1k lot

400:1 margin

$2.50 for $1k

But the pip math is lot money * pip digit (.00001) = .10 ?

1k lot

400:1 margin

$2.50 for $1k

But the pip math is lot money * pip digit (.00001) = .10 ?

Your leverage does absolutely nothing to the value of a pip. You can have 1:1 or 1000:1 leverage and the the pip value will remain the same.

All 400:1 leverage says is that for every $400 dollars you trade you have to have $1 dollar in your account to cover the trade.

The size of the lot you are trading AND the type of account it is (micro/mini/standard) determines pip value.

As an estimate the pip values are,

1 standard lot (100 000 units) = $10/pip

0.1 lot (10 000 units) = $1/pip

0.01 lot (1 000 units) = 10 cents/pip.

As ThePhoenix has stated pip value has nothing to do with leverage.

PS The calculation of a pip is a little more complicated than

lot money * pip digit see 301 Moved Permanently