Between the close and the open
Own the hoursbetween the bells.
A new way to look at the overnight market. Defined windows. Fully funded positions. Settlement to the official print.
Explore the research preview. Live trading is not enabled.
A close. A starting point.
The closing reference is frozen before the overnight window begins.
One night.
One defined outcome.
- Starting close
- $376.37
- Observed open
- $362.07
Historical research data. Not an executable quote or settlement evidence.
Built around a clear beginning and end
The hours change.
The rules don’t.
A market starts with a recorded close and ends with a specified official event. What happens in between has a defined limit.
Read the settlement rules- 01
Freeze the reference.
The starting close, price corridor and settlement specification are set before a position exists.
- 02
Fund the whole window.
Both sides pre-fund their maximum loss. Trader margin and vault reserve together cover the position.
- 03
Settle to the official print.
The named event determines the outcome. If it cannot be authenticated, the market refuses and returns escrow.
Understand your position
Move the open.
See the outcome.
Every dollar has a place. Adjust the example below to see how trader and vault payouts always add up to the funded escrow.
Illustrative long position, not a live quote. Actual market parameters are specified per window.
Long TSLA, corridor $180 to $360
Drag the official open. Trader payout plus vault payout equals escrow every time.
Max loss $67.40
Reserved $112.60
Trader + vault = escrow
Look back before looking ahead
Every open
has a history.
Explore 501 TSLA close-to-next-open observations. Follow each window from its starting reference to the observed open.
Explore all replaysYahoo-derived OHLC data is research only. These observations are not authenticated official settlement evidence.
A little more clarity
Know the rules.
Then explore.
What actually determines settlement?
The market’s specified official reference event. The seed specification uses the Nasdaq Official Opening Price. Indicative feeds and Stock Token prices provide context; they do not determine settlement.
View reference specificationsWhat does fully collateralized mean?
Trader margin plus the vault’s reserved liability fund the entire position before it is accepted. The corridor bounds the payout, and reserved capital cannot be withdrawn while it backs that position.
Explore the vaultsWhat if the official print cannot be verified?
The market refuses settlement and returns escrow according to its rules. There is no substituted admin price. Refusal conditions are defined in the settlement specification.
Can I trade on Nightbook today?
This is a research preview, and live trading is not enabled. You can explore market specifications, historical replays and the payoff example to understand how the protocol works.
What is behind the featured replay?
Sep 4, 2026: Nasdaq, Official Open. The observed raw print is $362.07; the corridor-adjusted payout print is $360.00. Source: research replay. No on-chain settlement transaction.
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