Prices & Market Hours
Borrow USDG during the 24/5 window when your collateral and the protocol’s safety checks are ready. Chainlink prices existing positions independently of borrowing hours.
Zona separates valuation from permission to borrow. This keeps account health, withdrawals and liquidations independent of the borrowing schedule while still giving the protocol a circuit breaker for new debt.
When can I borrow?
New borrowing normally runs from Sunday at 8:00pm ET through Friday at 8:00pm ET, including regular, extended and overnight sessions. The calendar includes holiday, early-close and daylight-saving exceptions. Being inside the window is only the first check. All of the following must pass:
- the current time is inside a governance-approved exchange-calendar window
- the AWS reporter issued the session certificate for that window
- the reporter liveness proof has not expired and no global restriction is active
- live Chainlink USDG is fresh and between $0.98 and $1.02
- the selected collateral has a valid Chainlink price and valid Robinhood issuer state
- the stock's borrowing power is enabled and its Robinhood reference passes the checks for the current session
- your account remains within its LTV, isolation ceiling, reserve cap and available liquidity
Typical borrowing window
Sunday 8:00pm to Friday 8:00pm ET
Includes regular, extended and overnight sessions when the calendar and safety checks pass.
Borrowing off
Weekends and calendar blackouts
Holidays, early closes and clock changes can shorten the weekly window. Valid prices still support health checks and liquidation.
A stock can close separately
Check your collateral’s status
A gate-owned restriction needs 30 minutes of continuous healthy checks to recover. Governance holds and one-way guardian restrictions need governance action.
Repaying and collateral top-ups remain available during borrowing closures, subject to reserve pauses, freezes and caps. Check the app’s live borrowing and collateral status before submitting an action.
Holiday and clock-change exceptions
These are Zona's borrowing rules, not the trading hours of every exchange or DEX. The installed calendar uses the overlap between the US 24/5 session and Robinhood's Monday 2:00am to Saturday 2:00am CET/CEST tokenization window, then removes holiday and early-close blackouts.
| Calendar case | Borrowing rule |
|---|---|
| Normal week | Sunday 8:00pm to Friday 8:00pm ET, while every safety check passes |
| NYSE holiday | Borrowing is closed from 4:00pm ET on the calendar day before the holiday until 9:30am ET on the next regular trading day; an earlier blackout still applies |
| NYSE early close | Borrowing closes at 1:00pm ET on the early-close day and is scheduled to reopen at 9:30am ET on the next regular trading day |
| Daylight-saving transition weeks | When US and European clocks are out of step, Sunday borrowing opens at 9:00pm ET instead of 8:00pm. Friday still closes at 8:00pm ET; holiday blackouts take priority |
Times use New York time (ET), which changes between EST and EDT. Safety checks can keep borrowing closed beyond a scheduled opening.
Blackouts continue across weekends. A Friday holiday or early close keeps the following Sunday evening closed until the next regular open. For Thanksgiving 2026, borrowing is scheduled to close Wednesday, November 25 at 4:00pm ET, reopen Friday, November 27 at 9:30am, close that Friday at 1:00pm, and resume Monday, November 30 at 9:30am. Reopening still requires every safety check to pass.
ET still changes between EST and EDT. US and European clock changes happen on different Sundays, so the one-hour mismatch remains relevant. For example, the installed calendar opens Sunday, October 25, 2026 at 9:00pm ET. Sources: NYSE's holiday calendar, Robinhood's tokenization hours and NIST's daylight-saving guide.
Certificates and monitoring
When one stock loses borrowing power
The asset borrow gate can set a stock's LTV to zero after a confirmed issuer pause, corporate-action problem or qualifying trading-reference incident. A pending corporate action closes its borrowing power within 30 minutes of the effective time. A read failure alone does not prove the stock is restricted: it must be disabled onchain before the shared borrowing proof can exclude it.
After restriction, you cannot open or increase a loan against that stock. Its liquidation threshold and bonus stay unchanged, so existing debt remains liquidatable when valuation is valid. Other eligible stocks can continue borrowing while the shared checks pass. A price failure can still affect health-factor reads and withdrawals in an account that uses the affected asset; an LTV-zero restriction can also limit withdrawals while in debt. Repayment remains available unless the debt reserve is paused.
The gate can restore borrowing power after 30 continuous minutes of fresh healthy proofs, with no gap longer than 3 minutes. A failed check, proof gap or change in the global certificate epoch restarts that wait. A governance hold prevents automatic restoration. The separate one-way LTV guardian requires governance to restore borrowing power; the gate cannot undo that restriction.
Regular, extended and overnight sessions each require the appropriate Robinhood reference checks. Outside core hours, the asset must explicitly be tradable in the extended or overnight session in progress. Missing or stale reference evidence withholds the shared certificate or monitoring refresh. Overnight price divergence also withholds that shared proof rather than automatically restricting a stock. A pool-wide monitoring or USDG failure can therefore close new borrowing for every stock.
How collateral is valued
Each Robinhood tokenized equity has its own always-on validation adapter. The adapter reads the Chainlink Standard Proxy and checks the token and issuer state on Robinhood Chain. It does not depend on an AWS lease or certificate.
A market close does not immediately turn valuation off. The last price can remain usable while it passes freshness and issuer checks. If it becomes invalid, actions that need that collateral's price stop; repayment and eligible collateral top-ups remain available. The adapter does not require a new round at every market open.
What each stock adapter checks
- a positive, complete Chainlink round with an eight-decimal answer
- a timestamp that is not in the future and is no more than 24 hours old
- the expected feed proxy, aggregator, asset contract and contract code
- an immutable absolute price band that rejects decimal-scale errors
- that the token, token oracle and issuer registry are not paused
- that the pool and receipt token are not blocked and supplied collateral is backed
- that Robinhood corporate-action state and the Chainlink round are consistent
Failing closed means the adapter returns no price instead of using a value it cannot validate. That affects only actions which need that asset's valuation.
USDG uses two different prices
What remains available when a price fails?
| Action | While the required collateral price is unavailable |
|---|---|
| Repay USDG debt, in part or in full | Allowed unless paused; repayment needs no equity price |
| Add collateral to an existing position | Allowed unless frozen, paused or capped; it authorises no new debt |
| Supply USDG as a lender | Allowed unless frozen, paused or capped |
| Withdraw after all debt is repaid | Allowed when active and unpaused, subject to liquidity; no price is needed |
| Borrow more USDG | Blocked |
| Withdraw or disable collateral while in debt | Blocked because the resulting health factor cannot be verified |
| Transfer collateral zTokens out of an indebted account | Blocked because the resulting health factor cannot be verified |
| Liquidate an unhealthy position | Blocked because account health cannot be verified |
| Read your health factor | Unavailable; repayment and collateral top-ups still work |
| Interest accrual | Continues |
A borrowing-hours closure alone does not disable valuation, withdrawals or liquidation.
What AWS can and cannot do
AWS is a borrow-only safety service. Before an opening it checks the approved calendar, Chainlink and Robinhood state, records an evidence hash and issues the session certificate. During the session it refreshes liveness and monitors for a trading halt, issuer pause, unresolved corporate action or suspicious price divergence.
- It can close new borrowing. The reporter can set a global restriction. It cannot clear that restriction itself.
- It can restrict one stock and monitor its recovery. The asset gate removes borrowing power and can restore the reviewed LTV after continuous healthy checks. It cannot change the liquidation threshold, bonus, cap or price. A governance hold and a restriction from the one-way guardian require governance action.
- It cannot move funds or set prices. It cannot withdraw user assets, borrow, liquidate, change the oracle answer or clear a governance restriction. It can complete a monitored recovery when no such restriction is active.
- Its outage does not disable liquidation. An expired liveness proof stops new borrowing while the direct Chainlink valuation path continues.
Reopening after an incident
A scheduled weekend or holiday close does not create an incident. The next valid certificate opens the next calendar window. If a certificate is missed or monitoring expires, the reporter can use the monitored recovery path within that window. An explicit global restriction requires governance to clear it, then fresh evidence and a 30-minute recovery delay before borrowing can reopen. A gate-owned stock restriction follows its separate 30-minute healthy-proof period. A governance hold or one-way guardian restriction requires governance action.
A Chainlink or USDG problem also has to be gone. New borrowing cannot resume until the latest round is valid and the live USDG value is back inside the $0.98 to $1.02 band.
Corporate actions
Robinhood represents splits, dividends and similar actions through a shares-per-token multiplier. The Chainlink token price already includes that multiplier, so Zona never applies it a second time.
A scheduled action can continue pricing before its effective time, provided the issuer has not paused the oracle and the other checks pass. Once effective, the adapter requires Robinhood's current multiplier to reflect the action and requires a Chainlink round published after the effective timestamp. Until both are true, that asset has no valid valuation. Other collateral assets are unaffected.
Why absolute price bands exist
Historical SPY and QQQ rounds included decimal-scale values near $74 billion per token. Those answers were positive, fresh and reported the expected decimals, so ordinary oracle checks would not have rejected them. Each adapter therefore has a wide, immutable absolute band designed to reject scale errors while still accepting extreme real market moves.