Two perpetual futures can share the same interface and still behave differently before an order reaches the\u00a0book.<\/p>\n
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\u00a0order.<\/p>\n
An order price must be a valid multiple of the market\u2019s tick\u00a0size.<\/p>\n
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\u00a0quoting.<\/p>\n
More decimals do not automatically mean better liquidity. They simply define a finer\u00a0grid.<\/p>\n
Lot size sets the smallest valid change in order quantity.<\/p>\n
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.<\/p>\n
The quantity step matters when translating a dollar budget into units. The requested notional may not map exactly to a valid\u00a0size.<\/p>\n
Maximum leverage is the highest leverage the platform permits for that market under the relevant\u00a0rules.<\/p>\n
On Hyperliquid, initial margin is related to the leverage selected by the user. Maintenance margin is tied to the market\u2019s maximum leverage tier. The platform also sets maximum market and limit order values according to leverage\u00a0bands.<\/p>\n
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.<\/p>\n
Consider the instruction: \u201cPlace a limit order worth about $250 at\u00a0$12.37.\u201d<\/p>\n
Before it is valid, a system must\u00a0know:<\/p>\n
whether $12.37 is on the price\u00a0gridhow many units $250 representswhether that quantity is on the size\u00a0gridwhether the notional is above a minimum or below a\u00a0maximumwhat leverage and margin mode\u00a0apply<\/p>\n
The natural-language request is only the starting point. Contract metadata determines the valid\u00a0order.<\/p>\n
A trading interface can stop invalid inputs before submission. An API client or AI agent must do the same work explicitly.<\/p>\n
The safe sequence\u00a0is:<\/p>\n
retrieve current market\u00a0metadatacalculate the intended price and\u00a0sizeround according to documented rulesshow the adjusted order\u00a0clearlyvalidate limits again before submission<\/p>\n
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\u00a0use.<\/p>\n
Before treating an order as valid,\u00a0confirm:<\/p>\n
instrument and\u00a0venuetick sizelot size or size\u00a0decimalsminimum and maximum\u00a0notionalmaximum leverageselected leverage and margin\u00a0mode<\/p>\n
This checklist is useful even when you never place the order. It tells you what the market actually\u00a0accepts.<\/p>\n
Fensory interface snapshot. Values shown are illustrative and may no longer be current. Open the live market for current\u00a0data.<\/em><\/p>\n Price steps, size steps, and leverage ceilings determine the shape of valid activity.<\/p>\n They belong in the market definition, not in an error message shown after a request\u00a0fails.<\/p>\n Review a market on\u00a0Fensory<\/a><\/p>\n Hyperliquid contract specifications<\/a>Hyperliquid tick and lot\u00a0size<\/a>Hyperliquid order book documentation<\/a><\/p>\n Educational information only. Not financial advice. Leverage increases liquidation and loss\u00a0risk.<\/em><\/p>\n Tick Size, Lot Size and Maximum Leverage Are Part of the Market<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":" Two perpetual futures can share the same interface and still behave differently before an order reaches the\u00a0book. 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\u00a0order. Tick size controls the price\u00a0grid An order price must be […]<\/p>\n","protected":false},"author":0,"featured_media":248559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-248558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/248558"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=248558"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/248558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/248559"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=248558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=248558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=248558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Market rules are not interface decoration<\/h3>\n
Sources<\/h3>\n