Futures Trading Hours: A Complete Guide for CME Equity Index Markets and 24-7 Crypto Derivatives

Futures trading hours influence everything from liquidity and spreads to margin requirements and overnight volatility. Whether you focus on CME Group equity index futures like the E-mini S&P 500 or you trade perpetual bitcoin futures on top crypto exchanges and bitcoin exchanges, understanding when markets open, close, and pause is essential to managing risk and timing your entries. This guide explains the standard schedule in central time for the Chicago Mercantile Exchange, holiday and expiration effects, and how 24-7 crypto futures differ. It also covers margin policy, tick sizes, and practical routines that help traders navigate day Monday through Friday, plus the Sunday open that kicks off each new futures week.

Because this is a category page for BestCryptoExchanges dot com, you will also find crypto-specific context so you can compare CME products with bitcoin derivatives from leading exchanges such as Binance, Coinbase, Kraken, Bybit, OKX, BitMEX, Deribit, and other platforms that offer perpetual swaps. Throughout, you will see key entities like CME Group, Chicago Mercantile Exchange, e mini s p, micro e mini, national futures association, and concepts like initial margin requirements, tick sizes, expiration month, and holiday schedules such as Martin Luther King Jr Day, Juneteenth National Independence Day, Thanksgiving, and Independence Day. Use this as a practical reference to start trading, plan around the daily trading hours, and keep your futures position aligned with market conditions.

Why Futures Trading Hours Matter

Every futures contract lives inside a time structure that shapes its liquidity and volatility. During peak trading hours, bid ask spreads compress and execution quality improves. Around maintenance pauses and holidays, spreads can widen and price behavior may become erratic. These effects differ across CME equity index futures and crypto exchanges that run nonstop.

• Liquidity and spreads. Many traders concentrate activity around the US cash equity session, but Globex activity continues before and after the cash market closes. Spreads tend to widen during quieter periods, especially during the daily maintenance break and into thin Asia or late Friday hours when funds reduce risk.
• Volatility. Macro news releases cluster at specific times. FOMC statements, CPI, and payroll reports are catalysts that can increase volatility within the trading period. When the market closes for holidays or the weekend, pent up news risk can produce gap moves at the next open.
• Margin and risk. Initial margin requirements and maintenance margin can change as volatility increases. Brokers may raise house margin near major events, during the expiration period, or into thin markets where prices can move quickly.
• Operational routines. Brokers and clearing firms perform end of day processes near 4 00 p.m central time. That impacts order routing, position reconciliation, and the accounting period for daily PnL. Knowing the schedule helps you avoid accidental orders during a pause.

CME Group Trading Hours in Central Time

The Chicago Mercantile Exchange operates CME Globex for electronic futures trading. For US equity index futures such as the E-mini S&P 500, Micro E-mini S&P 500, E-mini Nasdaq 100, and their micro contracts, the standard trading hours follow a well known pattern in central time. When traders say the market closes each day, they usually refer to the 60 minute maintenance window.

Standard Globex Schedule for Equity Index Futures

For equity index futures products on CME Group, the typical Globex schedule is as follows in central time. The schedule applies day Monday through Thursday and into Friday, with an early weekend pause after Friday’s settlement.

• Regular weekly cycle. Trading opens Sunday at 5 00 p.m central time and runs continuously each day until the daily halt at 4 00 p.m, after which trading resumes at 5 00 p.m and continues overnight. The next halt repeats at 4 00 p.m the following day. This creates an almost 23 hour session on each applicable day of the week.
• Daily pause. The maintenance break is generally from 4 00 p.m to 5 00 p.m central time. During that period, new orders are typically not accepted and existing orders are held. Traders should note that some brokers impose internal order cutoffs slightly before 4 00 p.m to support their own operational tasks.
• Friday close. On Friday, the market closes for the weekend at 4 00 p.m central time after the daily settlement process. There is no 5 00 p.m reopen on Friday. The next open is Sunday at 5 00 p.m central time, restarting the cycle.
• Notation. Some traders refer to the daily pause simply as 00 p.m, but it is best to think in exact times around the 4 00 p.m halt and 5 00 p.m reopen.

This routine applies to key futures products such as E-mini S&P 500, mini s p 500, micro e mini S&P 500, E-mini Nasdaq 100, micro e mini Nasdaq 100, and other CME equity index contracts. The exchange and product specifications include tick sizes, minimum price fluctuation, and point values that determine PnL for each tick. While the hours are consistent across equity indexes, tick sizes and overnight price behavior vary by symbol and expiration month.

Example. The E-mini S&P 500 has a tick size of 0.25 index points. Each 0.25 tick is 12.50 in value per contract. If you hold a futures position long one contract and the price moves by 4.00 points in your favor, that is 16 ticks, or 200 in gross PnL before fees. Micro E-mini contracts have smaller values per tick, enabling lower initial margin requirements for newer accounts.

Holiday Calendar and Observed Schedule

Holiday schedules are subject to change, and hours can vary by product. The CME Group publishes official notices ahead of holidays with any early close times and the exact reopen schedule. In many cases, equity index futures will close early on the holiday itself and may have modified hours on the preceding day. Always check the current notice on the exchange website near the date.

Common US holidays that affect CME equity index trading hours include the following. Depending on the year, the day may be observed on the nearest weekday if the official date falls on a weekend. Times in central time unless otherwise stated.

• New Year’s Day in January. Observed if it falls on a weekend. Equity index futures typically have an early close on the prior session and remain closed during the holiday, with trading resuming in the evening. Margin can be higher around the year end period as funds rebalance.
• Martin Luther King Jr Day in January. On the day Monday holiday, markets usually close early the prior session and reopen with modified hours that evening. Liquidity can be thinner around this US holiday.
• Presidents Day in February. Often features an early close with reduced hours and lighter trading volume.
• Good Friday in March or April. Historically an early close or full closure for many CME futures products, with an evening reopen that can vary. The exact hours are subject to official notice because Good Friday does not fall on a fixed date.
• Memorial Day in May. Early close schedules are typical, with the holiday observed on Monday and trading resuming in the evening session.
• Juneteenth National Independence Day in June. This newer federal holiday has specific CME notices and an early close or adjusted hours. Liquidity can vary as participants adjust.
• Independence Day in July. Often includes an early close schedule either on the day or on the observed day if July 4 falls on a weekend.
• Labor Day in September. Similar early close behavior, with markets reopening in the evening session to start the week.
• Thanksgiving Day in November. Equity index futures typically close early on the holiday and may have reduced hours on the Friday after Thanksgiving when the US cash market also closes early.
• Christmas Day in December. Year end trading can feature reduced hours and changes to margin requirements. Be mindful of the difference between the full holiday and the observed day when Christmas falls on a weekend.

Because hours change around holidays, traders should plan ahead. Reduced liquidity can mean larger price jumps and wider spreads. If you carry a position into a holiday period, consider trimming size or increasing available funds in your account to satisfy maintenance or any broker specific margin policy. When the market closes early and resumes at 5 00 p.m central time, there can be gaps relative to the prior settlement price, especially into periods of headline risk.

Expiration Cycles and Month Codes

Equity index futures typically follow the March, June, September, and December expiration month cycle. Many traders refer to these as the quarterly rolls. CME Group lists both the front month and back month contracts, and liquidity migrates as the front contract approaches expiration. The exchange will publish official notices for the last trade date and any expiration nuances that can affect hours.

• Roll schedule. In the week before the quarterly expiration, trading volume progressively shifts from the expiring month to the next month. This roll period can temporarily widen spreads and create basis differences between the two contracts.
• Options on futures. When equity index options and futures options expire, you may see unusual price behavior during the settlement period. Hours remain consistent, but volatility can spike around the open or close as positions are hedged or closed.
• Check product pages. Always verify the applicable last trade and settlement procedures from the official contract rulebook. The rulebook is the ultimate source for exact times and special cases. Hours may vary if the exchange issues a special holiday or event notice.

Note that CME also lists bitcoin futures alongside equity index futures. These include standard CME Bitcoin futures and Micro Bitcoin futures, both cash settled with a reference rate. While their Globex hours are aligned with equity index products, crypto traders often compare them with 24-7 perpetual swaps on bitcoin exchanges to decide when and where to execute.

How Crypto Futures Trading Hours Work on Bitcoin Exchanges

In contrast with traditional equity index futures, most crypto derivatives on centralized crypto exchanges trade nonstop. Perpetual futures do not expire and are actively quoted around the clock, including weekends and holidays. As a result, the trading week never ends, and the concept of a daily close looks different than on CME Group.

Perpetual Swaps Trade 24-7

Crypto exchanges list perpetual futures contracts on BTC, ETH, and many altcoins. These instruments emulate spot prices through a funding rate mechanism that aligns the perpetual to an index consisting of major spot markets. The market never closes, which means price discovery continues through Saturday and Sunday. That is a meaningful difference relative to the Globex pause at 4 00 p.m central time and the weekend closure on CME equity index futures.

On Binance Futures, OKX, Bybit, Kraken Futures, BitMEX, Deribit, and Coinbase derivatives venues, you can place orders at any hour. The order book remains available across all time zones. Liquidity, however, still fluctuates by region and by event. US macro news can drive surges during the New York session, while Asia drives activity during Tokyo and Hong Kong hours.

Maintenance Windows and Scheduled Downtime Vary by Exchange

Even though crypto futures are 24-7, exchanges perform upgrades that can interrupt trading. These maintenance windows often occur during historically quiet periods but can still catch traders off guard. The platform will publish a notice ahead of time with the intended period and any expected effect on margin, funding, or order cancellation rules. Unlike the predictable 4 00 p.m to 5 00 p.m maintenance on CME, crypto maintenance can vary by venue and by week.

Regional Overlaps and Liquidity Patterns

Because crypto trading hours never stop, the most liquid periods often overlap with major fiat sessions. For BTC and ETH perpetuals, the most active windows commonly occur during Europe and US hours, especially when equities and the US dollar are moving decisively. Overnight periods in the Americas can see slower books, similar to the thinner parts of the Globex session. Traders should adapt position size, stop distance, and margin to account for these liquidity changes.

Funding Periods and Volatility

Perpetual futures include a funding mechanism that is charged at set intervals, commonly every eight hours. The funding period creates micro incentives that can influence short term behavior. Around a funding timestamp, some traders reduce or add exposure to collect or avoid a funding payment. Unlike CME equity index products where cash carry drives term structure across March, June, September, and December, the perpetual uses funding to keep the contract values close to the spot index.

Comparing CME Equity Index Futures with Crypto Futures

While both markets are leveraged derivatives tied to underlying reference markets, the time structure and operational factors create important differences. Those differences affect your futures position sizing, stop placement, and the strategy you use to start trading or manage risk around specific hours.

• Market structure. CME equity index futures have a daily halt, weekend closure, and a quarterly expiration month. Crypto perpetual futures operate 24-7 with no expiration and a funding rate that replaces the cost of carry.
• Custody and clearing. CME uses central clearing and regulated brokers. Your account is held at a futures commission merchant subject to oversight by the national futures association and the CFTC. Crypto exchanges act as both the execution venue and the custodian of your collateral. That structural difference is critical when assessing counterparty risk and where to deposit funds.
• Margin frameworks. CME products have exchange minimum initial margin requirements, plus broker house margin that can be higher. Crypto exchanges use real time cross margin or isolated margin per contract, with liquidation engines that sell or hedge your position if your equity falls below maintenance. Margin requirements can change quickly as volatility increases.
• Holidays. CME holiday schedules create definitive pauses. Crypto markets remain open on Martin Luther King Jr Day, Juneteenth National Independence Day, Thanksgiving, and Independence Day. As a result, crypto can react to news while CME is closed, generating gaps when CME reopens Sunday at 5 00 p.m or the next applicable session.
• Arbitrage and basis. Because crypto never closes, you can observe weekend moves that later influence CME futures fair value. The difference between CME settlement and the Sunday crypto price can produce a fast realignment at the next open. Traders should be aware of this cross market behavior.

Margin Requirements, Risk, and the Role of Regulators

Leverage amplifies gains and losses. Understanding margin, how it is calculated, and when it can change is crucial across both CME futures and crypto futures. Properly funded accounts withstand volatility better, particularly around thin sessions and the daily 4 00 p.m pause.

Initial Margin Requirements and Maintenance Margin

On CME Group, each futures contract has exchange specified initial margin requirements and maintenance levels. Your broker may impose higher house margin based on your account size, trading history, and overall risk. If equity falls below maintenance, you can receive a margin call to add money or reduce exposure. Around major events, brokers often raise margin proactively because volatility and gap risk increase.

On crypto exchanges, margin frameworks can be cross or isolated. Cross margin uses your entire wallet to back any position, while isolated margin limits risk to specific contracts. If the mark price reaches your liquidation threshold, the exchange’s risk engine steps in. This is different from a traditional margin call. It is good practice to maintain additional funds beyond minimum requirements, especially into holidays and the expiration period for CME products when price movement can become abrupt.

How Margin Changes Around Holidays and High Volatility

Many brokers issue a notice of higher margin for thin liquidity periods, including the sessions around Thanksgiving, Christmas in December, and Independence Day in July. During these times, spreads and slippage can be larger than normal. On the crypto side, exchanges may adjust leverage tiers or margin multipliers when volatility spikes, or they may alter funding caps temporarily. Always check the applicable product page for current margin and tick values before placing orders.

National Futures Association, CFTC, and Broker Oversight

In the United States, the national futures association provides regulatory oversight for brokers and futures commission merchants, while the CFTC sets rules for derivatives markets. This oversight covers advertising, disclosures, segregated funds, and how customer money is handled. Before you create a new account to trade CME futures, confirm the broker’s registration status and read their risk disclosures carefully. While crypto exchanges operate globally and may participate in local compliance regimes, they are not uniformly regulated the way CME brokers are within the NFA framework.

Example: Managing a Futures Position Around a Holiday

Suppose you hold an E-mini S&P 500 futures position ahead of a long weekend. Your broker issues a note that house margin will increase by 25 percent from Thursday through Monday due to reduced liquidity. You decide to reduce position size, add a deposit to your account to increase available funds, and wait to reenter when the market reopens Sunday at 5 00 p.m central time. On reopen, if the price gaps, you can evaluate the difference relative to your thesis without being forced by a margin call. Planning around trading hours, margin policy, and maintenance windows can enable more stable risk management.

A Practical Weekly Routine for Futures Trading Hours

Because the schedule repeats weekly, you can build a routine around the key times. Doing so keeps you focused during the most liquid windows and reduces errors around pauses and roll events.

Sunday Open Game Plan

The new futures week starts Sunday at 5 00 p.m central time on CME Globex. Many traders log in a few minutes early to review weekend news, crypto market movement, overseas headlines, and the economic calendar for the upcoming week. Thin initial liquidity can cause exaggerated moves, so consider scaling entries or using limit orders rather than market orders in the first minutes after the open. The early part of the session can set the tone for the Asia and Europe handoff.

Monday Through Thursday Rhythm

Day Monday through Thursday, equity index futures trade nearly 23 hours a day, pausing for the daily break at 4 00 p.m central time and resuming at 5 00 p.m. Before the pause, clear or modify working orders. During the 4 00 p.m to 5 00 p.m break, your broker may show reduced functionality. After the reopen, spreads can be temporarily wider, then normalize as liquidity providers return.

Within the regular day, align your strategy with the US cash stock market open and close. Many futures products exhibit more consistent rhythm and narrower spreads when stocks are active. Outside of the primary stock market hours, adjust size and stops to reflect overnight volatility and the possibility of sudden headlines.

Thursday to Friday and the Weekly Close

On Thursday, you may see position adjustments ahead of the weekend and into the expiration month if a quarterly roll is near. On Friday, watch the afternoon session as traders flatten risk and the market approaches the 4 00 p.m close. If you prefer to avoid weekend headline risk, close or hedge positions before the market stops for the week. Otherwise, be prepared for gapping behavior when the next week opens Sunday evening.

Data Releases and Volatility Windows

Even though this guide centers on trading hours, remember that volatility clusters around scheduled economic events. CPI, payrolls, FOMC decisions, and quarterly index rebalancing can produce fast markets, even during off peak times. Liquidity can thin out temporarily, especially if the event occurs near the 4 00 p.m daily pause. Be ready to either step aside or trade with smaller size during these windows.

Micro Contracts and Accessibility

Not every trader wants to carry the full risk of a standard E-mini. Micro e mini contracts provide an accessible path to learn while controlling exposure, with smaller tick values and reduced initial margin requirements. At the same time, the hours remain identical to their larger counterparts, so the same schedule discipline applies.

E-mini, Micro E-mini, and Naming Conventions

Traders sometimes use various phrases for the same thing, such as mini s p 500, e mini s p, e mini, and micro e mini S&P. All of these refer to CME equity index futures with different contract sizes. The primary differences are contract multiplier and tick values, not trading hours. You can follow the same plan around the 4 00 p.m maintenance and 5 00 p.m reopen regardless of size.

Tick Sizes, Point Values, and an Example

Contract specifications define tick sizes and point values, which translate price movement into PnL. For example, if the E-mini S&P 500 moves one point, your PnL changes by a set dollar amount per contract. Micro versions move the same number of ticks but represent a fraction of the value, allowing a smaller account to start trading with more granular risk. Knowing the tick size and the difference between a one point move and a multi point move helps you set targets and stops that reflect realistic outcomes in each trading period.

How to Start Trading and Choose a Venue

If you plan to trade CME futures, open an account with a regulated broker in partnership with a futures commission merchant. Confirm the broker’s NFA registration and review margin policy, fees, platform capabilities, and risk controls. If you plan to use bitcoin exchanges for perpetual futures, compare liquidity, insurance funds, supported collateral such as USDT or USDC, and security features. On BestCryptoExchanges dot com, you can evaluate a broker or exchange based on execution quality, transparency, and support, then create an account that fits your strategy.

Putting It All Together for Better Timing

Having a structured approach to futures trading hours can enable steadier performance. Keep a weekly plan that highlights the Sunday open, the daily 4 00 p.m pause and 5 00 p.m reopen, and any approaching holiday or expiration events. Track margin requirements and be prepared for them to vary as volatility increases or as the exchange updates product risk parameters. Pay attention to the expiration month cycle in March, June, September, and December, and plan your roll with enough time to avoid thin depth. When comparing CME futures to crypto perpetuals, appreciate the 24-7 nature of bitcoin markets and how that can affect gaps in CME products after weekends and holidays.

To manage a futures position intelligently, combine knowledge of the schedule with practical tools such as alerts, economic calendars, and broker risk dashboards. Where possible, keep additional funds in your account to avoid forced liquidations during fast markets. Use a consistent process for order entry and for adjusting stops or profit targets before the daily maintenance period begins. If you trade both CME and crypto, note the local central time schedule for CME and your exchange’s UTC or local time setting for crypto to avoid confusion.

Key Takeaways About Trading Hours, Margin, and Market Structure

• CME equity index futures trade nearly 23 hours a day with a daily pause at 4 00 p.m central time and reopen at 5 00 p.m Sunday through Thursday.
• Crypto perpetual futures trade all day every day, with occasional maintenance windows that vary by exchange rather than a fixed daily halt.
• Holidays such as Martin Luther King Jr Day, Juneteenth National Independence Day, Thanksgiving, and Independence Day trigger modified CME hours, while crypto remains open.
• Initial margin requirements, maintenance levels, and broker house margin can change near events and holidays. Check notices and keep extra capital ready.
• Expiration month cycles and contract rolls can briefly alter liquidity and spreads. Plan your roll and verify the applicable product specifications.
• Tick sizes and point values determine PnL per movement. Know your contract’s values to size risk correctly.
• Use a routine that anticipates thin overnight sessions, early Friday adjustments, and the Sunday evening open to start trading with a clear plan.

Extended Notes on Equity Index Futures and Crypto Crossovers

Many traders now blend CME equity index exposure with BTC or ETH exposure on crypto exchanges. This multi market approach increases flexibility but also demands discipline around time management. A move that begins in bitcoin during the US night can foreshadow risk appetite shifts that later affect equity index futures when the CME market reopens. Conversely, a shock in stocks during the US session can drive risk off in crypto even though crypto markets don’t close. Mapping the relative timing across markets helps you judge when to hedge, when to hold, and when to exit.

From a margin standpoint, an account on CME with regulated oversight by the national futures association differs from a crypto margin account. On CME, positions are marked to market daily, and variation margin flows reflect end of day settlement. On crypto exchanges, mark to market occurs continuously, and liquidations trigger in real time. If you maintain exposure across both, use conservative leverage so that volatility on one venue does not force reactive trades on the other. Diversify collateral where possible and store only the funds required for your current strategies, balancing safety with operational needs.

Finally, remember that futures trading can be subject to event risk outside ordinary hours. Even if the market closes, news does not stop. A weekend policy surprise or a Sunday headline can cause a gap on the CME open. If you must hold over these periods, size down and consider options hedges or tighter risk limits. When the market resumes at 5 00 p.m central time on Sunday, be prepared for rapid repricing before liquidity normalizes.

Frequently Asked Questions

Do S&P 500 futures trade 24-7?

S&P 500 futures on CME Group trade nearly around the clock but not fully 24-7. The standard Globex schedule runs from Sunday at 5 00 p.m central time through Friday at 4 00 p.m, with a daily maintenance pause from 4 00 p.m to 5 00 p.m each applicable day. There is no trading during the weekend after Friday’s 4 00 p.m close until the Sunday 5 00 p.m open. Holiday schedules can further modify these hours. Always verify the current product calendar for any special notice that may vary the routine.

Are futures options traded 24 hours?

Options on futures generally follow the underlying futures electronic session on CME Globex, but actual trading hours can vary by product. Some options series have slightly different opening or closing times and may not be available during the full overnight window. Liquidity also fluctuates outside the US cash session. Check the specific contract’s options trading hours on the exchange’s product page and confirm with your broker, since hours are subject to change and can vary around holidays.

What is the 60/40 rule for futures?

In the United States, Section 1256 contracts, which include many regulated futures contracts, receive blended tax treatment commonly called the 60/40 rule. For qualifying contracts, 60 percent of net gains or losses are treated as long term and 40 percent as short term for federal tax purposes regardless of the actual holding period. This is a general description and tax treatment depends on your individual situation. Consult a qualified tax professional to determine which contracts are applicable and how the rule applies to your account.

What time does the S&P 500 futures open?

On CME Globex, S&P 500 futures typically open Sunday at 5 00 p.m central time to start the new week. From Monday through Thursday, there is a daily reopen at 5 00 p.m after the one hour maintenance pause that begins at 4 00 p.m. On Friday, trading ends at 4 00 p.m and does not reopen until Sunday. Confirm any holiday adjustments on the CME Group website because hours can vary around days like Martin Luther King Jr Day, Juneteenth National Independence Day, Thanksgiving, and Independence Day.