> For the complete documentation index, see [llms.txt](https://docs.imperial.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.imperial.trade/trading/risk-limits.md).

# Risk Limits

Imperial is the counterparty to every trade and hedges each one, so it limits how much new risk it takes at once.

### Platform capacity

* Each market has a risk limit on Imperial's total net exposure. Opens that would push past it are refused with **No capacity**; opens on the other side are always welcome.
* Imperial also keeps hedge collateral in reserve for every open position, so there is always money to close.
* **Closes are never limited.** Reducing or closing a position always goes through.

When a market is near its limit, the trade screen warns before you submit. The API reports the same through `GET /api/v1/armada/open-availability`.

### Per account

* Leverage limits and initial margin (see [Margin](https://docs.imperial.space/trading/margin) and [Leverage](https://docs.imperial.space/trading/leverage)).
* The hedge venue's maximum order size per market.
* One order executes at a time per profile; later orders queue behind it.
* Limit orders: $15 minimum.

### API rate limits

| Client   | Limit                                             |
| -------- | ------------------------------------------------- |
| Standard | 600 requests per minute per IP (bursts up to 120) |
| Partners | Higher limits on request                          |