Futures Trading Hours and Sessions Explained for Beginners
Futures trading hours confuse beginners because futures trade almost 24 hours a day. The truth is simple: CME Globex runs nearly nonstop, but different sessions have different liquidity and volatility. Understanding this ties directly to risk, contract specs, and even how mark-to-market behaves around settlement times.
What “Globex” Actually Is
Globex is CME’s electronic trading system. It’s the backbone of modern futures liquidity. When people say futures trade 24/5, they’re talking about Globex.
Typical CME Globex hours (major contracts)
- Opens: 6:00 PM ET (previous day)
- Closes: 5:00 PM ET
- Daily 1-hour maintenance break: 5:00–6:00 PM ET
Every futures contract pauses during this maintenance window—this is when spread resets and some platforms calculate overnight risk.
The Three Major Global Sessions
Futures react differently depending on whether Asian, London, or U.S. traders are active.
| Session | Approx. Time (ET) | Characteristics |
|---|---|---|
| Asian Session | 7 PM – 3 AM | Lower liquidity, slower moves |
| London Session | 3 AM – 8 AM | Volatility picks up, volume builds |
| U.S. Session | 8 AM – 5 PM | Highest volume, biggest moves |
Why Session Changes Matter
Each session hands off liquidity to the next. That handoff causes sudden behavior changes—momentum spikes, spreads tighten, volume surges.
If you’re scalping or day trading, you need to know these windows the same way you know tick values.
Settlement Time: The Hidden Volatility Window
Every market has an official settlement price used for mark-to-market. Around this time, volume shifts and price can snap unexpectedly.
For index futures (ES, NQ, YM): 4:00 PM ET — settlement based on cash index closes.
For commodities (CL, GC, NG, etc.): Settlement windows vary—anywhere from midday to early afternoon. Your platform displays the official time; learn it.
Holidays and Shortened Sessions
CME posts a holiday calendar yearly. Many holidays include:
- Early close
- No overnight session
- Low liquidity all day
Beginners blow accounts trading low-liquidity holiday garbage. Don’t.
The Bottom Line
Futures trading hours aren’t random—Globex, sessions, settlement, and holiday schedules shape volatility and liquidity. Learn these windows and you’ll avoid dead periods and random volatility pockets that crush inexperienced traders.