MarketVector Index Extends Semiconductor Pricing Beyond U.S. Stock Hours

MarketVector launched an index that extends reference pricing for 25 U.S.-listed semiconductor companies beyond regular stock-market hours, highlighting how perpetual contracts may handle periods when underlying shares are closed.

The MarketVector U.S. Listed Semiconductor 25 Continuous Index (MVCSMH) launched Aug. 21, 2026. It is denominated in U.S. dollars, uses a base value of 1,000 dating to Sept. 29, 2000, and is disseminated from 12 a.m. to 12 a.m. ET, Monday-Friday. That corresponds to 4 a.m. to 4 a.m. UTC during daylight saving time and 5 a.m. to 5 a.m. UTC during standard time. Its listed closing time is 4 p.m. ET (8 p.m. UTC during daylight saving time; 9 p.m. UTC during standard time).

The schedule means the index has a published reference outside regular U.S. stock-trading hours, but it does not establish that the index itself trades continuously. The published component table lists NVIDIA at 23.80%, Taiwan Semiconductor Manufacturing at 9.66%, Broadcom at 5.94%, Micron Technology at 5.61% and Advanced Micro Devices at 5.26%. The table does not include a measurement date for those weights.

The distinction matters for crypto derivatives, which trade continuously. A perpetual contract using an equity index would need a reference price when the underlying shares are not actively trading.

Hyperliquid’s HIP-3 framework allows deployers to create perpetual markets for non-crypto assets and set the oracle and contract specifications. Its mark-price system can combine oracle prices, external perpetual prices and local market prices.

Oracle data is expected to update every three seconds. If the mark price becomes stale, the system can fall back to a local mark price after 10 seconds. Mark prices are used for margin and liquidation calculations.

A perpetual using this framework could therefore be liquidated after its mark price moves while the semiconductor stocks remain closed. When regular trading resumes, the index and derivative could converge, but a position that has already been liquidated would no longer be open for that adjustment.

The setup reflects a broader difference between traditional U.S. equities and crypto markets: stock trading is concentrated in a regular session, while crypto perpetuals operate without a daily close. The index provides a structured benchmark for extended-hours reference pricing, while the derivative’s rules determine how that reference affects leveraged positions.

MarketVector’s partnership with Pyth combines continuous pricing infrastructure with index methodology, governance, calculation and administration. The first listed products under that partnership included AI10, Defense10, China10 and Tech100 on Coinbase Derivatives.

Josh Kaplan, head of research and investment strategy at MarketVector Indexes, said, “The partnership with Pyth gives us the data foundation to support reliable near-continuous pricing.”

The central issue for any equity-index perpetual is the relationship among the underlying index, the oracle and the exchange’s mark price. Those inputs can determine whether a position remains open during the gap between one U.S. stock session and the next.