Perp Options are based on TradFi Perpetual Contracts. When the stock underlying a TradFi Perpetual Contract undergoes a stock split or reverse stock split, the related Perp Options will also be adjusted so their prices and contract terms reflect the change. A stock split increases the share count and proportionally reduces the price per share while a reverse split has the opposite effect. Holding a Perp Option does not give you ownership of the underlying stock or shareholder rights.
If you also hold the related TradFi Perpetual Contract, see Stock Splits and Reverse Stock Splits for TradFi Perpetual Contracts for the impact on that position.
Adjustment Process
The adjustment factor equals the number of shares after the corporate action divided by the number before it. For example, it is 2 for a 1-for-2 split and 0.5 for a 2-for-1 reverse split.
Bybit will announce the affected products, adjustment factor, suspension time, and expected resumption time in advance, typically around 7 days before the event. A notice will also appear on the affected trading page.
At the announced time, trading in affected Perp Options will be suspended. All unfilled orders supported by the product will be canceled, and affected positions will be temporarily frozen. You will not be able to open, close, or modify them during the adjustment. Trading will resume after processing and system checks are complete. The actual resumption time may differ from the estimate. Canceled orders will remain in your Order History but will not be restored.
Impact on Option Prices, Strikes, and Expiration
Option contract prices and strike prices are adjusted using the same factor as the underlying TradFi Perpetual Contract:
Adjusted price or strike = Pre-adjustment price or strike ÷ Adjustment factor
Prices and strikes are rounded to their applicable precision. The option's original expiration date does not change. Delta, Gamma, Theta, Vega, and implied volatility are recalculated using the adjusted underlying and strike prices. The option's moneyness should theoretically remain unchanged, although displayed values may change after recalculation.
Bybit may adjust the option's tick size and lot size to standard precision tiers before processing positions. Depending on the adjustment factor, a parameter may remain unchanged. Check the updated specifications before placing new orders.
Impact on Positions and Transaction Records
The system settles affected existing positions using the mark price at the trading suspension snapshot and reopens the eligible remaining quantity at the adjusted mark price and new contract parameters. Unrealized P&L on the old position becomes realized P&L and the reopened position starts with a new average entry price and unrealized P&L of zero.
Theoretical adjusted quantity = Pre-adjustment position quantity × Adjustment factor
If the result is not a whole multiple of the new lot size, the unretainable fractional portion is settled at the suspension-time mark price. Only the quantity that meets the new lot size is reopened. Excluding rounding and market movements, the position's value should remain broadly unchanged.
The transaction log will show Forward Split Reopen or Reverse Split Reopen under Trade. If a fractional portion is settled, Forward Split Settle or Reverse Split Settle also appears under Delivery. Previously filled orders and historical trades are not modified.
For an isolated margin position, any margin you manually added to the old position is not carried into the reopened one. The system recalculates the margin requirement, so margin, risk indicators, and liquidation price may differ after resumption. You can review the reopened position and add margin again if needed.
To understand how the related TradFi Perpetual Contract position is processed, see Stock Splits and Reverse Stock Splits for TradFi Perpetual Contracts.
Examples
1-for-2 Stock Split
The adjustment factor is 2. A theoretical position of 10 option contracts becomes 20, a pre-adjustment option mark price of 100 USDT becomes approximately 50 USDT, and a strike of 120 USDT becomes 60 USDT.
2-for-1 Reverse Stock Split
The adjustment factor is 0.5. A theoretical position of 10 option contracts becomes 5, a pre-adjustment option mark price of 100 USDT becomes approximately 200 USDT, and a strike of 120 USDT becomes 240 USDT.
These examples exclude rounding and market movements; actual results depend on the adjusted contract specifications.
Other Considerations and Risks
Affected positions will not be liquidated solely because the split or reverse split is being processed. Under Cross Margin or Portfolio Margin, other positions may move against you and reduce available margin. Reopened option positions may face liquidation after trading resumes if margin is insufficient. Please ensure to maintain sufficient margin and monitor your account throughout the event.
Charts will show adjusted options and underlying prices. Pre-adjustment buy/sell markers and drawings will be removed, while historical order and trade records remain available. Historical chart synchronization may take up to 24 hours. If an affected option supports strategy tools, copy trading, or demo trading, the corresponding adjustment rules apply to those supported functions.
Bybit may adjust the processing timeline, method, or contract parameters based on market conditions and the corporate action. Please refer to the latest official announcement for each event.