diff --git a/apps/trading/components/market-banner/market-successor-banner.spec.tsx b/apps/trading/components/market-banner/market-successor-banner.spec.tsx
index a7b5ff07e..139944247 100644
--- a/apps/trading/components/market-banner/market-successor-banner.spec.tsx
+++ b/apps/trading/components/market-banner/market-successor-banner.spec.tsx
@@ -21,6 +21,7 @@ const market = {
 } as unknown as Market;
 
 let mockDataSuccessorMarket: PartialDeep<Market> | null = null;
+let mockDataMarketState: Market['state'] | null = null;
 jest.mock('@vegaprotocol/data-provider', () => ({
   ...jest.requireActual('@vegaprotocol/data-provider'),
   useDataProvider: jest.fn().mockImplementation((args) => {
@@ -43,6 +44,12 @@ jest.mock('@vegaprotocol/utils', () => ({
 let mockCandles = {};
 jest.mock('@vegaprotocol/markets', () => ({
   ...jest.requireActual('@vegaprotocol/markets'),
+  useMarketState: (marketId: string) =>
+    marketId
+      ? {
+          data: mockDataMarketState,
+        }
+      : { data: undefined },
   useSuccessorMarket: (marketId: string) =>
     marketId
       ? {
@@ -81,30 +88,6 @@ describe('MarketSuccessorBanner', () => {
       });
       expect(container).toBeEmptyDOMElement();
     });
-
-    it('successor market not in continuous mode', () => {
-      mockDataSuccessorMarket = {
-        ...mockDataSuccessorMarket,
-        tradingMode: Types.MarketTradingMode.TRADING_MODE_NO_TRADING,
-      };
-      const { container } = render(<MarketSuccessorBanner market={market} />, {
-        wrapper: MockedProvider,
-      });
-      expect(container).toBeEmptyDOMElement();
-      expect(allUtils.getMarketExpiryDate).toHaveBeenCalled();
-    });
-
-    it('successor market is not active', () => {
-      mockDataSuccessorMarket = {
-        ...mockDataSuccessorMarket,
-        state: Types.MarketState.STATE_PENDING,
-      };
-      const { container } = render(<MarketSuccessorBanner market={market} />, {
-        wrapper: MockedProvider,
-      });
-      expect(container).toBeEmptyDOMElement();
-      expect(allUtils.getMarketExpiryDate).toHaveBeenCalled();
-    });
   });
 
   describe('should be displayed', () => {
@@ -120,6 +103,17 @@ describe('MarketSuccessorBanner', () => {
       ).toHaveAttribute('href', '/#/markets/successorMarketID');
     });
 
+    it('no successor market data, market settled', () => {
+      mockDataSuccessorMarket = null;
+      mockDataMarketState = Types.MarketState.STATE_SETTLED;
+      render(<MarketSuccessorBanner market={market} />, {
+        wrapper: MockedProvider,
+      });
+      expect(
+        screen.getByText('This market has been settled')
+      ).toBeInTheDocument();
+    });
+
     it('should display optionally successor volume', () => {
       mockDataSuccessorMarket = {
         ...mockDataSuccessorMarket,
@@ -137,7 +131,9 @@ describe('MarketSuccessorBanner', () => {
       render(<MarketSuccessorBanner market={market} />, {
         wrapper: MockedProvider,
       });
-      expect(screen.getByText('has 101.367 24h vol.')).toBeInTheDocument();
+      expect(
+        screen.getByText('has a 24h trading volume of 101.367')
+      ).toBeInTheDocument();
     });
 
     it('should display optionally duration', () => {
diff --git a/apps/trading/components/market-banner/market-successor-banner.tsx b/apps/trading/components/market-banner/market-successor-banner.tsx
index 315b18571..d890e586b 100644
--- a/apps/trading/components/market-banner/market-successor-banner.tsx
+++ b/apps/trading/components/market-banner/market-successor-banner.tsx
@@ -4,6 +4,7 @@ import type { Market } from '@vegaprotocol/markets';
 import {
   calcCandleVolume,
   useCandles,
+  useMarketState,
   useSuccessorMarket,
 } from '@vegaprotocol/markets';
 import {
@@ -29,7 +30,9 @@ export const MarketSuccessorBanner = ({
 }: {
   market: Market | null;
 }) => {
-  const { data: successorData } = useSuccessorMarket(market?.id);
+  const { data: marketState } = useMarketState(market?.id);
+  const isSettled = marketState === Types.MarketState.STATE_SETTLED;
+  const { data: successorData, loading } = useSuccessorMarket(market?.id);
 
   const [visible, setVisible] = useState(true);
 
@@ -45,11 +48,6 @@ export const MarketSuccessorBanner = ({
       ? intervalToDuration({ start: new Date(), end: expiry })
       : null;
 
-  const isInContinuesMode =
-    successorData?.state === Types.MarketState.STATE_ACTIVE &&
-    successorData?.tradingMode ===
-      Types.MarketTradingMode.TRADING_MODE_CONTINUOUS;
-
   const { oneDayCandles } = useCandles({
     marketId: successorData?.id,
   });
@@ -66,7 +64,7 @@ export const MarketSuccessorBanner = ({
         )
       : null;
 
-  if (isInContinuesMode && visible) {
+  if (!loading && (isSettled || successorData) && visible) {
     return (
       <NotificationBanner
         intent={Intent.Primary}
@@ -74,34 +72,47 @@ export const MarketSuccessorBanner = ({
           setVisible(false);
         }}
       >
-        <div className="uppercase mb-1">
-          {t('This market has been succeeded')}
-        </div>
-        <div>
-          {duration && (
-            <span>
-              {t('This market expires in %s.', [
-                formatDuration(duration, {
-                  format: [
-                    'years',
-                    'months',
-                    'weeks',
-                    'days',
-                    'hours',
-                    'minutes',
-                  ],
-                }),
-              ])}
-            </span>
-          )}{' '}
-          {t('The successor market')}{' '}
-          <ExternalLink href={`/#/markets/${successorData?.id}`}>
-            {successorData?.tradableInstrument.instrument.name}
-          </ExternalLink>
-          {successorVolume && (
-            <span> {t('has %s 24h vol.', [successorVolume])}</span>
-          )}
+        <div className="uppercase">
+          {successorData
+            ? t('This market has been succeeded')
+            : t('This market has been settled')}
         </div>
+        {(duration || successorData) && (
+          <div className="mt-1">
+            {duration && (
+              <span>
+                {t('This market expires in %s.', [
+                  formatDuration(duration, {
+                    format: [
+                      'years',
+                      'months',
+                      'weeks',
+                      'days',
+                      'hours',
+                      'minutes',
+                    ],
+                  }),
+                ])}
+              </span>
+            )}
+            {successorData && (
+              <>
+                {' '}
+                {t('The successor market')}
+                {!successorVolume ? ' is ' : ' '}
+                <ExternalLink href={`/#/markets/${successorData?.id}`}>
+                  {successorData?.tradableInstrument.instrument.name}
+                </ExternalLink>
+                {successorVolume && (
+                  <span>
+                    {' '}
+                    {t('has a 24h trading volume of %s', [successorVolume])}
+                  </span>
+                )}
+              </>
+            )}
+          </div>
+        )}
       </NotificationBanner>
     );
   }
diff --git a/libs/markets/src/lib/market-data-provider.ts b/libs/markets/src/lib/market-data-provider.ts
index d80f9176e..3aab40ac4 100644
--- a/libs/markets/src/lib/market-data-provider.ts
+++ b/libs/markets/src/lib/market-data-provider.ts
@@ -126,6 +126,16 @@ export const marketTradingModeProvider = makeDerivedDataProvider<
     (parts[0] as ReturnType<typeof getData>)?.marketTradingMode
 );
 
+export const marketStateProvider = makeDerivedDataProvider<
+  MarketDataFieldsFragment['marketState'] | undefined,
+  never,
+  MarketDataQueryVariables
+>(
+  [marketDataProvider],
+  (parts, variables, prevData) =>
+    (parts[0] as ReturnType<typeof getData>)?.marketState
+);
+
 export const fundingRateProvider = makeDerivedDataProvider<
   string,
   never,
@@ -176,3 +186,11 @@ export const useMarketTradingMode = (marketId?: string, skip?: boolean) => {
     skip: skip || !marketId,
   });
 };
+
+export const useMarketState = (marketId?: string, skip?: boolean) => {
+  return useDataProvider({
+    dataProvider: marketStateProvider,
+    variables: { marketId: marketId || '' },
+    skip: skip || !marketId,
+  });
+};