> For the complete documentation index, see [llms.txt](https://support.backpack.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://support.backpack.exchange/exchange/backpack-securities/trading-hours-and-fees.md).
# Trading Hours & Fees
Backpack Securities follows the full U.S. equities schedule, so you can trade across the overnight, pre-market, regular, and after-hours sessions — not just during the standard 9:30am–4:00pm window. Stocks settle in **USD** and draw from the same balance as the rest of your account: there's no separate stocks wallet to top up and no separate brokerage balance to manage. This page covers **when** you can trade and **what it costs** — the session schedule, how to read the market status indicator, how a buy is funded, and how fees work.
***
#### Trading hours
All times in this section are **U.S. Eastern Time (ET)**. This explains each session, how to tell at a glance which one is active, and what changes outside regular hours.
**The sessions**
| Session | Eastern Time | Days | What you can trade |
| ----------------- | ------------------------------------------------- | ----------------------- | ------------------------------- |
| **Overnight** | 8:00pm – 4:00am | Sun night → Fri morning | Whole shares only |
| **Pre-market** | 4:00am – 9:30am | Mon – Fri | Whole shares only |
| **Regular hours** | 9:30am – 4:00pm | Mon – Fri | Whole **and** fractional shares |
| **After-hours** | 4:00pm – 8:00pm | Mon – Fri | Whole shares only |
| **Closed** | Fri 8:00pm → Sun 8:00pm, and U.S. market holidays | — | No trading |
The full tradeable window runs continuously from **Sunday 8:00pm ET to Friday 8:00pm ET**. Markets are closed over the weekend, from Friday 8:00pm ET until the overnight session reopens Sunday 8:00pm ET.
**Reading the market status indicator**
Every Backpack Securities page shows a **market status indicator** — a small colored dot with a label that tells you which session is live right now:
* **Market Open** — regular hours
* **Pre-market**
* **After-hours**
* **Overnight**
* **Market Closed** — weekends and U.S. market holidays
When a session is active, the dot pulses. Hover over it to open a trading-hours tooltip: a colored timeline showing each session's range, with the Eastern Time hours automatically converted to your local timezone. When the market is closed, the indicator also shows a countdown — for example, "3h 12m till Trading" — so you know when the next session begins.
You'll find the same indicator on the Backpack Securities home page and on the header of any individual stock's page.
**Whole vs. fractional shares**
Whether you can buy a fraction of a share depends on the session.
{% hint style="info" %}
**Fractional shares are available only during regular hours** (9:30am–4:00pm ET, Monday–Friday). At all other times — overnight, pre-market, and after-hours — you can trade **whole shares only**.
{% endhint %}
If you try to enter a fractional quantity outside regular hours, the order form will let you know with a message like:
> Fractional shares are only available during market hours. To trade now, buy in whole shares.
To place the trade right away, round to a whole number of shares — or wait for regular hours to open, when fractional quantities are accepted again. For the full order walkthrough, see [How to Buy & Sell Stocks on Web.](/exchange/backpack-securities/how-to-buy-and-sell-stocks-on-web.md)
**The overnight session**
Yes — stocks really do trade after 8:00pm. Backpack Securities includes an **overnight session** that runs from **8:00pm to 4:00am ET**, Sunday night through Friday morning. It's whole-shares-only, and pricing is wider than during regular hours (more on that below), but it does run. The market status indicator will read "Overnight" and pulse while it's active.
**Why pricing changes outside regular hours**
Backpack Securities is quote-based: when you preview an order, you see a live quote that reflects current market conditions and available liquidity.
Outside regular hours there's **less liquidity in the market**, so quotes are naturally wider — the gap between buy and sell pricing widens, especially overnight. This isn't a Backpack fee; it reflects the state of the underlying market at that time. There's no separate commission on stock trades (see Funding & fees below), and if you'd prefer the tightest pricing, trade during **regular hours**, when liquidity is deepest.
**Holidays, early closes, and weekends**
You don't need to track the market calendar yourself — these are handled automatically:
* **U.S. market holidays.** On a holiday, the indicator shows **Market Closed** and no trades can be placed.
* **Early-close days.** On days the U.S. market closes early, regular hours end earlier and the after-hours session begins earlier, in step with the official schedule.
* **Weekends.** Markets are closed from Friday 8:00pm ET until the overnight session reopens Sunday 8:00pm ET.
If you try to trade while the market is closed, you may see a **"No quote available"** message — most often this simply means the market isn't open. You can try again once the next session begins.
***
#### Funding & fees
Your stock trades draw from the same balance as the rest of your account — buying a stock spends your available USD, and selling one returns USD to that same balance. This covers how a buy is funded, what "available" means, and how fees work today.
**Funding a buy**
When you buy a stock, it's funded from your **available USD**. The order form shows this on the **Available** row, and on the buy side you'll see quick-amount badges — **25%**, **50%**, **75%**, and **Max** — that fill in a portion of that available balance for you. (Badges are dimmed if your balance isn't enough for them.)
A few things are worth knowing about what counts toward that balance.
**Lent USD counts as available**
If your USD is sitting in Backpack's lending pool, you don't need to redeem it before buying a stock. It's automatically pulled back to fund the purchase, and the **Available** balance shown on the order form already includes your lent USD. You can buy in one step.
**No margin or borrowing on stock buys**
Backpack won't automatically borrow USD to fund a stock purchase, and there's no margin toggle on the stock order form. Stock buys use USD you actually hold (including lent USD, as above) — they can't be auto-borrowed against.
If you do want to buy with borrowed USD, you can do it manually: turn **Auto Lend** off, borrow the USD you want through Backpack's lend/borrow product, and then place your stock order. The usual borrowing rules apply to that loan, but the stock holding itself isn't traded on margin.
{% hint style="info" %}
**Your stocks can't be used as collateral** for other positions right now. A stock balance doesn't count toward margin and can't back a perp or other borrowed position — so a stock you hold can't be force-liquidated and doesn't put your other balances at risk.
{% endhint %}
**Selling returns USD**
Selling a stock returns USD to your available balance. Because everything settles in USD, the proceeds land right back in the same balance you funded the buy from — ready to redeploy into another trade, lend out, or withdraw normally.
Selling is also how you exit a position today. For more on holding and exiting, see Your Holdings, Dividends & Corporate Actions.
**Fees: no separate commission**
There's **no separate commission or platform fee** on stock trades — the price you preview and confirm is the price you pay. You aren't billed anything separately.
When you reach the **Preview** step, the **Estimated Price**, **Subtotal**, and **Total** you see are what you trade at. There's nothing extra added after.
{% hint style="info" %}
**Why do prices look a little wider outside regular hours?** There's less liquidity overnight, pre-market, and after-hours, so quotes are naturally wider then — especially overnight. That's expected market behavior, not an extra charge. See Trading hours above for the session schedule.
{% endhint %}
**Is there a minimum?**
During **regular U.S. market hours** you can trade fractional shares down to **0.01 of a share**, in 0.01-share steps. **Outside regular hours** (overnight, pre-market, and after-hours), the minimum is **1 whole share**. Every order also needs to be worth at least **$1**. Because fractional shares are available during regular hours, you can still start small.
**Funding & fees at a glance**
| Topic | How it works |
| -------------------- | ------------------------------------------------------------------------------------------- |
| Settlement currency | USD |
| Funding a buy | Your available USD — lent USD is auto-counted and pulled back as needed |
| Margin / borrowing | No margin on stock buys; manually borrow USD (Auto Lend off) if you want to |
| Stocks as collateral | Not available — stock balances don't back other positions |
| Selling | Returns USD to your available balance |
| Fees | No separate commission or platform fee |
| Minimum order | 0.01 share (regular hours) · 1 whole share (outside regular hours) · $1 minimum order value |
***
#### Quick reference
Can I trade stocks 24/7?
Almost — there's continuous trading from Sunday 8:00pm ET through Friday 8:00pm ET across the overnight, pre-market, regular, and after-hours sessions. Markets are closed over the weekend (Friday 8:00pm → Sunday 8:00pm ET) and on U.S. market holidays.
Why can't I buy a fractional share right now?
Fractional shares are only available during regular hours (9:30am–4:00pm ET, Monday–Friday). Outside regular hours, only whole-share quantities are accepted. Round to a whole number of shares to trade now, or wait for regular hours.
Why does pricing look wider overnight or in pre-market?
There's less liquidity outside regular hours, so quotes are naturally wider — especially overnight. Trading during regular hours generally gives you the tightest pricing.
What does the market status indicator tell me?
It shows which session is live right now (Market Open, Pre-market, After-hours, Overnight, or Market Closed) and pulses when active. Hover over it for a session timeline in your local time, plus a countdown to the next opening when the market is closed.
What does it cost to trade a stock?
There's no separate commission or platform fee. The price you see in the order form is the price you trade at — nothing is added after.
Can I buy a stock with borrowed USD?
Not automatically — there's no margin or auto-borrow on stock buys. If you want to, you can do it manually: turn Auto Lend off, borrow the USD through Backpack's lend/borrow product, then place your order. The stock holding itself isn't traded on margin, and stocks can't be used as collateral for other positions.
***
For how the full trade flow works step by step, see [How to Buy & Sell Stocks on Web](/exchange/backpack-securities/how-to-buy-and-sell-stocks-on-web.md). To browse what's available first, head to [Finding & Researching Stocks](/exchange/backpack-securities/finding-and-researching-stocks.md). For how your holdings and the regulated brokers behind them work, see [Real Ownership & Legal Framework.](/exchange/backpack-securities/real-ownership-and-legal-framework.md) For more questions, see the [FAQ](/exchange/backpack-securities/faqs.md).
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