Contract specifications

Every order you send must fit its market’s grid of size and price, and every position its leverage limits. The docs describe “few contract-specific details and no address-specific restrictions”: no position limit, the same rules for every account.

One contract is 1 unit of the asset

A position is worth size x price, with hourly funding instead of expiry.

Validator-operated perps are quanto: USDT PnL is paid 1:1 in USDC, with no conversion. PURR-USD and HYPE-USD use USDC oracles, since Hyperliquid spot is their most liquid source. On a HIP-3 dex, collateral is the deployer’s chosen quote asset, collateralToken in meta.

The parameters that differ by asset

The meta info request returns them:

Field	Meaning
name	Coin name. HIP-3 names are already qualified as dex:COIN
szDecimals	Size decimals. The lot size is 10^-szDecimals
maxLeverage	The highest leverage a position may be opened at
marginTableId	The margin table that lowers maximum leverage for large positions
marginMode	"strictIsolated" (isolated, margin cannot be removed) or "noCross" (isolated, margin can be removed). HIP-3 registration also accepts "normal"; on the cross-enabled assets in the mainnet reads below, the field was absent
onlyIsolated	Deprecated. True for either restricted margin mode
isDelisted	True once the asset is delisted

Lot size: szDecimals

A size has at most szDecimals decimals: with 3, 1.001 is valid and 1.0001 is not.

Tick size: the price rule

There is no tick field. A price is valid with at most 5 significant figures and at most 6 - szDecimals decimals; integers are always valid.

Price	Valid	Reason
123456	yes	integer, any length
12345.6	no	not an integer, 6 significant figures
1234.5	yes
1234.56	no	6 significant figures
0.001234	yes
0.0012345	no	7 decimals
0.01234, szDecimals = 1	yes
0.012345, szDecimals = 1	no	6 decimals against a cap of 5

So the tick depends on the price level. With szDecimals = 2 (at most 4 decimals):

Price range	Rule that binds	Tick
100,000 and above	integers always valid	1
10,000 to 99,999	5 significant figures	1
1,000 to 9,999.9	5 significant figures	0.1
100 to 999.99	5 significant figures	0.01
10 to 99.999	5 significant figures	0.001
1 to 9.9999	both	0.0001
below 1	4 decimals	0.0001

In one line: tick = min(1, max(10^(floor(log10(price)) - 4), 10^-(6 - szDecimals))). A price off the grid is rejected with Price must be divisible by tick size.

Limits, margin and funding

• Orders under $10 are rejected with Order must have minimum value of $10.; maximum order values scale with maximum leverage.
• Margin tiers cut leverage above a notional threshold (margin); HIP-3 margin tables have at most 3 tiers.
• The funding premium is measured where the impact notional would execute; the 4 per cent hourly cap is the same for every asset (funding).

The numbers

Parameter	Value
Instrument type	Linear perpetual
Contract	1 unit of the underlying spot asset
Underlying	Hyperliquid oracle index of the underlying spot asset
Collateral, validator-operated perps	USDC; oracle in USDT except PURR-USD and HYPE-USD (USDC)
Initial margin fraction	1 / leverage set by the user
Maintenance margin fraction	half of the maximum initial margin fraction
Maximum leverage	3x to 40x on validator-operated perps; 1 to 50 in HIP-3 margin tables
Delivery or expiry	none; funding every hour
Position limit	none
Account type	per-wallet cross or isolated margin
Funding impact notional	20,000 USDC for BTC and ETH; 6,000 USDC for all others
Price precision	at most 5 significant figures and at most 6 - szDecimals decimals; integers always valid
Size precision	at most szDecimals decimals
Minimum order value	$10
Maximum market order value	$30,000,000 if max leverage is 25 or more; $5,000,000 for 20 to under 25; $2,000,000 for 10 to under 20; $500,000 otherwise
Maximum limit order value	10 x maximum market order value

Sizing and pricing your orders

• The tick is coarse at low prices: at 0.05 with szDecimals = 2, the 0.0001 tick is 0.2 per cent of the price, leaving 3 significant figures.
• Below 10x maximum leverage, one market order is capped at $500,000: split it or use a TWAP.
• Maximum leverage and margin mode vary widely by asset: check both before sizing.

Reading specs and checking prices in code

Read meta (or metaAndAssetCtxs, adding live prices) once and cache it; pass dex for a HIP-3 dex, or use allPerpMetas for all. Asset ids are positions in universe (asset ids). Validate prices on the decimal string, never a float:

// True if px is a valid perp price for an asset with the given szDecimals.
// Rules: at most 5 significant figures, at most (6 - szDecimals) decimals, integers always valid.
function isValidPerpPx(px: string, szDecimals: number): boolean {
  if (!/^\d+(\.\d+)?$/.test(px)) return false;
  const [intPart, rawFrac = ""] = px.split(".");
  const frac = rawFrac.replace(/0+$/, "");          // trailing zeros carry no precision
  if (frac === "") return true;                     // integer prices are always allowed
  if (frac.length > 6 - szDecimals) return false;   // decimal cap
  const sig = (intPart + frac).replace(/^0+/, "");  // leading zeros are not significant
  return sig.length <= 5;
}

• Per the docs, remove trailing zeros from prices and sizes when signing (signing).
• SDKs round differently; precision has the safe rounding recipes, including why ceil(log10(p)) undercounts digits at exact powers of ten.
• HyperEVM read precompiles return perp prices as integers scaled by 10^(6 - szDecimals) (precompiles).
• A HIP-3 deployer fixes szDecimals, marginTableId and marginMode in registerAsset2. Open interest caps in size are a constant 1B per asset, so the docs suggest a szDecimals whose smallest increment is worth $1 to $10 at the initial mark price (deploying a perp dex).

Examples and fields that mislead

The API examples are illustrative

The API docs’ meta examples show BTC and ETH at maxLeverage: 50; the trading docs give 3x to 40x, BTC at 40x. A mainnet meta read on 28 September 2026 showed BTC at 40 (margin table 56) and ETH at 25 (table 55); across 178 listed, non-delisted assets the values were 3, 5, 10, 20, 25 and 40, with 88 at 3x, while HIP-3 dexes listed assets at 50. Read meta, not examples.

• szDecimals is not the tick: one production codebase derived the tick from it alone, which breaks when the price crosses a power of ten.
• Read marginMode, not the deprecated onlyIsolated, to learn whether margin can be removed (margin).
• A delisted asset stays in universe with isDelisted: true, so indices do not shift (delisting).

For margin tables, tiers and modes, see Margin. For rounding in code, see Precision.