larger particles should hold less water in their own right, but who knows whats going on when you add larger particles to a soilless mix. there is alot going on there so its hard to justify extending that principle to a soil less mixture without some evidence. given the choice however, id go with the larger perlite hoping the above was infact true.
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small particles actually have a much greater theoretical pore space, but only when dry. some clays have a higer pore space than sand even. clays however will not flow water worth shit. they have ionic interactions with water AND extreemly extreemly poor permeability owing to a very very well arranged lattice configuration.
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clays are used in some well constructions to exclude surface water from the well bore. properly done, the clay seal makes it basically impossible for surface contamination to make it down far enough to contaminate the ground water.
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when wet, hydrophillic particles hold a film of water around them. stacking lots of small particles with their respective films leads to less oxygen than if you had larger particles.
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moreover small particles create a stronger capillary effect than larger particles. more capillary force means you have a higher perched water table and more air is displaced. as the water table remains higher for longer.
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more surface tension due to the tiny particles also means that the soil can hold the water more tightly, meaning that the roots of your plants have to try harder to pull the water away. this can be measured by a tensiometer. higher tension means the plants will wilt sooner at higher soil moistures owing to the soil holding onto the water more.
a good soilless mix will have like 25% of the tension of a regular soil full of clay and sand and what ever else.
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there isnt like... a linear relationship to water tension verses particle size. i think it grows radically as you approach sub milimeter sizes. at some point the tension rises past the point where most plants roots can effectivly use the water. where that point is idk exactly.
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likewise you cant use particles so large that they hold so little water that the plants stress, or cant anchor themselves, or just dont hold water... im imagining a bucked full of river stones or something.Â
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thing about perlite is like a scifi asteroid full of holes and craters and passages and shit, so you can get huge ass potato sized perlite chunks stacked together... and they would still hold significant amounts of water due to the porous nature of the chunks themselves. im sure there is a cutoff point wherein perlite chunks can get TOO bug... but dont know where that cutoff point is TBH.
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basically larger particles = more pore spaces not filled with water = lower perched water table = easier for plants to pull the water away from the particles-Â up untill some point.