# Which order types does Hyperliquid offer?

Stage 4 · Raise the frame (orders and bots that follow the plan) · Updated 2026-10-21

Hyperliquid offers market and limit orders, stop and take orders that wait for a trigger, and scale, TWAP and chase orders for larger or patient trades. A limit order rests on the book until it fills; a trigger order waits off the book, then sends a market or limit order. Options such as reduce only and post only change how each behaves.

## In short

- A **market** order fills now at the best prices on the book. A **limit** order fills only at its price or better, and rests on the book until it does.
- A **stop** order buys above the current price or sells below it; a **take** order does the opposite. Each waits off the book and, once triggered, sends a market or a limit order.
- Take-profit and stop-loss triggers watch the **mark price**, not the last trade.
- **Scale**, **TWAP** and **chase** orders spread a trade over a range of prices or a stretch of time. A **trailing stop** follows the best price and never moves back.
- **Reduce only** can only shrink a position. **Post only** only ever rests on the book, so it always fills as a maker.

## Market and limit orders

A **market order** fills at once against the orders resting on the book, at the best prices available. It is certain to fill, but not at a certain price: a large order in a thin book works through several price levels, and the average fill is worse than the price you saw.

A **limit order** names a price and fills only at that price or better. If nothing is there yet, it rests on the book and waits. It is certain of its price, but not of filling: price may never come back to it.

A limit priced through the book, a buy above the best offer for example, fills at once against what is there, as a taker. The post-only option, described below, makes sure an order only ever rests.

## Stop and take orders

Trigger orders do not sit on the book. They wait off it until price reaches their trigger, then send an order. A **stop market** or **take market** sends a market order; a **stop limit** or **take limit** sends a limit order at a price you choose.

Which one you need depends on the direction. A **stop** buys above the current price or sells below it: it closes a long that is going wrong, or opens a trade when price breaks through a level. A **take** buys below the current price or sells above it: it banks the profit on a long at its target. Hyperliquid measures above and below from the middle of the book.

A market trigger is sure to fill once triggered, at whatever the book offers. A limit trigger will not fill worse than its limit, and may not fill at all if price jumps past it. [How TP/SL orders work](https://buildtrade.app/guides/take-profit-and-stop-loss-on-hyperliquid/) puts numbers on that trade-off.

## Orders that work a trade for you

A **scale** order places several limit orders across a price range in one go, so a position is entered or left in steps rather than at one price.

A **TWAP** order, short for time-weighted average price, splits a large order into small ones sent every 30 seconds over a period you choose, from 5 minutes to 7 days. Each small order accepts at most 3% slippage, so a TWAP trades size without hitting the book all at once, at the cost of not knowing the final average in advance.

A **chase** order is a post-only limit that keeps re-pricing itself one tick inside the best price, following the book until it fills. A **trailing stop** follows the best mark price at a set distance and never moves back, so it rises behind a winning long and closes it when price turns by that distance.

## Options that change an order

**Reduce only** lets an order shrink or close a position but never grow or flip it. On an exit order it means that a stop or target firing after the position is already closed cannot open a new one the other way.

**Post only**, which Hyperliquid also calls ALO (add liquidity only), is only ever executed as a resting order. If it would fill at once, it does not go through, so it always fills as a maker.

**IOC**, immediate or cancel, fills whatever it can at once and cancels the rest. **GTC**, good till cancelled, is the usual setting: the order rests until it fills or you cancel it.

## On Hyperliquid

Take-profit and stop-loss orders trigger on the mark price, and a market TP/SL fills within 10% of its trigger. A trailing stop is available on perpetuals only.

A TWAP that falls behind catches up with small orders of at most three times the normal size, and may not catch up fully. A chase order runs in the browser tab where it was created, so closing the tab stops it, and up to five can run at once.

A single market order has a maximum value that depends on the market’s maximum leverage: $30 million where it is 25× or more, down to $500,000 on markets below 10×. Limit orders can be ten times larger, and there is no limit on position size.

In BuildTrade™ the order ticket offers Market, Limit, Stop and Trail. TWAP orders and trigger orders placed on Hyperliquid itself show in Open Orders, and are edited on Hyperliquid.

## Four ways out of one long

_Example numbers._

The long from the worked examples: 40 units at 100.00. Each row closes it with a different order, before fees.

- Limit sell at 105.00: +$200
- Trailing stop 2.5% behind a high of 104.00, filled at 101.40: +$56
- Stop market at 97.50, filled at the trigger: −$100
- Stop limit at 97.50, filled at its 97.00 limit: −$120

A stop market fills at whatever the book offers once triggered, so in a fast minute it can fill well past 97.50. The stop limit can never fill below 97.00, but if price drops through its limit before it fills, it rests unfilled and the position stays open.

## Mistakes that cost traders money

- **Putting a trigger on the wrong side.** A sell stop belongs below the current price and a sell take above it. Check which side a trigger sits on before sending it.
- **Pricing a limit order through the book.** A buy limit above the best offer fills at once, as a taker, at the taker rate. Post only refuses to do that.
- **Sending a large market order into a thin book.** It fills level by level, and the average can land far from the price on screen. Limit, scale and TWAP orders spread it out.
- **Leaving reduce only off on exits.** A stop or target that fires after the position is already closed can open a new position the other way.
- **Closing the tab on a chase order.** A chase order runs in the browser tab where it was created. Close the tab and it stops following the book.

## Try it in BuildTrade™

Open the order ticket on the Trade screen: it offers Market, Limit, Stop and Trail. Place a paper limit buy below the current price and it waits in Open Orders until price reaches it. Cancel it, send a market order of the same size, and compare its fill price with the price you saw.

Open the app: https://trade.buildtrade.app/register

## Words in this guide

- [Leverage](https://buildtrade.app/glossary/#leverage)
- [Limit order](https://buildtrade.app/glossary/#limit-order)
- [Mark price](https://buildtrade.app/glossary/#mark-price)
- [Market order](https://buildtrade.app/glossary/#market-order)
- [Position sizing](https://buildtrade.app/glossary/#position-sizing)
- [Reduce only](https://buildtrade.app/glossary/#reduce-only)
- [Slippage](https://buildtrade.app/glossary/#slippage)
- [Stop loss](https://buildtrade.app/glossary/#stop-loss)
- [Stop order](https://buildtrade.app/glossary/#stop-order)
- [Take profit](https://buildtrade.app/glossary/#take-profit)
- [Trailing stop](https://buildtrade.app/glossary/#trailing-stop)

## Sources

- [Order types](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/order-types), Hyperliquid Docs.
- [Take profit and stop loss orders (TP/SL)](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/take-profit-and-stop-loss-orders-tp-sl), Hyperliquid Docs.
- [Contract specifications](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications), Hyperliquid Docs.

BuildTrade™ is independent of, and not endorsed by, Hyperliquid.

Web page: https://buildtrade.app/guides/hyperliquid-order-types/