> For the complete documentation index, see [llms.txt](https://docs.trade.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trade.xyz/perpetuals/corporate-actions.md). # Corporate Actions How corporate actions affect trading, positions and orders in XYZ equity markets. XYZ equity markets continue trading through corporate actions whenever the event can be reflected through normal pricing and funding. TradeXYZ reviews each event individually and publishes advance notice of any required changes to the affected market. ### Trading and settlement Cash dividends do not ordinarily interrupt trading. Perpetual holders do not receive dividends directly. The dividend's economic effect is reflected in pricing and funding through arbitrage between the perpetual and the underlying shares. Funding payments depend on market conditions; they are not fixed dividend payments. Stock splits and reverse splits change the share unit that the perpetual tracks. TradeXYZ settles existing positions and reopens the market on the post-split basis. [Settlement](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals#settlement) closes all open positions, realizes their profit or loss and cancels outstanding orders. To re-establish exposure after reopening, traders must open new positions and submit new orders. Mergers, acquisitions and other events are assessed according to their effect on the underlying shares. Trading generally continues if those shares remain available to trade on the same basis. Otherwise, the XYZ market may require settlement, followed by reopening on revised terms or permanent closure. ### Event notices Each notice specifies the affected market, trading schedule, treatment of positions and orders, settlement pricing and reopening terms where applicable, and any action required of traders. See Kioxia stock split: settlement and resumption of trading. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.trade.xyz/perpetuals/corporate-actions.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.