Corporate actions
Dividends, splits, mergers and delistings, and how a market is retired.
| Event | Treatment |
|---|---|
| Cash dividend | Before pre-market on the ex-date, the keeper lowers every open position's entry price by the dividend per share. Long and short PnL is unchanged by the price drop. |
| Split or reverse split | Before pre-market on the effective date, entry price and share quantity are adjusted by the split ratio (dollar value unchanged). New opens pause from 20:00 the evening before. |
| Merger, tender offer, delisting, spinoff | The market is retired at a stated timestamp before the event, at the price at that moment. Open positions close against that frozen price and stop accruing funding. |
| Earnings | New opens pause around the release (see Session changes); weekend cap is 5x if the release falls before the next open. |
These adjustments are applied by a keeper role from a corporate-actions data feed. The data source is an open item.
Retiring a market
The pause guardian can retire a market. Retirement captures the current Pyth price, blocks new opens, and from then on closes and liquidations use that frozen price. Retirement is permanent; a stock that comes back is listed under a new instrument ID. This copies Papertrade, which made retirement permanent so nobody can game the moment a market reopens.
The guardian can also pause all new opens across every market without freezing prices. Only the owner can lift that pause.