Deepstate · the hours nobody quotes

Most of the supply prints while the market is shut

The reward runs on wall-clock time. The underlying is an equity, and equities keep hours. The New York Stock Exchange is open 32.5 hours out of every 168 — the emission curve does not care.

DEEP printed while NVDA cannot move
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of the entire 395-day programme
Cash session, per week
32.5 / 168h
19.3% of wall-clock time
Printed before the first bell
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One week, 168 hours · UTC

MONTUEWEDTHUFRISATSUN
NYSE open — price can move Shut — emission runs anyway

Where the emission actually lands

Daily emission split by whether the cash market was open; the closed portion dominates every week.
Printed with the market open Printed with the market shut
Deepstate went live at 07:24 UTC on a Saturday. The stock was shut until Monday's bell, so the steepest fifty-four hours of the curve paid out against a reference price that could not move — and adverse selection, the tax that makes market making hard, was structurally muted for all of it. Whether that timing was deliberate is unknowable and beside the point. It is the cheapest window the mechanism will ever get, and it cannot recur.

Emission from the contract curve, C(t) = 500M · ln(1+t/30) / ln(1+395/30) per side, integrated against a Mon–Fri 13:30–20:00 UTC cash session. Exchange holidays and daylight-saving shifts are not modelled; neither changes the weekly total.

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