> For the complete documentation index, see [llms.txt](https://docs.monday.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.monday.trade/rwa-trading/how-rwa-trading-works.md).

# How RWA Trading Works

When you place an order for a tokenized stock on Monday Trade, a market maker fills your order by sourcing liquidity through Anchored. This means:

1. **You place an order** on Monday Trade's DEX (market or limit order).
2. **A market maker in the Anchored Market Maker Network** receives your order and executes against Anchored's issuance/redemption system.
3. **You receive** the tokenized stock (when buying) or USDC (when selling) directly in your wallet.

This is not pool-based liquidity — the market maker acts as the intermediary to ensure your orders are filled against real, 1:1 backed tokenized stocks.

{% hint style="info" %}
Please note RWA trading of this nature is only available on the RWA tab of Monday Trade. Given that creation of liquidity pools is permissionless on Monday Trade, you may see tokenized stocks there. Please note that the execution for trades for tokenized stocks that is not in the RWA tab of Monday Trade will not have the same execution mechanism or liquidity depth.
{% endhint %}

### Trading Hours

Because tokenized stocks are tied to the underlying US stock market, RWA Trading follows a **24/5 schedule** (Monday through Friday) across four sessions:

| Session         | Hours (ET)        | Description                      |
| --------------- | ----------------- | -------------------------------- |
| **Overnight**   | 8:00 PM – 4:00 AM | Extended hours trading           |
| **Pre-Market**  | 4:00 AM – 9:30 AM | Early session before market open |
| **Regular**     | 9:30 AM – 4:00 PM | Standard US market hours         |
| **After-Hours** | 4:00 PM – 8:00 PM | Post-close trading               |

**Market closures:**

* All US federal holidays (New Year's Day, MLK Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving, Christmas)
* Weekends (Saturday and Sunday)
* Early closures on the trading day before certain holidays

> Orders placed while the market is closed will not be filled until the next trading session opens.

The team is proactively working with the Anchored team and its market maker network to expand stock trading to 24/7.

### Order Types

RWA Trading supports the same order types available on Monday Trade's DEX:

* **Market Order** — Executes immediately at the best available price. Use when you want to buy or sell right away.
* **Limit Order** — Sets a specific price at which you want to buy or sell. The order only fills when the market reaches your price. Useful for targeting a specific entry or exit point.


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