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

# Order ticket and the cost ledger

The ticket is the product. Its rule is simple: you cannot submit an order whose full cost you have not been shown. The ledger below the inputs recalculates on every keystroke, and the numbers it shows are computed by the exact same code that builds the order you submit — the two cannot disagree.

## Inputs

* **Side** — Long or Short (Buy or Sell on spot books).
* **Type** — Limit rests on the book at your price. Market crosses immediately, with a built-in 0.5 percent slippage guard: the signed order carries a worst-acceptable price so a moving book cannot fill you arbitrarily far from what you saw.
* **Limit price** — type it, press MID, or click any order book level.
* **Size** — in USDC notional. The venue minimum is 10 USDC per order; the ticket enforces it.
* **Leverage** — 1x up to the market's real maximum, read live from the venue's margin parameters.

## The ledger, row by row

| Row           | Meaning                                                                                                                               |
| ------------- | ------------------------------------------------------------------------------------------------------------------------------------- |
| Notional      | Position size in USDC: what your exposure is worth.                                                                                   |
| Margin        | Collateral locked for this position: notional divided by leverage.                                                                    |
| Contracts     | Base-asset quantity, rounded down to the market's size resolution — never up, so you are never oversized.                             |
| Lighter fee   | The venue's fee. Lighter charges retail zero; this row shows 0.0 bps because that is the truth, not a promotion.                      |
| Nock fee      | Our integrator fee: 2.0 bps on taker orders, 0.0 bps on maker orders. See [Fees](/concepts/fees.md).                                  |
| Funding / 8h  | Estimated funding for the next period at the current live rate, marked EST. Funding is paid between longs and shorts, never to us.    |
| Liquidation   | Estimated liquidation price for this position in isolation, marked EST. The binding number always belongs to the venue's risk engine. |
| Total debited | Margin plus fees: what actually leaves your balance when the order enters.                                                            |

On spot books the ledger shows the spot equivalents: what you pay, what you receive, the fill price and its distance from mid in basis points.

## Rounding and precision

Prices and sizes are converted to the venue's wire format using the per-market decimals published by Lighter. Order size is always rounded down. All conversions are integer-exact — no floating point reaches the wire.

## Submitting

The submit button stays disabled until the order is valid: a size above the minimum, a price to work with, and trading enabled. When it routes, the transaction hash is shown and the order appears in the blotter's Orders tab. Routing an order is a request to the venue, not a guarantee of a fill.


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