In this paper we consider a channel model that is often used to describe the mobile wireless scenario: multipleantenna additive white Gaussian noise channels subject to random (fading) gain with full channel state information at the receiver. Dynamics of the fading process are approximated by a piecewise-constant process (frequency nonselective isotropic block fading). This work addresses the finite blocklength fundamental limits of this channel model. Specifically, we give a formula for the channel dispersion -a quantity governing the delay required to achieve capacity. The multiplicative nature of the fading disturbance leads to a number of interesting technical difficulties that required us to enhance traditional methods for finding the channel dispersion. Alas, one difficulty remains: the converse (impossibility) part of our result holds under an extra constraint on the growth of the peakpower with blocklength.Our results demonstrate, for example, that while capacities of n t × n r and n r × n t antenna configurations coincide (under fixed received power), the coding delay can be sensitive to this switch. For example, at the received SNR of 20 dB the 16 × 100 system achieves capacity with codes of length (delay) which is only 60% of the length required for the 100 × 16 system. Another interesting implication is that for the MISO channel, the dispersionoptimal coding schemes require employing orthogonal designs such as Alamouti's scheme -a surprising observation considering the fact that Alamouti's scheme was designed for reducing demodulation errors, not improving coding rate. Finding these dispersion-optimal coding schemes naturally gives a criteria for producing orthogonal design-like inputs in dimensions where orthogonal designs do not exist.Asymptotic expansions such as (1) are rooted in the central-limit theorem and have been known classically for discrete memoryless channels [2], [3] and later extended in a wide variety of directions; see the surveys in [4], [5].