Instruments
An instrument is a single tradable market — a spot pair, a perpetual contract, or an outcome (prediction) market. Whatever its type, every instrument is described by the same set of settings, which is what lets the trading core treat them all through one model.
This page introduces those settings. Instruments are listed and configured through governance operations on /exchange; the current set and their live values can be read through the Info API.
Settings
| Setting | Description |
|---|---|
| Name | instrument name — BTC-USDC for perpetuals, BTC/USDC for spot |
| Instrument type | Spot, Perpetual, or Outcome |
| Channel | the Channel this instrument belongs to; absent means the default platform channel |
| Base asset | the base asset of the pair |
| Quote asset | the quote asset of the pair |
| External ID | external/reference identifier for the instrument |
| Size precision | the size precision; determines the minimum order size (see below) |
| Price tick | minimum price increment (tick size) |
| Order-book aggregation ticks | additional aggregation tick sizes offered for L2 order-book views |
| Taker fee rate | base taker fee rate |
| Maker fee rate | base maker fee rate |
| Minimum order size | optional — explicit minimum order size (overrides the value derived from size precision when set) |
| Max limit order size | optional — maximum size for a single limit order |
| Max market order size | optional — maximum size for a single market order |
| Trading halt | optional — when set, trading on this instrument is halted |
| Isolated-only | optional — when set, only isolated-margin positions are allowed (perpetuals) |
| Perpetual type | optional — Linear or Inverse (perpetual contracts only) |
| Liquidation slippage | optional — how far past the bankruptcy price the liquidator's market-disposal order is priced (perpetual contracts only); unset means the protocol default |
| Price feeder | optional — the address authorized to feed prices for this instrument |
| Delisted | optional — when set, the perpetual is delisted and no longer tradable |
| Type-specific extension | optional — extra configuration that applies to one instrument type (currently outcome) |
| Resolution status | optional — outcome markets: Prepared or Resolved |
Size precision → minimum order size
The size precision defines the smallest tradable unit:
| Size precision | Minimum order size |
|---|---|
3 | 0.001 |
2 | 0.01 |
0 | 1 |
-1 | 10 |
-2 | 100 |
In general, a precision of zero or above gives a minimum order size of 1 divided by 10 raised to that precision; a negative precision gives a minimum order size of 10 raised to its absolute value. A negative precision is how an instrument enforces whole-lot trading (e.g. a minimum order size of 100). When an explicit minimum order size is set, it takes precedence over this derived value.
Type-specific extension
The type-specific extension carries configuration that only applies to one instrument type. Today the only variant is for outcome markets; its fields are documented in Outcome Markets.
Trading lifecycle controls
- Trading halt pauses all order entry/matching on the instrument without removing its config or state.
- Resolution status (outcome only) moves from prepared to resolved when the market settles. See Outcome Markets.