00 ET on Friday |
| USD/JPY | External pricing from Sunday 17:00 ET to Friday 17:00 ET |
Sources: trade[XYZ], Specification Index; Japan for the Nikkei 225 hours; and Holiday Closures. Retrieved 16 October 2026.
The specification handles holidays in a separate table of holiday closures. That table has a column of Japanese equity market holidays and a column of holiday trading hours for futures. It does not state which column applies to which contract.
The start of the common window, 00:00 JST on Saturday, is 11:00 ET on Friday during daylight-saving time. Applying the times in the table above, the common window includes external-pricing hours for all six symbols. For Gold during daylight-saving time, these are Saturday 00:00–06:00 JST (6 hours) and Monday 07:00–08:00 JST (1 hour).
The dates in the separate table are not applied in this calculation. Its futures column lists 19 June and 3 July, both Fridays. The weekends of 2026-06-20 and 2026-07-04 begin on those Fridays.
The hourly candles in this article are traded prices of the perpetual futures. They are not the reference price itself, and they do not record whether each candle fell under external or internal pricing.
The common window includes external-pricing hours for all six symbols. Internal-pricing hours were measured separately for the Nikkei 225 only.
How Tokyo Stock Exchange holidays are handled
When Monday is a Tokyo Stock Exchange holiday, 9:00 on Monday is not the next open. In the original sample this applies to two weekends, 2026-05-02 and 2026-07-18.
The cash-market window statistics cover the 18 weekends on which both Friday and Monday were trading days. The two weekends are listed in a separate table. Holidays follow the Japan Exchange Group market-holiday calendar.
Retrieved 16 October 2026.
The common window is cut by the calendar in Japan time. No weekend is excluded from it for a holiday.
The cash-market window covers 18 weekends; the two weekends with a Monday holiday are in a separate table.
Why the number of weekends differs by symbol
Hourly candles can be retrieved only so far back, and coverage starts on a different date for each symbol. The weekends that could be measured are 20 for the Nikkei 225, 23 for the S&P 500, 30 each for XYZ U.S. 100, Gold and USD/JPY, and 10 for the VanEck Semiconductor ETF.
Only the period that could be retrieved is used, with no interpolation.
Between 10 and 30 weekends were measured per symbol.
Values that stop at the weekend, and the value measured here
The values that stop updating on Saturday and Sunday are separate from the value measured in this article. Trading hours were checked against Japan Exchange Group publications.
| Value | Trading hours and weekend handling | Document checked |
|---|---|---|
| Tokyo Stock Exchange cash equities | Sessions run 9:00–11:30 and 12:30–15:30 JST. Saturdays, Sundays, national holidays and substitute holidays are non-business days | Japan Exchange Group, trading hours for domestic stocks, updated 4 November 2024 |
| Osaka Exchange Nikkei 225 futures | Day session 8:45–15:45 JST; night session 17:00–6:00 the next day. Holiday trading does not cover Saturdays or Sundays | Japan Exchange Group, derivatives trading hours, updated 13 April 2026; holiday trading, updated 26 June 2026 |
| The value in this article | Closes of perpetual-futures hourly candles. Weekend candles are used, and 0 were missing over the period | Hyperliquid public API |
Sources: Japan Exchange Group, Trading Hours for Domestic Stocks, Trading Hours for Derivatives and Holiday Trading. Japanese versions retrieved 16 October 2026.
The Friday night session ends at 6:00 JST on Saturday. The end of the common window, 8:00 JST on Monday, comes before the day session starts at 8:45. From 6:00 on Saturday to 8:00 on Monday, neither market has a session.
From Saturday 6:00 to Monday 8:00 JST, neither Tokyo Stock Exchange cash equities nor Osaka Exchange Nikkei 225 futures have a session.
Four kinds of weekend value
The Nikkei Stock Average is calculated from the share prices of companies listed on the Tokyo Stock Exchange. On Saturdays, Sundays and holidays, while the Tokyo market is closed, the index does not update. Each weekend figure below belongs to a different instrument.
| Figure that can be referenced | How it behaves on Saturday and Sunday |
|---|---|
| Friday's close, or the night-session close | Stops moving once Friday's night session ends |
| Nikkei 225 futures listed overseas | Generally not traded on Saturday or Sunday |
| CFDs, contracts for difference | Most are generally closed on Saturday and Sunday |
| Perpetual-futures prices at some venues | In some cases quoted through the weekend |
At Osaka Exchange the night session runs from 17:00 to 06:00 the next day, Japan time. Friday's session normally ends at 06:00 on Saturday; after that there is no trading until the next session opens. Trading hours can change. The most recent futures close is a value from that market, and stops updating when its session ends.
Nikkei-linked futures are also listed outside Japan. Overseas exchanges generally do not trade on Saturday or Sunday; the reference points are up to Friday in local hours, or from Monday morning. Each exchange has its own trading calendar.
A CFD is a contract for difference that tracks the movement of an equity index or similar. Some providers quote Nikkei-linked CFDs for close to 24 hours on weekdays. Most are generally closed on Saturday and Sunday. Weekend availability and hours differ by provider.
A perpetual future has no settlement date. At some venues its price is quoted through the weekend. Liquidity and price behavior differ by venue. The weekend reference and the Tokyo cash open are separate values. The values alone cannot identify what moved the open.
Source documents retained from “The Nikkei 225 on a weekend”: JPX, domestic stock trading hours; Nikkei Inc., Nikkei Stock Average profile; JPX, derivatives trading hours; JPX, holiday trading; SGX, Nikkei 225 futures and options. The JPX checks dated 29 September 2026 for the table above apply to that table; the retained Nikkei Inc. and SGX references have no retrieval date in the former article.
Weekend figures are related instruments, not the Nikkei 225 itself or a forecast of its next opening value.
The result — the weekend across six symbols (common window)
Open the table: Six symbols over the weekend (common window) (6 rows)
| Symbol | N (weekends) | Median absolute change | Beyond ±0.5% | Beyond ±1% | Largest rise | Largest fall |
|---|---|---|---|---|---|---|
| Nikkei 225 | 20 | 0.61% | 55.00% | 30.00% | +1.42% | -3.50% |
| S&P 500 | 23 | 0.26% | 34.78% | 13.04% | +0.90% | -2.02% |
| XYZ U.S. 100 | 30 | 0.52% | 50.00% | 23.33% | +1.43% | -3.17% |
| VanEck Semiconductor ETF | 10 | 0.74% | 60.00% | 10.00% | +1.47% | -0.81% |
| Gold | 30 | 0.52% | 50.00% | 33.33% | +3.22% | -3.64% |
| USD/JPY | 30 | 0.14% | 10.00% | 3.33% | +0.75% | -1.26% |
The largest rise and the largest fall are the maximum and the minimum of the signed change. USD/JPY had the smallest median change of the six symbols, at 0.14%. The share beyond ±1% was highest for Gold, at 33.33%, and lowest for USD/JPY, at 3.33%.
The common window includes external-pricing hours. Gold's 33.33% is not a figure for hours when exchanges are shut only.
The three equity indices (the Nikkei 225, the S&P 500 and XYZ U.S. 100) had their largest fall on the same weekend, 2026-06-06.
Note: the common window for the three U.S.-listed symbols (the S&P 500, XYZ U.S. 100 and the VanEck Semiconductor ETF) includes part of the U.S. cash session on Friday. As a worked example, over the weekend of 2026-06-06 the S&P 500 common window was -2.02% while its cash-market window was +0.88%. The column below sets out this difference.
Beyond ±1%: Gold 33%, the Nikkei 30%, USD/JPY 3%. The three indices had their largest fall on the same weekend.
The Nikkei 225 — from 15:00 on Friday to 9:00 on Monday
The measurement for the Nikkei 225 cash-market window (close of the hourly candle completing at 15:00 JST on Friday → close of the hourly candle completing at 09:00 JST on Monday). It covers the 18 weekends on which Friday and Monday were both trading days.
| Item | Value |
|---|---|
| N (weekends) | 18 |
| Median absolute change | 0.93% |
| Weekends beyond ±0.5% | 55.56% (10/18) |
| Weekends beyond ±1% | 50.00% (9/18) |
| Largest rise | +3.82% (2026-06-13) |
| Largest fall | -4.37% (2026-06-06) |
The cash-market window includes Friday evening and night in Japan time, which is the cash session in Europe and the United States. Applying the weekday and weekend times in the specification, the hours from 15:00 on Friday to 6:00 on Saturday are external-pricing hours.
The dates in the separate table are not applied in this calculation. The 18 weekends in the statistics include those of 2026-06-20 and 2026-07-04.
These returns use perpetual-futures candle closes. They do not measure the gap between the cash-market close and open.
The two weekends on which Monday was a Tokyo Stock Exchange holiday are as follows.
Open the table: Weekends with a Monday holiday in Tokyo (2 rows)
| Weekend (Saturday, JST) | Friday 15:00 → Monday 9:00 | Next trading day | Friday 15:00 → 9:00 on the next trading day |
|---|---|---|---|
| 2026-05-02 | +0.03% | 2026-05-07 (Thu) | +4.19% |
| 2026-07-18 | +1.71% | 2026-07-21 (Tue) | +1.69% |
In the cash-market window (Friday 15:00 → Monday 09:00 JST, perpetual-futures candle closes), the median was 0.93%, and the change went beyond ±1% on 9 of 18 weekends.
The Nikkei 225 — internal-pricing hours (Saturday 6:00 → Monday 7:00)
The 49 hours that fall under internal pricing in the contract specification were measured with the same hourly candles. The sample is 20 weekends.
Open the table: Internal-pricing hours and the hour after (6 rows)
| Item | Saturday 6:00 → Monday 7:00 | Monday 7:00 → 8:00 |
|---|---|---|
| N (weekends) | 20 | 20 |
| Median absolute change | 0.59% | 0.53% |
| Weekends beyond ±0.5% | 55.00% (11/20) | 50.00% (10/20) |
| Weekends beyond ±1% | 25.00% (5/20) | 5.00% (1/20) |
| Largest rise | +1.58% (2026-08-01) | +0.99% (2026-06-27) |
| Largest fall | -2.12% (2026-04-11) | -1.30% (2026-05-09) |
The right-hand column is the hour after the internal-pricing hours end under the specification. It is calculated from the closes of the candles completing at 7:00 and 8:00 on Monday.
The 20 weekends include the two on which Monday was a Tokyo Stock Exchange holiday. The specification lists holidays as an item under internal-pricing hours and points to a separate table. The Japanese equity column of that table lists 4 May and 20 July.
The specification does not state the hours of internal pricing on a holiday. Without those two weekends, the median over 18 weekends was 0.67%.
For the weekend of 2026-06-06, the common window was -3.50% and the cash-market window -4.37%, while the internal-pricing hours were +0.61%. The three windows measure different hours.
Over the 49 internal-pricing hours the median change was 0.59%; over the hour that followed it was 0.53%.
Original sample: weekend and weekday medians
For the same Nikkei 225, the median absolute change over a weekday 24 hours (9:00 → 9:00 on the next day) was 1.43%. The sample is the 69 days on which the start date and the next day were both Tokyo trading days.
The common-window weekend, 56 hours, is 0.61%. Because the windows differ in length, hourly candles were also compared with each other.
Open the table: Hourly candles compared (3 rows)
| Window | Hourly candles | Median absolute change of hourly candles | Candles beyond 0.1% |
|---|---|---|---|
| Weekend, common window | 1,120 | 0.12% | 53.13% (595/1,120) |
| Weekend, internal-pricing hours | 980 | 0.12% | 51.63% (506/980) |
| Weekday 24 hours (trading days) | 1,656 | 0.22% | 75.18% (1,245/1,656) |
The hourly change is the ratio of each candle's close to the close of the candle before it. The two weekend windows cover 20 weekends, and the weekday 24 hours covers the 69 trading days. All are perpetual-futures reference prices.
The median hourly change was 0.12% at the weekend and 0.22% over a weekday 24 hours.
Weekend by weekend (common window, change in %)
Each row is the Saturday date of that week, JST. Only observed weekends are listed for each symbol. Monday was a Tokyo Stock Exchange holiday on the weekends of 2026-05-02 and 2026-07-18.
Open the table: Nikkei 225 (common window) (20 rows)
| Weekend (Saturday, JST) | Change (%) |
|---|---|
| 2026-04-11 | -1.95 |
| 2026-04-18 | -1.60 |
| 2026-04-25 | -0.12 |
| 2026-05-02 | +0.73 |
| 2026-05-09 | +0.46 |
| 2026-05-16 | -0.24 |
| 2026-05-23 | +0.92 |
| 2026-05-30 | +1.01 |
| 2026-06-06 | -3.50 |
| 2026-06-13 | +1.24 |
| 2026-06-20 | -0.66 |
| 2026-06-27 | +0.36 |
| 2026-07-04 | -0.15 |
| 2026-07-11 | -0.49 |
| 2026-07-18 | +0.58 |
| 2026-07-25 | +1.42 |
| 2026-08-01 | +0.42 |
| 2026-08-08 | -0.03 |
| 2026-08-15 | +0.14 |
| 2026-08-22 | +0.63 |
Open the table: S&P 500 (common window) (23 rows)
| Weekend (Saturday, JST) | Change (%) |
|---|---|
| 2026-03-21 | -0.78 |
| 2026-03-28 | -1.42 |
| 2026-04-04 | -0.20 |
| 2026-04-11 | -1.48 |
| 2026-04-18 | -0.81 |
| 2026-04-25 | +0.19 |
| 2026-05-02 | -0.17 |
| 2026-05-09 | -0.19 |
| 2026-05-16 | -0.26 |
| 2026-05-23 | +0.52 |
| 2026-05-30 | +0.16 |
| 2026-06-06 | -2.02 |
| 2026-06-13 | +0.76 |
| 2026-06-20 | -0.36 |
| 2026-06-27 | +0.24 |
| 2026-07-04 | +0.03 |
| 2026-07-11 | +0.23 |
| 2026-07-18 | -0.27 |
| 2026-07-25 | +0.39 |
| 2026-08-01 | +0.90 |
| 2026-08-08 | -0.06 |
| 2026-08-15 | +0.01 |
| 2026-08-22 | -0.04 |
Open the table: XYZ U.S. 100 (common window) (30 rows)
| Weekend (Saturday, JST) | Change (%) |
|---|---|
| 2026-01-31 | -1.65 |
| 2026-02-07 | +1.27 |
| 2026-02-14 | +0.28 |
| 2026-02-21 | +0.57 |
| 2026-02-28 | -0.62 |
| 2026-03-07 | -1.51 |
| 2026-03-14 | -0.06 |
| 2026-03-21 | -0.91 |
| 2026-03-28 | -1.26 |
| 2026-04-04 | -0.10 |
| 2026-04-11 | -1.51 |
| 2026-04-18 | -0.61 |
| 2026-04-25 | +0.43 |
| 2026-05-02 | +0.13 |
| 2026-05-09 | +0.54 |
| 2026-05-16 | -0.17 |
| 2026-05-23 | +0.59 |
| 2026-05-30 | +0.31 |
| 2026-06-06 | -3.17 |
| 2026-06-13 | +1.43 |
| 2026-06-20 | -0.50 |
| 2026-06-27 | +0.23 |
| 2026-07-04 | +0.09 |
| 2026-07-11 | +0.31 |
| 2026-07-18 | +0.33 |
| 2026-07-25 | +0.57 |
| 2026-08-01 | +0.98 |
| 2026-08-08 | +0.43 |
| 2026-08-15 | +0.24 |
| 2026-08-22 | +0.18 |
Open the table: VanEck Semiconductor ETF (common window) (10 rows)
| Weekend (Saturday, JST) | Change (%) |
|---|---|
| 2026-06-20 | -0.81 |
| 2026-06-27 | -0.37 |
| 2026-07-04 | +0.41 |
| 2026-07-11 | +0.33 |
| 2026-07-18 | +0.83 |
| 2026-07-25 | +0.79 |
| 2026-08-01 | +0.76 |
| 2026-08-08 | +1.47 |
| 2026-08-15 | +0.13 |
| 2026-08-22 | +0.71 |
Open the table: Gold (common window) (30 rows)
| Weekend (Saturday, JST) | Change (%) |
|---|---|
| 2026-01-31 | -3.64 |
| 2026-02-07 | +1.31 |
| 2026-02-14 | +0.81 |
| 2026-02-21 | +2.00 |
| 2026-02-28 | +3.22 |
| 2026-03-07 | +0.02 |
| 2026-03-14 | -0.38 |
| 2026-03-21 | -1.49 |
| 2026-03-28 | -0.54 |
| 2026-04-04 | -0.49 |
| 2026-04-11 | -2.43 |
| 2026-04-18 | -1.97 |
| 2026-04-25 | -0.86 |
| 2026-05-02 | -0.31 |
| 2026-05-09 | -0.48 |
| 2026-05-16 | -0.39 |
| 2026-05-23 | +1.42 |
| 2026-05-30 | -0.65 |
| 2026-06-06 | -1.19 |
| 2026-06-13 | +1.99 |
| 2026-06-20 | +0.15 |
| 2026-06-27 | -0.38 |
| 2026-07-04 | +0.39 |
| 2026-07-11 | -0.38 |
| 2026-07-18 | -0.09 |
| 2026-07-25 | +0.58 |
| 2026-08-01 | +0.37 |
| 2026-08-08 | +0.03 |
| 2026-08-15 | +0.13 |
| 2026-08-22 | +0.38 |
Open the table: USD/JPY (common window) (30 rows)
| Weekend (Saturday, JST) | Change (%) |
|---|---|
| 2026-01-31 | +0.63 |
| 2026-02-07 | +0.41 |
| 2026-02-14 | -0.22 |
| 2026-02-21 | -0.23 |
| 2026-02-28 | -0.02 |
| 2026-03-07 | +0.44 |
| 2026-03-14 | +0.08 |
| 2026-03-21 | +0.19 |
| 2026-03-28 | +0.34 |
| 2026-04-04 | +0.06 |
| 2026-04-11 | +0.41 |
| 2026-04-18 | +0.75 |
| 2026-04-25 | +0.06 |
| 2026-05-02 | +0.11 |
| 2026-05-09 | +0.17 |
| 2026-05-16 | +0.16 |
| 2026-05-23 | -0.17 |
| 2026-05-30 | +0.11 |
| 2026-06-06 | +0.07 |
| 2026-06-13 | -0.21 |
| 2026-06-20 | +0.19 |
| 2026-06-27 | +0.03 |
| 2026-07-04 | +0.11 |
| 2026-07-11 | +0.10 |
| 2026-07-18 | +0.08 |
| 2026-07-25 | +0.01 |
| 2026-08-01 | -1.26 |
| 2026-08-08 | +0.01 |
| 2026-08-15 | +0.08 |
| 2026-08-22 | -0.04 |
Update: weekends of 29 August to 26 September 2026
These five completed weekends use the common window: Saturday 00:00 to Monday 08:00 JST. They are separate from the original statistics for up to 30 weekends. Weekends after 26 September are not included.
On the weekend of 2026-09-19, Monday (21 September) was a Tokyo Stock Exchange holiday.
Source: Hyperliquid public API, hourly candles (closing price). Retrieved 27 and 28 September 2026. Contracts: xyz:JP225, xyz:SP500, xyz:XYZ100, xyz:SMH, xyz:GOLD, xyz:JPY.
Each anchor uses the hourly candle completing at the target time. Return = (end close / start close - 1) x 100, rounded to two decimal places for display. Missing required anchor candles: 0.
No interpolation.
Open the table: Update, weekends of 29 August to 26 September 2026 (5 rows)
| Saturday (JST) | Nikkei 225 | S&P 500 | XYZ U.S. 100 | Semiconductor ETF | Gold | USD/JPY |
|---|---|---|---|---|---|---|
| 2026-08-29 | -1.81% | -0.89% | -1.13% | -2.06% | -2.53% | +0.14% |
| 2026-09-05 | +0.81% | +0.12% | +0.24% | +1.57% | +0.07% | +0.03% |
| 2026-09-12 | -1.55% | -0.48% | -1.04% | -1.78% | -0.77% | +0.14% |
| 2026-09-19 | +0.40% | +0.53% | +0.92% | +1.44% | +0.44% | -0.32% |
| 2026-09-26 | +0.16% | -0.01% | -0.05% | +0.08% | -0.43% | +0.34% |
These are perpetual-futures reference prices. The original statistics and the update cover separate periods.
Definition for a comparison with Monday's Tokyo open
The returns in this article are ratios between perpetual-futures candle closes. The Monday opening value of the Nikkei 225 is not used in any calculation.
A comparison with the Monday open is defined as follows.
| Item | Definition |
|---|---|
| Reference value at the end of the weekend | Close of the hourly candle completing at 09:00 JST on Monday (the same candle as the end of the cash-market window) |
| Tokyo-side value | The Monday opening value of the Nikkei 225, as published by the index provider |
| Formula | (Monday opening value of the Nikkei 225 ÷ reference value at the end of the weekend − 1) × 100 |
| Weekends on which Monday is a Tokyo Stock Exchange non-business day | Not calculated, because Tokyo has no session on that Monday |
This comparison is outside the scope of the statistics in this article. The calculations here use perpetual-futures closes only.
The Monday-open comparison is a definition. The statistics compare perpetual-futures closes with each other.
Change log
2026-09-30: Added the trading-hours table, the definition for a comparison with the Monday open, and the guide to status labels. The statistics are unchanged.
2026-09-30: Added a chart of the 18 weekends in the Nikkei 225 cash-market window near the top and folded the long tables. Changed the explanation of internal-pricing hours to match the three items in the specification (weekdays, weekends, holidays). Added how the separate holiday table is handled.
Named the symbol in the summary and the results, and stated the samples behind the hourly comparison.
2026-09-29: Corrected the cash-market window label from Friday 15:30 to 15:00, the time actually used in the calculation. Separated the two weekends with a Monday holiday in Tokyo and recalculated (20 weekends → 18). Added the internal-pricing window, the hourly comparison and the explanation of external and internal pricing.
Changed the weekday 24-hour median to 1.43%, over 69 trading days. Removed notes that had no figures or source. Stated the symbol for the common-window figure.
2026-09-28: Added the weekend of 26 September.
2026-09-27: Added four weekends through 19 September and clarified the comparison windows.
Counting the weekend in the Nikkei-linked perpetual
We counted weekend moves and trades in the hourly bars this site has stored. The sample contains 1,106 hourly bars, starting at 00:00 UTC on 25 August and ending before 02:00 UTC on 10 October 2026, with no missing hours. Bars before 6 October were retrieved retrospectively on 6 October; they were not observed live by this site.
The 49-hour weekend, six times
Osaka Exchange's Nikkei 225 futures night session closes at 06:00 the next morning, Japan time (JPX trading hours). For each Friday date below, the window runs from Saturday 06:00 to Monday 07:00, Japan time: 49 hours. It uses the Friday 21:00 UTC bar open and Sunday 21:00 UTC bar close. Range is the window's high minus low, divided by the opening price.
| Friday date (UTC) | Change | Range | Trades |
|---|---|---|---|
| 28 Aug | -0.19% | 1.14% | 6,053 |
| 4 Sep | -0.09% | 1.64% | 4,966 |
| 11 Sep | -0.66% | 2.01% | 4,980 |
| 18 Sep | +0.27% | 1.85% | 1,547 |
| 25 Sep | -0.06% | 0.78% | 342 |
| 2 Oct | -0.11% | 0.65% | 897 |
The median absolute change was 0.15%, and the median range 1.39%. Trades per weekend ranged from 342 to 6,053.
Trades per hour
Hours are grouped by bar start in UTC. The weekday clock bands include holidays and lunch breaks; they do not identify exchange sessions.
| Hours (UTC) | Hours counted | Median trades per hour | Share of turnover |
|---|---|---|---|
| Weekdays, 00:00–05:59 | 204 | 109 | 31.4% |
| Weekdays, 14:00–19:59 | 204 | 67 | 20.4% |
| Other weekday hours | 408 | 77 | 42.9% |
| Saturday and Sunday | 290 | 18 | 5.2% |
Turnover is an estimate: each bar's volume times its close, summed, in USDC. The weekend was 290 of the 1,106 hours and 5.2% of turnover. Of the 290 weekend hours, 14 had no trades.
Monday 07:00 to 15:00, Japan time
| Friday date (UTC) | 49-hour weekend | Mon 07:00→09:00 | Mon 09:00→15:00 |
|---|---|---|---|
| 28 Aug | -0.19% | -1.19% | +2.00% |
| 4 Sep | -0.09% | +0.48% | +0.16% |
| 11 Sep | -0.66% | -1.81% | +0.67% |
| 18 Sep | +0.27% | +0.12% | +0.05% |
| 25 Sep | -0.06% | -0.19% | -0.41% |
| 2 Oct | -0.11% | +0.14% | +0.39% |
The two-hour move from 07:00 to 09:00 was larger in absolute terms than the 49-hour weekend move in 5 of 6 cases. The weekend and the 09:00→15:00 move had the same sign in 2 of 6 cases. Monday 21 September was a Tokyo cash-market holiday (JPX calendar). All rows use perpetual-futures prices. The 07:00→09:00 change compares the Sunday 21:00 UTC bar close with the Monday 00:00 UTC open; 09:00→15:00 compares that open with the Monday 05:00 UTC bar close.
Gap to the reference price (daily snapshots)
These 59 snapshots were captured from 8 August to 9 October 2026, between 22:04 and 23:26 UTC. The oracle is the provider's external reference price.
| Snapshot day (UTC) | Count | Median gap, mark vs oracle (absolute) | Median 24-hour turnover |
|---|---|---|---|
| Mon–Fri | 43 | 0.0239% | 2,010,789 USDC |
| Sat–Sun | 16 | 0.0409% | 131,911 USDC |
Weekend-snapshot turnover was 6.6% of the weekday figure. The largest gap was 0.500%, in the snapshot of 28 September at 22:04 UTC. In all six weekends with Friday, Saturday and Sunday snapshots, Saturday's oracle price differed from Friday's. The filtered velocity-alert sample from 27 August to 9 October 2026 has 830 rows and no row for the Nikkei-linked contract. The filtered sample excludes 76 rows timestamped 22:15:21, 22:16:22 or 22:26:27 UTC on 22 September; 906 rows preceded this exclusion. Counts describe alerts, not every market move.
The hourly turnover estimate uses volume × close; trade counts use each bar's recorded number of trades. Absolute price gap = |mark price ÷ oracle price − 1| × 100. Snapshot turnover is the provider's rolling 24-hour notional volume in USDC.
Related exchange specifications: JPX holiday trading and SGX Nikkei-linked futures.
Source: Hyperliquid public API, saved hourly bars and daily snapshots for contract ID xyz:JP225, plus this site's filtered velocity-alert log. These are the records from the updated “The Nikkei 225 on a weekend” article. The 49-hour windows, 59 snapshots and alert sample are separate from the six-symbol hourly samples and the 13 daily points elsewhere on this page.
Source: Hyperliquid public API, saved daily snapshots for contract ID xyz:JP225, 8 August–22 September 2026 UTC; recalculated 25 September 2026. Weekend selection: 9 August–20 September 2026 JST. This is separate from the hourly-candle samples above.
Daily Nikkei 225 snapshots: a separate sample
Sample and selection
How this was made: this site's saved daily snapshots for xyz:JP225. Capture times were converted to Japan time, then records falling on Saturday or Sunday were selected. Missing dates were not filled.
The resulting sample runs from 9 August to 20 September 2026 and contains 13 saved points. Each point is one observation on one calendar day. It is not a complete path through the weekend, and it contains no official Nikkei 225 level, exchange-futures settlement, or CFD quote.
xyz:JP225 weekend snapshots, 9 Aug–20 Sep 2026 JST (N = 13; one saved point per date)
| Measure and sample | Saved result | Calculation |
|---|---|---|
| First and last mid price, N=13 | 66,098.5 / 65,445.5 | first and last valid mid price in saved order |
| First-to-last change, N=13 | −0.988% | (65,445.5 ÷ 66,098.5 − 1) × 100 |
| Minimum / maximum mid price, N=13 | 64,867.0 / 68,758.0 | min(mid price) / max(mid price) |
| Median absolute 24h change, N=13 | 0.377% | median(abs((mid price ÷ previous-day reference price − 1) × 100)) |
| Maximum absolute 24h change, N=13 | 1.335% | max(abs((mid price ÷ previous-day reference price − 1) × 100)) |
| Median absolute mid-to-mark gap, N=13 | 0.027% | median(abs((mid price ÷ mark price − 1) × 100)) |
Missing values and saved points
Only records with a mid price (the midpoint of the best bid and ask) were eligible. All 13 selected records had one. A missing mid was not replaced with mark price, and no value was inserted for a time that this site did not save.
The minimum and maximum therefore describe these 13 observations, not every print made between them.
First-to-last comparison
The first-to-last figure compares two values from the same perpetual-futures contract. It is not a return for the Nikkei 225. The official cash-index close is absent from these saved records.
The sign says only that the last saved reference was below the first saved reference within this sample.
Comparison basis
For the 24-hour column, each saved mid price was compared with the previous-day reference price stored beside it. Taking the absolute value puts upward and downward differences on one magnitude scale. The median is the middle observation after sorting those 13 magnitudes.
It does not compare a weekend value with the next Tokyo cash open.
The mid-to-mark calculation also stays inside one contract and one saved record. Its 0.027% median is not a gap to the Nikkei 225. This site did not save an official index level in this dataset, so that cross-market calculation is not present.
Source-window coverage
Across the full source window, the site saved one record a day on 42 days from 8 August to 22 September. Records dated 16 August, 7 September, 8 September, and 13 September (UTC dates) are absent. The weekend selection uses only actual records after conversion to Japan time.
Each record was captured around 07:05 JST, so a Japanese Saturday or Sunday record carries the previous UTC date. That is why all 13 weekend records exist even without the 16 August and 13 September records.
Nothing was interpolated across the four missing dates.
The 13 points compare one perpetual-futures reference contract on one stated basis; they do not turn a weekend quote into the Nikkei 225 or its next opening value.
Common questions
Q. Is this the movement of the Nikkei 225 or the S&P 500 themselves?
A. No. These are Hyperliquid perpetual-futures reference values.
They can differ from official index values and from cash-market share prices.
Q. Does the Tokyo Stock Exchange trade on Saturday and Sunday?
A. No. Saturdays, Sundays, national holidays and substitute holidays are non-business days for the Tokyo Stock Exchange.
The values in this article are perpetual-futures reference values, not the Nikkei 225 itself.
Q. Is the weekend reference value the same as Monday's Tokyo open?
A. They are separate things to compare. The weekend reference value belongs to the perpetual-futures contract.
For the difference from the Monday open, this article gives the definition only.
Q. Why does the number of weekends differ by symbol?
A. Coverage starts on a different date for each symbol. On top of that, hourly candles can be retrieved for about 208 days back.
Only the weekends that could be retrieved are counted, with no interpolation.
Q. Can it be said that "the weekend moves a lot"?
A. Not on this measurement. The median hourly change was 0.12% at the weekend and 0.22% over a weekday 24 hours.
Even so, weekends beyond ±1% in the common window came to 30% for the Nikkei and 33% for Gold.
Q. How did the figures change from the previous version?
A. The cash-market window went from 20 weekends to 18. The median of 0.93% is the same, and weekends beyond ±1% went from 10/20 to 9/18.
The weekday 24-hour median went from 1.37% (77 days) to 1.43% (69 days).
Q. Will future weekends move the same way?
A. The original statistics cover up to 30 weekends. The update table covers a separate period.
Neither is a forecast.
Summary
- The Nikkei 225 cash-market window (Friday 15:00 → Monday 9:00) had a median of 0.93%, and went beyond ±1% on 9 of 18 weekends.
- The Nikkei 225 internal-pricing hours (Saturday 6:00 → Monday 7:00) had a median of 0.59%.
- The medians of the common window across the six symbols ran from 0.14% (USD/JPY) to 0.74% (the VanEck Semiconductor ETF).
- The median hourly change was 0.12% in the weekend common window and 0.22% over a weekday 24 hours.
- The three equity indices had their largest fall on the same weekend, 2026-06-06.
- From Saturday 6:00 to Monday 8:00 JST, neither Tokyo Stock Exchange cash equities nor Osaka Exchange Nikkei 225 futures have a session.
- All of it is a record of the period, on Hyperliquid perpetual-futures reference values.
Original-sample measurement note: hourly candles, with 0 missing. Retrieval ends at 12:00 UTC on 25 August 2026.
How the figures were checked: a calculation written separately from the one used for the statistics recomputed the same figures from the saved hourly candles. All 22 items compared, including the number of weekends and the median of each window, matched.
U.S. Eastern Time standard and daylight-saving offsets are processed per date in the measurement (all 23 weekends of the S&P 500 cash window fell in EDT; the common window is defined in Japan time).
Counting weekends with both a Friday 4:00 p.m. ET candle close and a Monday 9:00 a.m. ET candle close in the saved hourly record gives 23 weekends, from 21 March to 22 August 2026.
Reference prices appear on the 24-hour tab. For the weekday overnight measurement, see how much the Nikkei 225 moves overnight.
This article explains a mechanism and a measurement. It does not recommend any particular trade.
Source: Hyperliquid public API / Published: / Last updated: / Perpetual-futures prices are reference values.