Even though Wall Street was closed, the market kept moving. From Wednesday's close to Thursday's open: SPY rose 1.11%, TMF (3x long 20Y) rose 2.45%, while UVXY fell 5.94%, which was attributable to the unwinding of volatility-hedging positions.

Most interestingly, the average contract of 16 stock-related perpetual contracts already reflected 97% of Thursday's opening gap, with a 100% directional hit rate, and traded US$1.02B while the US cash market was closed.

The market didn't wait for the bell to ring. It was moving throughout the night, and perpetuals were also involved in that movement.

🔗 Read more detailed analysis → https://www.binance.com/en/research/analysis/beyond-the-closing-bell

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⚠️ DYOR. Not financial advice.