Stock Split Adjustments for Stock Perpetuals

1. Overview

Publicly traded companies occasionally undergo stock splits or reverse stock splits (consolidations), which change the number of outstanding shares and the per-share price while keeping the company's total market capitalization unchanged. When the underlying stock of a Stock Perpetual contract undergoes such a corporate action, OKX executes a rebase (proportional adjustment) on the contract to align its pricing with the post-split share structure.

The core design principle of the rebase is value neutrality — your total position value and account equity are preserved across the rebase. No shares or securities are involved at any point; Stock Perpetuals are cash-settled derivative contracts denominated in USDT.

Types of corporate actions covered by this document:

In both cases, the company's total market capitalization is unchanged. The rebase ensures that OKX Stock Perpetual contracts continue to track the post-split stock price accurately.

2. What Is the Rebase

The rebase is a one-time proportional adjustment applied to the contract when the underlying stock undergoes a split or reverse split. It takes place after the Post-Market session closes on the business day before the ex-date and completes before the Pre-Market session opens on the ex-date. OKX will use reasonable efforts to complete the rebase within this window; however, OKX reserves the right to adjust the timing of the rebase due to operational requirements, market conditions, or other circumstances, and will notify users of any material changes to the expected schedule. The key parameter is the split ratio declared by the issuing company.

For a stock split, the split ratio is expressed as new shares : old shares. For example, a 3-for-1 split means every 1 old share becomes 3 new shares.

For a reverse stock split, the ratio works in the opposite direction. For example, a 1-for-10 reverse split means every 10 old shares become 1 new share.

The general rebase rules are:

3. What the Rebase Means for You

The following changes are applied to your account automatically during the rebase, subject to minor rounding adjustments as described in this guide. — no action is required for the rebase itself. However, you should closely monitor your open orders and positions before the rebase begins, during the rebase period, and after normal trading resumes, and adjust your strategy as needed:

Your account equity is preserved: your total account equity (balance + unrealized PnL) is unchanged across the rebase, subject to minor rounding adjustments as described below. Position notional may differ slightly due to rounding of fractional contracts, with any difference remaining in your account balance.

Position quantity, mark price, and liquidation price scale proportionally: contract count is multiplied by the split ratio, mark price and liquidation price are divided by the split ratio. Any unrealized PnL you had before the rebase is transferred to your account balance during the rebase (converted to realized PnL); the position is re-opened at the adjusted mark price.

Open limit orders are auto-adjusted: order price is divided by the split ratio, order quantity is multiplied by the split ratio (buy prices round down, sell prices round up). Orders that cannot be adjusted due to minimum size or price increment constraints may be cancelled. You should review your open orders after the rebase completes to confirm your intended positions are in place.

TP/SL are auto-adjusted: trigger price, order price, and order quantity are adjusted proportionally by the split ratio and rounded to the respective increments. Trailing TP/SL orders are not adjusted and will be canceled during the rebase. You should review all TP/SL orders after the rebase completes to confirm your positions are properly protected.

Strategy orders are stopped or canceled: running strategy orders (and trading bots) are stopped before the rebase; trigger orders and chase orders are canceled.

Trading is suspended during the rebase, then enters a Post-only phase: during the rebase execution, all order placement, cancellation, and modification is suspended; the contract then enters a Post-only phase. During this phase, you can only submit post-only orders; market orders, IOC, FOK, and new TP/SL orders are disabled. OKX determines the Post-only duration based on market conditions.

Notifications: OKX will use reasonable efforts to notify you at the following stages: ~5 days before the scheduled rebase (advance announcement with the affected contract, split ratio, and expected execution time); ~30 minutes before the rebase begins (reminder notification); and after the rebase completes (confirmation once normal trading resumes). Notification timings are indicative. In the event of an unscheduled or expedited rebase, advance notice may be shorter or may not be possible.

4. Example: Stock Split

Suppose before the rebase you hold 100 long XYZUSDT Stock Perpetual contracts, with an average entry price of 900 USDT and a mark price of 1,200 USDT (contract face value = 1 XYZ). The underlying stock XYZ announces a 3-for-1 stock split.

At that moment:

Unrealized PnL = (1,200 − 900) × 100 = 30,000 USDT
Total position value = 1,200 × 100 = 120,000 USDT

4.1 Immediately After the Rebase

Your 30,000 USDT unrealized PnL is converted to realized PnL and credited to your balance. The position is re-opened at 400 USDT, and unrealized PnL resets to 0. Your total position value is unchanged.

4.2 If the Mark Price Rises After the Rebase (to 440 USDT)

This is exactly the same outcome as if no rebase had occurred and the price had risen proportionally on the original scale: (1,320 − 900) × 100 = 42,000 USDT. The rebase does not change your economic outcome.

5. Example: Reverse Stock Split

Suppose before the rebase you hold 1,005 short ABCUSDT Stock Perpetual contracts, with an average entry price of 8 USDT and a mark price of 5 USDT (contract face value = 1 ABC). ABC announces a 1-for-10 reverse stock split.

At that moment:

Unrealized PnL = (8 − 5) × 1,005 = 3,015 USDT (short position profit)
Total position value = 5 × 1,005 = 5,025 USDT

5.1 Immediately After the Rebase

Raw adjusted quantity = 1,005 ÷ 10 = 100.5 contracts → rounded down to 100 contracts.

The 3,015 USDT unrealized PnL is converted to realized PnL and credited to your balance. The position is re-opened at 50 USDT, and unrealized PnL resets to 0.

Because the adjusted quantity (100.5) is rounded down to 100, the new position value is 5,000 USDT instead of 5,025 USDT — the 25 USDT difference remains in your account balance as free margin. Your total account equity is unchanged.

6. Open Order Adjustment Example

Suppose you have an unfilled buy limit order for 300 contracts at 1,100 USDT before a 3-for-1 stock split:

The buy price is rounded down to prevent an unintended fill above your intended price level. Sell order prices are rounded up for the same reason.

7. Risk Warnings

1. Trading suspension: all trading activity is suspended during the rebase. You cannot place, modify, or cancel orders during this window. Please plan your positions accordingly.

2. Rounding differences: prices and position quantities are aligned to the price increment and minimum order size during the rebase, which may introduce minor rounding differences. These are settled as small balance adjustments.

3. Review your orders after the rebase: please review all open orders, TP/SL, and strategy configurations after the rebase completes to confirm your positions are properly protected.

4. No stock ownership: Stock Perpetuals are derivative contracts. A stock split or reverse split rebase does not confer any ownership of, or claim on, the underlying company's shares. The contract is cash-settled exclusively in USDT.

5. Advance notice: OKX will notify you before, during, and after each scheduled rebase. Please monitor OKX announcements and in-app notifications. In the event of an unscheduled or expedited rebase, advance notice may be shorter or may not be possible.

6. OKX discretion: OKX reserves the right to modify, delay, or cancel a scheduled stock split in exceptional circumstances, including but not limited to system incidents, market disruptions, or regulatory requirements. OKX will notify users as soon as reasonably practicable in such cases.