In Futures trading, a "lot" refers to a standardised contract size for buying or selling a commodity or financial instrument. Lot sizes vary depending on the specific Futures contract and are set by the exchange. Traders buy or sell Futures contracts in whole lots, and some exchanges offer mini or micro lots as fractions of the standard lot size. Lots determine the quantity of the underlying asset being traded and impact the value of the contract.
This makes trading extremely manageable when trading across several markets.