# Limits

Platform constraints enforced by the HermesTrade APIs. Violating these limits returns a `400` (bad request) or `429` (rate limit exceeded) error.

***

## Order size limits

Order size limits are set per market and enforced by the CLOB. They are found on the Gamma API `Market` object:

| Field          | Type   | Description                        |
| -------------- | ------ | ---------------------------------- |
| `orderMinSize` | number | Minimum number of shares per order |
| `orderMaxSize` | number | Maximum number of shares per order |

These limits apply per individual order, not to your aggregate position. Retrieve the current values for a specific market via `GET /markets/{id}` on the Gamma API before placing orders.

The CLOB API `GET /book` response also includes `min_order_size` and `max_order_size` fields in `OrderBookSummary`.

***

## Batch order limits

| Operation               | Endpoint                  | Limit                                 |
| ----------------------- | ------------------------- | ------------------------------------- |
| Batch place orders      | `POST /orders`            | Maximum **15 orders** per request     |
| Batch cancel orders     | `DELETE /orders`          | Maximum **3000 orders** per request   |
| Batch last trade prices | `GET /last-trades-prices` | Maximum **500 token IDs** per request |

Exceeding these limits returns a `400` error.

***

## Price constraints

### Valid price range

Orders must be priced between `$0.01` and `$0.99` inclusive. Shares cannot trade at exactly `$0.00` or `$1.00` while a market is open.

### Tick size

Orders must be placed at prices that are exact multiples of the market's tick size. Submitting a price that does not conform returns a `400` error.

To retrieve the tick size for a market:

| Method                                          | Notes                                       |
| ----------------------------------------------- | ------------------------------------------- |
| `GET /tick-size?token_id={tokenID}` on CLOB API | Returns the current tick size for the token |
| `GET /tick-size/{tokenID}` on CLOB API          | Equivalent, via path parameter              |
| `Market.orderPriceMinTickSize` from Gamma API   | Stored on the market object                 |

***

## API rate limits

Rate limits are not documented in the HermesTrade OpenAPI specifications. A `429 Too Many Requests` status is returned when a rate limit is exceeded. Contact the HermesTrade team for current per-IP and per-key rate limit values before building high-frequency integrations.

***

## Pagination

### CLOB API pagination

The CLOB API uses cursor-based pagination for all paginated endpoints:

| Parameter     | Type    | Description                                                                       |
| ------------- | ------- | --------------------------------------------------------------------------------- |
| `next_cursor` | string  | Cursor token returned in the previous response; pass to get the next page         |
| `limit`       | integer | Page size (maximum varies per endpoint; check API behavior)                       |
| `page`        | integer | Page number for endpoints that use offset pagination; coerced to 1 if less than 1 |
| `from_id`     | int64   | Snowflake trade ID cursor for streaming trade history                             |

Paginated public endpoints: `GET /all-orders`, `GET /all-trades`, `GET /all-transactions`. Paginated authenticated endpoints: `GET /trades`, `GET /orders`.

### Gamma API pagination

The Gamma API uses offset-based pagination for list endpoints:

| Parameter | Type    | Description                |
| --------- | ------- | -------------------------- |
| `limit`   | integer | Number of results per page |
| `offset`  | integer | Number of results to skip  |

Available on `GET /events` and `GET /games`.

***

## Heartbeat requirement

The CLOB API includes a `POST /heartbeats` endpoint. Some market-making integrations are required to send periodic heartbeats; failure to do so may result in automatic order cancellation. Contact the HermesTrade team to confirm whether your integration type requires heartbeats and what the timeout interval is.

***

## Time and interval parameters

For price history and trade streaming endpoints:

| Parameter           | Valid values                                      |
| ------------------- | ------------------------------------------------- |
| `interval`          | `1H`, `6H`, `1D`, `1W`, `1M`, `30D`, `ALL`, `MAX` |
| `startTs` / `endTs` | Unix timestamp in seconds                         |
| `fidelity`          | Bucket size in minutes (integer)                  |


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