# Stock Splits (/docs/risex/trading/stock-splits) import { Callout } from 'fumadocs-ui/components/callout'; Equity and ETF perpetual markets on RISEx (e.g. SNDK/USDC, SPY/USDC) track a real underlying security. When that underlying goes through a stock split, its share price changes overnight by the split ratio. An 8-for-1 split makes each share worth about one eighth of what it was. RISEx handles this by closing the existing perp market at a fixed Settlement Price before the split takes effect, then opening a new market that trades at the split-adjusted price. *** Positions are closed, not carried over. Every position still open when the market is delisted is settled at the Settlement Price, and every resting order (TP/SL included) is cancelled. If you want exposure after the split, you need to open a new position in the new market. Ahead of the delist, expect reduced liquidity and wider spreads. Liquidations stay active until the market is delisted, so manage your own risk accordingly. ## How It Works ### Reduce-Only Window After the last regular US trading session before the split, the market switches to reduce-only. You can close or reduce your position on your own terms, but you can no longer open or increase exposure. See [Trading Restrictions](#trading-restrictions-around-the-split) below. ### Delist And Settlement Shortly before the split takes effect, the market is delisted: trading stops and the market's price is frozen at the Settlement Price. Every remaining position is then closed at that price, starting right away. Settlement is automatic, so there is nothing to claim. ### Settlement Price The Settlement Price $P_s$ is the market's [index price](/docs/risex/trading/oracle-pricing) at the moment the market is delisted. It is a pre-split price and it is the same for everyone, long or short. ### Amount $$ \text{Settlement PnL} = S \times (P_s - P_{\text{entry}}) $$ * $S$: signed position size (positive if long, negative if short) * $P_s$: the Settlement Price * $P_{\text{entry}}$: your average entry price The result is credited to (or debited from) your cross balance in USDC, together with any funding accrued up to the delist. No trading fee is charged on the settlement. Margin held by the position, including isolated margin, is released at the same time. ### New Market Once the split-adjusted price is available, RISEx opens a new market for the same underlying. It trades at the post-split price, and its order size limits are scaled by the split ratio so that limits stay the same in USDC terms. The new market has a new Market ID, so if you trade through the API, update the ID you send orders to. See [Markets](/docs/risex/trading/markets) for the current list. ## Trading Restrictions Around The Split | Phase | Open Or Increase Exposure | Reduce Or Close | Cancel Orders | | ---------------------------------- | ------------------------- | ------------------------------------------------- | ------------- | | Reduce-only window | No | Yes | Yes | | After the delist (existing market) | No | No, positions are settled at the Settlement Price | Yes | | New market, once open | Yes | Yes | Yes | This keeps traders from opening new risk against a market that is about to be closed. Between the delist and the opening of the new market there is no market for the underlying on RISEx. ## Timeline (US Equity Perps) Stock split events on US Equity Perp markets follow the same relative timeline, anchored to the end of the day before the underlying's ex-date (its first split-adjusted trading day): | When | ET | UTC (EDT, UTC-4) | UTC (EST, UTC-5) | What Happens | | --------------------------------------- | ------- | ---------------- | ---------------- | ------------------------------------------------------------------------------------------------ | | Ex-date minus 1 day, US market close | 16:00 | 20:00 | 21:00 | Reduce-only window begins on the existing market | | Ex-date minus 1 day, \~30 min before | 19:30 | 23:30 | 00:30 (ex-date) | Existing market is delisted. The Settlement Price is fixed and positions are settled right away | | Ex-date minus 1 day | 20:00 | 00:00 (ex-date) | 01:00 (ex-date) | Settlement of the existing market is expected to be complete | | Ex-date, \~15 min before US market open | \~09:15 | \~13:15 | \~14:15 | New market opens at the split-adjusted price, provided the price feed already reflects the split | US clocks follow EDT (UTC-4) from March to early November and EST (UTC-5) otherwise, so the UTC time of the same ET event shifts by 1 hour between the two columns. The opening time of the new market is the earliest case: if the price feed has not yet switched to the split-adjusted price, the new market opens later, after the US market open. Exact times for each event are announced ahead of time, in the app and in the [RISEx Mainnet Status](https://t.me/risexmainnet) Telegram group. ## Example: SNDK 8-For-1 Split Sandisk (SNDK) splits 8-for-1, with split-adjusted trading starting on November 20, 2026. The event falls during EST: | When (2026) | ET | UTC | What Happens | | ----------- | ------- | -------------- | ------------------------------------------------------ | | November 19 | 16:00 | 21:00 | Reduce-only window begins on SNDK/USDC | | November 19 | 19:30 | 00:30 (Nov 20) | SNDK/USDC is delisted and positions are settled | | November 19 | 20:00 | 01:00 (Nov 20) | Settlement is expected to be complete | | November 20 | \~09:15 | \~14:15 | New SNDK/USDC market opens at the split-adjusted price | For illustration, assume a Settlement Price of \$940. A long of 2 SNDK entered at \$900 is closed with a Settlement PnL of $2 \times (940 - 900) = 80$ USDC. The new market opens near $940 / 8 = 117.50$ USDC, so holding the same exposure after the split takes a new position of 16 SNDK. *** ## FAQ ### Do I Keep My Position Through The Split? No. Every position still open when the market is delisted is closed at the Settlement Price. RISEx does not rescale positions in place, so nothing is carried over to the new market. ### What Price Is My Position Closed At? The Settlement Price: the market's index price at the moment it is delisted. It is fixed once, before the split takes effect, and applies to every position in the market. ### Do I Pay A Fee On The Settlement? No. The settlement close carries no trading fee. Fees you pay to open a new position in the new market are the normal [trading fees](/docs/risex/trading/fees). ### Can I Close My Position Myself Before The Delist? Yes. You can close or reduce at any time before the delist, including during the reduce-only window, at the price you choose. Only positions still open at the delist are settled at the Settlement Price. ### What Happens To My Open Orders And TP/SL? All resting orders in the delisted market are cancelled, including reduce-only and TP/SL orders, and the margin they reserved is released. Orders are not moved to the new market. Place them again there if you still want them. ### Will My Position Be Reopened In The New Market? No. The new market starts with no positions. Open a new position there if you want exposure after the split, sized for the post-split price (for an 8-for-1 split, 8 units replace 1). ### Why Does The New Market Open Hours After The Old One Closes? The new market needs a reliable split-adjusted price. The underlying only trades at that price from its ex-date, and the price feeds follow. Opening earlier would mean trading and liquidating against a price that may still be on the pre-split basis. ### Does This Also Apply To Reverse Splits? Yes. A reverse split follows the same process. The only difference is that the new market trades at a higher price per unit instead of a lower one. ### Does This Happen For Every Equity/ETF Market? Yes. Any equity or ETF perp market on RISEx is handled this way whenever its underlying goes through a stock split.