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Stock perpetuals — corporate actions policy

MNX lists perpetual futures on individual stocks (AAPL, NVDA, TSLA, CRWV, and others). Stocks have corporate actions — splits, dividends, halts, acquisitions — and each has a defined, pre-announced handling on MNX. This page is the policy. Scheduled corporate actions are announced at least one week in advance.

Stock splits (and reverse splits)

A split changes the share price without changing the company's value — a 10:1 split divides the price by ten overnight. MNX does notlet a split print as a price move. Around the split's effective date, the market is settled and reopened:

  1. The action is announced at least a week ahead.
  2. Before the split takes effect, trading pauses and every open position is settled at the final pre-split closing price. Margin and realized profit-and-loss return to your balance — nobody is liquidated by the nominal price change.
  3. The market reopens at the post-split price. If you want your exposure back, re-enter after the reopen.

Note this closes positions at the pre-split price — a realization event you may care about for strategy or tax reasons. An in-place position adjustment (multiplying position size by the split ratio) is planned as a future upgrade.

Cash dividends

Ordinary dividends (up to 2% of the share price)Not adjusted or compensated. The share price drops by roughly the dividend on the ex-dividend date; long positions bear that drop and shorts benefit, exactly as on most synthetic-equity venues. Holding an MNX stock perpetual gives you price return, not total return — you do not receive dividends.
Special or large dividends (above 2% of the share price)Treated like a split: the market is settled and reopened around the ex-dividend date, with advance notice, so leveraged positions are not liquidated by a known, purely mechanical price gap.

Trading halts

If the underlying stock is halted (volatility halt, pending news), MNX pauses the market deliberately: order placement is disabled and no liquidations occur while the reference price is frozen. Trading resumes when the underlying resumes.

Acquisitions, delistings, mergers

  • Acquisition for cash / take-private:the perpetual settles at the final official closing print of the stock's last trading day.
  • Involuntary delisting (e.g. listing-standards failure): the market settles at an operator-documented price based on the last reliable trading data, with the calculation posted publicly and a 24-hour review window before positions close.
  • Stock-for-stock mergers and spin-offs: MNX does not track share conversions. The market settles and delists before the effective date, like an acquisition.

Price sources and safety

Stock perpetual oracle prices come from external market-data providers during U.S. trading hours, with an after-hours reference when U.S. markets are closed. Oracle updates are rate-limited on-chain (at most 2.5% per update). If a target price ever jumps more than 15% in a single update — a data error, or a corporate action that was missed — the price is held and flagged for human review instead of being applied. A frozen market pending review is always preferred over acting on a wrong price.

See the oracle methodology for the source ladder, foreign-exchange conversion, cadence, and staleness limits.