Japan

External Coverage

For Japan-listed equities, the Relayer derives external prices during market open trading sessions (JST, UTC+9):

• Day Session: 8:20 AM – 4:30 PM JST
• Night Session: 5:00 PM – 11:59 PM JST

Internal Pricing

Internal pricing applies outside of the market open sessions, including:

• Afternoon Break: 4:30 PM – 5:00 PM JST
• Market Closed: 11:59 PM – 8:20 AM JST
• Weekends and Exchange Holidays

FX Conversion

The relayer aggregates executable quotes for JPY-denominated instruments alongside real-time USD/JPY FX rates. To maintain consistency with XYZ’s linear contract structure, which is margined and settled exclusively in USDC, the system automatically converts these quotes into USD pricing. This ensures a seamless trading experience and eliminates currency friction for users.