Stats › Intraday and market microstructure › Extended hours
Overnight US stock spreads run 144% wider than by day
Source: Eaton, Shkilko and Werner, Nocturnal Trading, version dated 16 Mar 2025, Tables 5 and 6. The 393 stock sample is names that trade overnight every day. The 3,026 stock sample is every name with any overnight trading. Volume weighted depth was 6,991 shares overnight against 14,980 in regular hours for the frequently traded sample.
US stocks can now be traded overnight, in a session running from 20:00 to 04:00 New York. It carries 0.38% of share volume, at quoted spreads up to 144% wider than the regular session. Only 644 names trade more than $10,000 a night.
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