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Stock perpetuals — corporate actions policy

MNX lists perpetual futures on individual stocks (NVDA, GOOGL, 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 in advance, normally at least a week ahead.

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:

  1. The action is announced in advance, normally 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 Pyth Lazer whenever Pyth reports the stock's market open. For U.S.-listed stocks that includes pre-market, after-hours, and overnight sessions; for MINIMAX and ZAI it means Hong Kong trading hours. When Pyth reports the market closed, a reviewed Hyperliquid reference is used where one is configured, and it is ignored (the oracle holds) if it strays more than 20% (U.S. stocks) or 25% (other stocks) from the last Pyth price. Each oracle update moves the price by at most 2.5%, about one step a minute, so a sudden jump — a data error, or a corporate action that was missed — reaches the oracle in steps; a 50% drop takes about half an hour, and a 50% rise about 17 minutes. There is no automatic hold within those limits: margin checks and liquidations use each step as it lands.

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