Instruments

Overview

Each market defines contract-level parameters that control order validity and risk checks.

Core Parameters

Typical fields include:

• Symbol and base/quote assets
• Tick size (price precision)
• Lot size (size precision)
• Minimum and maximum order size
• Maximum leverage
• Margin asset

Live Market Risk Metadata

In addition to static contract parameters, market metadata also exposes live controls and risk telemetry used by trading systems:

• Current open-interest level and configured capacity limits
• Funding cadence and next settlement timing
• Indicative upcoming funding pressure
• Market tradability and execution-mode controls (for example, maker-only behavior)

For exact response fields and schema, see List all available markets.

Precision Rules

Orders must respect market precision:

• Price aligned to tick size
• Size aligned to lot size

Orders violating precision are rejected before matching.

Leverage and Margin Bounds

Leverage constraints are market-specific.

Equivalent initial margin rate:

$$\text{IM Rate} = \frac{1}{\text{Max Leverage}}$$

Higher leverage implies tighter liquidation distance and stronger sensitivity to adverse moves.

Market State

Each market has a mode field indicating its current trading mode: trading, post_only, wind_down, halted, or delisted.

Use the markets endpoint to read current state. See Market Lifecycle for behavior across modes.

Related

• Orders
• Risk Parameters