I have a question. For on-chain brokers, trading 24 hours a day, during periods of very low liquidity, if the exchange cannot hedge the buyer's risk exposure, it is essentially taking on that huge risk itself, acting as the counterparty. For example, if I go long on an asset with 20x leverage, and the exchange has no position to hedge, when the market becomes liquid, the exchange's buying might actually push the price up. At that time, my buy order, if there is no liquidity behind it, cannot be priced accurately, unless a large liquidity premium is set there. How does this actually operate? I always feel that it's unlikely for exchanges to trade US stocks 24 hours a day before NASDAQ opens 24*5. Am I misunderstanding something?