When trading outside regular market hours using 24/5 Trading, different conditions apply in terms of fees, execution, and risks.
This content is for informational purposes only and describes operational features of the service. Hapi Securities LLC is a U.S.-registered broker-dealer and member of FINRA and SIPC that offers self-directed brokerage services and does not provide investment advice.
Nothing in this content constitutes a recommendation to buy, sell, or hold any security.
Not all securities are eligible for 24/5 Trading.
Trading hours
Session | Hours (ET) |
Pre-market | 4:00 a.m. – 9:30 a.m. |
Regular hours | 9:30 a.m. – 4:00 p.m. |
After-hours | 4:00 p.m. – 8:00 p.m. |
Overnight | 8:00 p.m. – 4:00 a.m. |
Extended sessions are available Monday through Friday, subject to availability, market conditions, and liquidity.
Not available on weekends or for cryptocurrencies.
Fees in 24/5 Trading
Fees may vary depending on the time of execution, are subject to change, and additional charges may apply (including regulatory fees, clearing fees, or implicit costs such as bid-ask spreads).
Order type | Standard user | Hapi Prime |
Regular hours | $0.10 – $0.15 | $0.05 |
24/5 Trading | $2.99 | $0.05 |
The applicable fee will be shown before confirming the order.
Order execution is not guaranteed.
Illustrative example (not guaranteed):
If an order is executed outside regular hours:
Standard user: $2.99
Hapi Prime user: $0.05
Total transaction cost may be affected by market conditions, including spreads and liquidity.
What changes with Hapi Prime?
Under the current fee structure, Hapi Prime:
Applies a $0.05 fee per trade, including 24/5 Trading
Results in the same fee for regular and extended hours
Fee differences do not consider execution quality, spreads, or market conditions and do not guarantee lower total costs.
This may be relevant depending on individual usage, but does not guarantee better outcomes.
How the fee is calculated
The applicable fee depends on when the order is executed (not when it is submitted):
Execution during regular hours → regular fee applies
Execution during extended hours → 24/5 fee applies
If the order remains pending, a fee range may be displayed, as execution timing is not guaranteed.
Hapi Securities LLC introduces customer accounts to Apex Clearing Corporation, which provides execution, clearing, and custody services.
Settlement (T+1)
Trades generally settle on T+1 (next business day), in line with standard U.S. market practices.
This means:
Settlement occurs regardless of when the trade was executed
Proceeds from sales may not be immediately available for withdrawal
Availability of funds is subject to settlement and firm policies, and may be restricted until settlement is complete.
Order handling and execution
Price protection (NBBO)
National Best Bid and Offer (NBBO) protection does not apply during extended hours. Although only limit orders are accepted, execution prices may not reflect the best available prices across all markets.
Order routing
Orders submitted during extended hours are routed through Apex Clearing Corporation to alternative trading systems (ATS) and market makers. Execution venues and available liquidity may differ from those used during regular market hours. For more information, refer to the Rule 606 report available on the disclosures page.
Overnight price bands
During overnight sessions, price bands may apply that restrict the range within which orders can be executed. Orders outside these bands may be rejected or remain unexecuted.
Stop limit orders in extended hours
Stop limit orders may be triggered during extended hours when liquidity is lower. Once triggered, the order becomes a limit order but may not execute if no counterparties are available at the specified limit price.
Risks of extended hours trading
Trading during extended hours involves additional risks, including:
Lower liquidity and trading volume
Higher price volatility
Wider spreads
Higher likelihood of execution at prices different from expectations or no execution
Prices may differ materially from those observed during regular market hours.
Execution is not guaranteed and may not occur.
Liquidity may be limited and the number of market participants reduced.
Execution price may differ significantly from the last reported price.
Not all securities are available for extended hours trading.
Additional Risk Disclosure (FINRA 2265)
To review the full extended hours risk disclosure under FINRA Rule 2265, see the Extended Hours Trading Disclosure.
Risk of Changing Prices
Prices in extended hours trading may not reflect the prices at the close of regular market hours or the prices at the opening of the next trading day.
Risk of Unlinked Markets
Prices displayed in one trading system may not reflect prices available in other systems operating at the same time, which may result in less favorable execution.
Risk of News Announcements
Issuers may release earnings or other material news outside regular market hours, which may lead to rapid and significant price movements.
Risk of Wider Spreads
The difference between bid and ask prices may be wider during extended hours, potentially impacting execution prices.
Risk of Lower Liquidity
There may be fewer participants in the market, making it harder to execute trades or obtain favorable prices.
Risk of Higher Volatility
Prices may fluctuate more significantly due to lower participation and reduced market depth.
ETF-related risk
Intraday Indicative Value (IIV) for ETFs is typically not calculated outside regular market hours, making it more difficult to assess fair value.
Important considerations
Market conditions may change rapidly outside regular hours
Orders are subject to operational, regulatory, and compliance validations
Orders may be delayed, rejected, or not executed
Execution price may differ significantly from the last reported price
Not all securities are eligible for extended hours trading.
The service may be limited due to market conditions, liquidity, or operational and regulatory restrictions.
Before trading, consider whether these conditions align with your objectives and risk tolerance.
Need help?
If you have questions about fees or how 24/5 Trading works, you can contact support through the app.
Support does not provide investment, tax, or legal advice.
Additional disclosure
Securities are protected by SIPC up to applicable limits. SIPC does not protect against losses due to market fluctuations. See www.sipc.org.