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 not let a split print as a price move. Around the split's effective date, the market is settled and reopened:
- The action is announced at least a week ahead.
- 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.
- 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.