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:
Higher leverage implies tighter liquidation distance and stronger sensitivity to adverse moves.
Market State
A market is not always open for unrestricted trading. Its current state controls what you can do at any moment: place new orders freely, only reduce an existing position, or wait while trading is paused. Over its life a market moves from normal trading through a managed wind-down, and can eventually be removed.
A market can also be hidden from the default listings without affecting trading, and each one carries a ceiling on total open interest that limits how much exposure can build up.
See Market Lifecycle for what each state allows, and the markets endpoint for the fields that report a market's current state.