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Perpetual futures on both DEXs and CEXs trade around the clock, but volume, spreads and volatility still track the regions where the money is: the Asian session (Tokyo), the European session (London), the American session (New York) and the Pacific session (Sydney). The busiest stretch of the day is the London/New York overlap — roughly 13:00–17:00 UTC — when the two largest regions are active at once.
Each session window above is fixed in UTC year-round; what shifts with daylight saving is the local time in each city, which is why the analog clocks move relative to the highlighted window through the year. Traders watch these windows to anticipate when funding, open interest and liquidation activity tend to pick up.
No. Perpetual futures trade 24 hours a day, 7 days a week, weekends included. Trading sessions describe when each region's liquidity is highest, not when the market is open or closed.
The London/New York overlap, roughly 13:00–17:00 UTC, is typically the highest-volume and most volatile window because the two largest regions are trading simultaneously.
In UTC the sessions run approximately: Asia (Tokyo) 00:00–09:00, London 08:00–17:00, New York 13:00–22:00, and Sydney 22:00–07:00. These UTC windows are fixed year-round; the local time in each city shifts with daylight saving.
The highlighted arc is each session's UTC window projected onto local time. Because London, New York and Sydney observe daylight saving while the UTC window stays fixed, the local clock face shifts by an hour for part of the year.