Contract Specifications on BULK

The technical parameters behind every contract on BULK — what you're actually trading when you open a position. For the formal specification, see docs.bulk.trade/bulk-exchange/Contract-Specifications.

What kind of contract is this?

Every market on BULK is a USDC-margined perpetual contract with no expiration date. Unlike a traditional futures contract, there's no settlement date to plan around — positions stay open indefinitely as long as you maintain sufficient margin, with hourly funding payments keeping the contract price tethered to the underlying spot price instead of a fixed expiry doing that job.

Position sizing

Contract quantities represent the amount of the underlying base asset, scaled by 10,000 internally — a positive size means a long position, negative means short. In practice you won't interact with this raw scaling directly through the normal trading interface, but it matters if you're building against the API directly.

Leverage: there's no single number

BULK's documentation describes up to 100x leverage as the ceiling any market could theoretically be configured to — but that's not what's actually offered anywhere right now. Checked live against `/exchangeInfo` on September 7, 2026, current per-market caps range from 10x (most markets) up to 40x on BTC-USD, with ETH-USD at 25x and SOL-USD/XRP-USD at 20x. The actual maximum varies per instrument and is set by the exchange — check the live `/exchangeInfo` API for the current limit on any specific market before sizing a position, and see Markets on BULK for a snapshot table. Don't plan around the 100x figure — it isn't live on any market as of this check.

Margin mode

Cross margin is the default for every account — your whole portfolio backs each position, which is what makes portfolio margin's correlation benefits available in the first place. If you want a position walled off from the rest of your account instead, you don't change a global setting — you flag that specific order as isolated, which routes it into its own dedicated sub-account. See Isolated Margin.

Mark price

BULK's mark price — the reference used for unrealized P&L and liquidation triggers — is a median of three inputs: the premium-adjusted oracle price, the median price from BULK's own order book, and a smoothed local price. Averaging three sources this way makes the mark price meaningfully harder to manipulate with a single large trade than relying on last-traded price alone.

Tick size and minimum order size

These are set per-instrument rather than uniformly across the exchange — check `/exchangeInfo` for the exact tick size and minimum order size on whichever market you're trading before placing an order close to the edge of either limit.