> ## Documentation Index
> Fetch the complete documentation index at: https://docs.architect.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Special Settlements

## What is a Special Settlement?

A **special settlement** is a one-time, scheduled cash adjustment applied to holders of a
contract — separate from the regular [funding rate payment](/guides/funding-settlement/funding-rate-payments).
It is used to pass through **corporate actions** on the underlying, such as **dividends or
distributions**, to the traders holding the perpetual future.

Unlike funding rate payments, which are derived from the difference between the mark price and
the underlying, a special settlement is a **fixed, pre-announced amount** per contract.

## Who is credited and who is debited

Each special settlement carries a single non-negative amount, the **long-holder extra funding
amount**, quoted per contract:

* **Long holders are credited** this amount per contract held.
* **Short holders are debited** the same amount per contract held.

The transfer is **zero-sum**: the total credited to longs equals the total debited from shorts.

## When it applies

Every special settlement has a **settlement time**. Positions are measured **as they stand at
that instant** — the credit or debit is based on the size you hold in the symbol at the
settlement time, regardless of when you opened the position. Closing before the settlement time
means you are not part of that settlement; holding through it means you are.

Special settlements do **not** change your position size. Only your cash (USD) balance is
adjusted.

## How it is delivered

A special settlement is applied through the **same funding ledger** as regular funding payments.
Once executed, it appears in your
[funding transactions](/api-reference/portfolio-management/get-funding-transactions) history
alongside ordinary funding payments.

## Viewing upcoming special settlements

Scheduled special settlements are published ahead of time. When any are scheduled within the
next **7 days**, a dismissible **banner** appears at the top of the trading app listing each one
— its symbol, the per-contract amount, and the date. The banner refreshes periodically; if the
scheduled settlements change, it reappears so you do not miss an update.

You can also query them directly. Use the
[Get upcoming special settlements](/api-reference/marketdata/get-upcoming-special-settlements)
endpoint to see what is coming and when. The endpoint accepts an optional `days` parameter to
control how far ahead to look (defaults to 7 days, up to a maximum of 365). For each upcoming
settlement it returns the symbol, the settlement time, and the per-contract long-holder amount.

## Example

A perpetual future on an equity pays a **2.00 USD** per-contract dividend, scheduled as a special
settlement.

* Alice is **long 100 contracts** at the settlement time → credited **200 USD** (100 × 2.00).
* Bob is **short 100 contracts** at the settlement time → debited **200 USD** (100 × 2.00).

Neither position changes size; only their USD balances are adjusted, and the two amounts net to
zero.