> For the complete documentation index, see [llms.txt](https://docs.paragon.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.paragon.trade/markets/equities/external-pricing.md).

# External Pricing

Price data for the underlying assets is sourced from institutional data providers. While external markets are open, an externally derived fair price is published as the oracle price through periodic updates.

External prices for US equities are derived across four sessions, up to **24/5** from Sunday 8:00 PM ET to Friday 8:00 PM ET. Coverage varies by market (all times ET):

| Session     | Hours (ET)    |
| ----------- | ------------- |
| Pre-Market  | 04:00 – 09:30 |
| Regular     | 09:30 – 16:00 |
| Post-Market | 16:00 – 20:00 |
| Overnight   | 20:00 – 04:00 |

Equities listed outside the US follow their primary exchange's covered session. For example, UNITREE follows the Shanghai Stock Exchange's regular session, 09:30–11:30 and 13:00–14:57 China Standard Time, Monday through Friday. The applicable feed and session for each market are listed in the [market specifications](/resources/specifications.md#market-specifications).

UNITREE's underlying share price is quoted in CNY. Its USD oracle price is calculated by dividing the CNY share price by the USD/CNH rate (CNH per USD).

Equity perpetuals trade 24/7 on Hyperliquid. Outside a market's covered sessions — including weekends and [market holidays](/resources/holiday-closures.md) — the external feed is closed and the mark is bounded internally. Per-market feeds, sessions, and parameters are listed in the [market specifications](/resources/specifications.md#market-specifications).


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