We present the design and analysis of a hard x-ray split-delay optical arrangement that combines diffractive and crystal optics. Transmission gratings are employed to achieve the much-desired amplitude splitting and recombination of the beam. Asymmetric channel-cut crystals are utilized to tune the relative delay time. The use of a dispersion-compensation arrangement of the crystals allows the system to achieve subnanoradian pointing stability during a delay scan. It also minimizes wavefront distortion and preserves the pulse front and pulse duration. We analyze the performance of a prototype design that can cover a delay time range of 15 ps with a sub-20 fs time resolution at 10 keV. We anticipate that this system can fully satisfy the very demanding stability requirements for performing split-pulse x-ray photon correlation spectroscopy measurements for the investigation of fast atomic scale dynamics in complex disordered matter.