Two perpetual futures can share the same interface and still behave differently before an order reaches the book.
Tick size controls valid prices. Lot size controls valid quantities. Maximum leverage affects initial margin and platform limits. These fields look like metadata, but they shape every valid order.
Tick size controls the price grid
An order price must be a valid multiple of the market’s tick size.
If the tick size is $0.10, a price of $100.20 is valid and $100.23 is not. A wider tick can create a wider minimum spread in quiet conditions. A smaller tick allows more granular quoting.
More decimals do not automatically mean better liquidity. They simply define a finer grid.
Lot size controls the quantity grid
Lot size sets the smallest valid change in order quantity.
If a market accepts size in increments of 0.01 units, an order for 1.23 units is valid while 1.234 may be rejected or rounded, depending on the interface.
The quantity step matters when translating a dollar budget into units. The requested notional may not map exactly to a valid size.
Maximum leverage sets a ceiling, not a target
Maximum leverage is the highest leverage the platform permits for that market under the relevant rules.
On Hyperliquid, initial margin is related to the leverage selected by the user. Maintenance margin is tied to the market’s maximum leverage tier. The platform also sets maximum market and limit order values according to leverage bands.
A higher ceiling does not mean the market is safer or that the ceiling should be used. It means the contract supports a wider range of collateralisation.
Metadata changes the same instruction
Consider the instruction: “Place a limit order worth about $250 at $12.37.”
Before it is valid, a system must know:
whether $12.37 is on the price gridhow many units $250 representswhether that quantity is on the size gridwhether the notional is above a minimum or below a maximumwhat leverage and margin mode apply
The natural-language request is only the starting point. Contract metadata determines the valid order.
Why this matters for software and agents
A trading interface can stop invalid inputs before submission. An API client or AI agent must do the same work explicitly.
The safe sequence is:
retrieve current market metadatacalculate the intended price and sizeround according to documented rulesshow the adjusted order clearlyvalidate limits again before submission
Silent rounding is dangerous because the user may believe a different price or size was requested. A system should display the exact values it plans to use.
A quick pre-order check
Before treating an order as valid, confirm:
instrument and venuetick sizelot size or size decimalsminimum and maximum notionalmaximum leverageselected leverage and margin mode
This checklist is useful even when you never place the order. It tells you what the market actually accepts.
Fensory interface snapshot. Values shown are illustrative and may no longer be current. Open the live market for current data.
Market rules are not interface decoration
Price steps, size steps, and leverage ceilings determine the shape of valid activity.
They belong in the market definition, not in an error message shown after a request fails.
Sources
Hyperliquid contract specificationsHyperliquid tick and lot sizeHyperliquid order book documentation
Educational information only. Not financial advice. Leverage increases liquidation and loss risk.
Tick Size, Lot Size and Maximum Leverage Are Part of the Market was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.