DOT will undergo a redenomination when the DOT block height reaches 1,248,328. This is expected to take place around 12:45am HKT August 22, though that is just a projection. When the target block height is reached, the following will happen:
(1) Trading will be disabled on DOT-PERP and DOT-0925. We will note the mark price and cancel all open on-market orders.
(2) DOT-PERP and DOT-0925 will be renamed to DOTPRESPLIT-PERP and DOTPRESPLIT-0925
(3) Positions in DOTPRESPLIT-* will be closed down: there will be fills at the noted market price reducing each positions’ size to 0.
(4) Positions in new DOT-PERP and DOT-0925 futures (the post-split versions) will be created via opening fills for 100x the size of the closed positions, and at a fixed price of 1/100th of the corresponding DOTPRESPLIT market price.
(5) All trigger orders on the now pre-split DOT markets will be re-assigned to the new post-split markets (from DOTPRESPLIT to new DOT markets), will be sized up by a factor of 100, and will be repriced by a factor of 1/100.
(6) Trading on the new DOT-PERP and DOT-0925 order books will go live. They will be in post-only mode for approximately 5 minutes, after which:
- (a) Post-only will be turned off
- (b) Effective mark prices for margin purposes will revert to their previous definition (median of last, bid, and ask)
- (c) Trigger order triggering will be re-enabled
We expect the process, beginning to end while trading is disabled, to take about 15 minutes.
Notes: trading digital assets confers with high risk due to large price fluctuations. Before trading, please have a full understanding of all the risks associated with investing in digital assets.
It is your responsibility to understand the implications of the DOT future redenomination. FTX is not liable for losses.