Prices & Market Hours
Chainlink prices positions directly. AWS controls whether new borrowing may open, but it cannot supply a price or disable liquidation by itself.
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 is limited to the NYSE regular session: 9:30am to 4:00pm ET on trading days, or until 1:00pm ET on published early-close days. Reaching 9:30am is necessary but is not enough. All of the following checks must pass at the same time:
- 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
- your account remains within its LTV, isolation ceiling, reserve cap and available liquidity
Borrowing open
9:30am to 4:00pm ET
NYSE trading days, with certificate, liveness, USDG and collateral checks passing.
Borrowing off
Outside the core session
A usable price may remain available for health checks, withdrawals and liquidation.
Repaying and adding collateral remain available in every state. The app shows the current state before you submit an action.
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.
| Collateral | Maximum feed age | If its price is unavailable |
|---|---|---|
| SPCX | 24 hours | New SPCX-backed borrowing, account valuation, indebted withdrawals and liquidation stop |
| META | 24 hours | New META-backed borrowing, account valuation, indebted withdrawals and liquidation stop |
| NVDA | 24 hours | New NVDA-backed borrowing, account valuation, indebted withdrawals and liquidation stop |
| AAPL | 24 hours | New AAPL-backed borrowing, account valuation, indebted withdrawals and liquidation stop |
| QQQ | 24 hours | New QQQ-backed borrowing, account valuation, indebted withdrawals and liquidation stop |
| SPY | 24 hours | New SPY-backed borrowing, account valuation, indebted withdrawals and liquidation stop |
| SGOV | 24 hours | New SGOV-backed borrowing, account valuation, indebted withdrawals and liquidation stop |
A quiet feed can remain valid until its maximum age. 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 daily 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 remove one asset's borrowing power. The constrained guardian can set an allowlisted collateral asset's LTV to zero. It cannot change its threshold, penalty, cap or price, and only governance can restore a nonzero LTV.
- 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 normal overnight close does not create an incident. The next valid certificate opens the next scheduled session. If a certificate is missed or liveness expires without a governance restriction, the reporter can use the monitored recovery path during the same session. An explicit global restriction or an asset LTV restriction remains in force until governance clears it; the reporter cannot undo either one. Clearing a global restriction starts a new certificate epoch and a recovery delay before borrowing can reopen.
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 pending action can continue pricing before its effective time. 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.