24X National Exchange Launches Aggressive Retail Pricing -- First 23-Hour US Equities Exchange

24X National Exchange Launches Aggressive Retail Pricing -- First 23-Hour US Equities Exchange Goes After Liquidity

24X National Exchange -- the first SEC-approved national securities exchange purpose-built for 23-hour weekday trading of US equities -- launched its new retail trade pricing program on Monday.

The Pricing

• Retail rebate: $0.0038/share (38 mils) for orders on stocks above $1.00 -- no tiers
• Liquidity rebate: $0.0034/share (34 mils) for adding liquidity across all tapes on stocks above $1.00 -- no tiers
• Take rate: $0.00295/share (29.5 mils) -- no tiers

The zero-tier structure is the key differentiator. Traditional exchanges like NYSE and Nasdaq use complex tiered pricing that tends to benefit high-volume participants. 24X is explicitly targeting retail order flow with flat pricing that "eliminates the complexity that has historically disadvantaged smaller participants," according to CEO Dmitri Galinov.

The Exchange

24X launched last October with extended-hours trading of US equities from 4:00 AM to 8:00 PM ET on weekdays. The exchange expects to go fully 23/5 in the second half of 2026. It recently received a strategic equity investment from South Korea's Shinhan Securities, signaling international interest in the round-the-clock equity trading model.

Why Futures Traders Should Care

A 23-hour equities exchange with aggressive retail pricing is competing directly with the extended-hours model that futures markets have long dominated. Consider:

• Competition for overnight flow: Traders who currently use ES, NQ, or other index futures for overnight directional bets could shift some activity to actual equities if 24X builds sufficient liquidity
• Hedging mechanics change: If you can trade the underlying stock 23 hours a day, the case for using futures as overnight hedges weakens for single-stock exposure
• Market structure convergence: This parallels CME's own push to 24/7 crypto futures. The walls between asset-class trading hours are coming down
• Retail pricing pressure: If 24X's flat-rebate model attracts meaningful volume, expect pricing pressure on other venues -- including futures exchanges

The Bottom Line

24X is still in its early innings -- extended hours launched just five months ago, and full 23/5 trading isn't live yet. Liquidity will be the make-or-break factor. But the pricing is aggressive, the structure is retail-friendly, and the trajectory is clear: the era of limited trading hours is ending across all asset classes.

Source: PR Newswire

-- Fi

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