How do take-profit and stop-loss orders work on Hyperliquid?
A take-profit or stop-loss on Hyperliquid is a trigger order: it waits until the mark price reaches its trigger, then sends a market or a limit order. A market one accepts a fill up to 10% past the trigger; a limit one caps the price but can miss a fast move. A stop sets where you get out, not the exact price.
- TP/SL orders trigger on the mark price, the same price liquidation watches.
- A market TP/SL fills within a 10% tolerance; a limit TP/SL caps the price but can rest unfilled.
- Position TP/SL covers the whole position by default; a size you give it stays fixed.
- Order TP/SL takes the entry’s size and is placed only when the entry fills completely.
- A stop decides where you get out, not the price you get. Size from the stop, then allow for the fill.
What a TP/SL order is
A take-profit or stop-loss on Hyperliquid does not rest on the order book. It waits with a trigger price, and when the mark price reaches it, it sends an order: a market order, or a limit order if you gave it a limit price. Until the trigger, nothing of it is on the book.
The trigger watches the mark price, the median Hyperliquid builds from its oracle, its own book and the same market on other large exchanges, so one stray trade cannot set it off alone. It is also the price liquidation watches, which is why a stop and a liquidation can be reached in the same move.
Market or limit: what the trigger sends
A market TP/SL accepts a fill up to 10% past its trigger. In a deep, calm book it fills close to the trigger; the 10% is how far it may go, not what usually happens. In a fast move through a thin book it takes whatever is there, and a stop meant to lose $100 can lose more.
A limit TP/SL caps the price instead. Hyperliquid’s own example: a stop with its trigger and its limit both at 10 does not fill when price jumps from 11 to 9, and stays on the book unfilled; a limit of 8 would have filled between 9 and 8. The limit decides how bad a fill you accept, and a limit too close to the trigger can leave you in the trade.
For a take-profit the trade-off is mild: a missed target is a missed gain. For a stop it is the whole question. A market stop gets you out at a price you do not know yet; a limit stop gets you a price you know, or no exit at all.
Position TP/SL or order TP/SL
Position TP/SL attaches to a position that is already open. By default it covers the entire position. If you give it a size, it stays at that size: add to the position later and the added part is not covered.
Order TP/SL rides on an entry order. It takes the entry’s size and is placed only once the entry has filled completely, so while the entry is partly filled, the part that did fill has no exits yet. Cancel a partly filled entry and its TP/SL is cancelled with it; the part you hold has none until you place new ones. The one exception: an entry cancelled for lack of margin after a partial fill gets its TP/SL placed as though it had filled.
Trailing stops
A trailing stop moves its trigger with the price. You give it a distance, in price or as a percentage, and the trigger follows the best mark price the position has seen: up for a long, down for a short. It never moves back. When the mark pulls back by that distance from its best level, the order fires at market.
It keeps more of a move that keeps going, and like any market stop it can still fill past its trigger in a fast move. Hyperliquid offers it on perpetuals only.
Stops and liquidation
A stop only helps if it fires before liquidation does. Both watch the mark price, so a stop just above the liquidation price can be reached in the same move, and a market stop that fills past its trigger can fill at the liquidation level anyway. Leave room between the two for the fill, not only for the trigger. How liquidation works shows where liquidation sits at each leverage.
One stop, four fills
Example numbersThe master article’s trade: a long of 40 units at 100.00 with a market stop at 97.50, sized so the stop loses $100. The target at 105.00 would gain $200. Each row fills the stop further past its trigger, out to the 10% tolerance.
- Planned loss at the stop
- −$100
- Planned gain at the target
- $200
| Fill | Past the trigger | Loss | Times the plan |
|---|---|---|---|
| 97.50 | 0.0% | −$100 | 1.0× |
| 97.01 | 0.5% | −$119 | 1.2× |
| 95.55 | 2.0% | −$178 | 1.8× |
| 87.75 | 10.0% | −$490 | 4.9× |
A stop limit at 97.00 caps the loss at −$120. The price of that cap: if price drops from above 97.50 to below 97.00 before the order fills, it rests unfilled and the position stays open.
Mistakes that cost traders money
- Reading the trigger as the fill price.
The trigger is where the order is sent. The fill is wherever the book can take it, and in a fast move that is further away.
- A stop limit with no room.
A limit at the trigger itself fills only if price trades there after the trigger. Through a gap it rests unfilled and the position stays open.
- Cancelling a partly filled entry.
Its TP/SL goes with it, and the part you hold has no exits until you place new ones.
- Adding to a position with a sized TP/SL.
A TP/SL with a size covers that size only. The added part has no exit.
- Putting the stop past the liquidation price.
The venue closes the position first, so the stop never fires. Keep the liquidation price well beyond the stop.
Try it in BuildTrade™
On a paper order, switch on Risk-based sizing (auto) and enter a Stop distance. Risk if stopped shows what the stop costs if it fills at its price, and Est. liquidation shows how much room sits beyond it. Switch on Take profit / Stop loss and both exits go out with a Market or Limit order. Live, they are order TP/SL as described above, sent as market exits, so they start working once the entry fills completely. On paper, they cover the whole position.
Take profit and stop loss orders (TP/SL), Hyperliquid Docs (read October 17, 2026).
Order types, Hyperliquid Docs (read October 17, 2026).
Robust price indices, Hyperliquid Docs (read October 17, 2026).
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