Order types on Hyperliquid

The basics: who pays which fee

Every order is either a taker (it fills straight away against orders already on the book) or a maker (it rests on the book until someone else fills it). On Hyperliquid perps at the entry tier, takers pay 0.045% and makers 0.015%. Spot is 0.070% and 0.040%. Order type decides which you’ll usually pay, so it’s worth choosing deliberately. See the fee calculator.

All order types at a glance

Order type	What it does	Usually pays	Use it when
Market	Fills now at the best available price	Taker	Speed matters more than price
Limit	Fills only at your price or better	Maker if it rests	You want price control and lower fees
Stop Market	Market order that activates when price reaches your trigger	Taker	Entering a breakout or exiting a loss fast
Stop Limit	Limit order that activates at your trigger	Either	Same, but with a worst price
Take Market	Market order that activates at a trigger on the other side	Taker	Locking in a target
Take Limit	Limit order that activates at a trigger	Either	Target with a worst price
Chase	Post-only limit that keeps re-pricing to the front of the book	Maker	Getting maker fees without babysitting
Scale	Several limit orders spread across a price range	Maker	Building or exiting in steps
Trailing Stop	Market order that triggers when price pulls back a set amount from its best level	Taker	Letting a winner run with a moving stop
TWAP	One large order split into timed suborders	Mostly taker	Big orders without moving the price

Market and limit

A market order executes immediately at the current market price. It’s simple, but in a thin market you can get filled well away from the price you saw.

A limit order executes only at your selected price or better. If no one meets your price, it doesn’t fill.

Order options you’ll see in the form:

• Good Til Cancel (GTC): rests on the book until filled or cancelled.
• Post Only (ALO): goes on the book but doesn’t execute immediately; it only ever fills as a resting order, so you’re always the maker.
• Immediate or Cancel (IOC): fills whatever it can now and cancels the rest.
• Reduce Only: can only reduce an existing position, never open or flip one.

Stop and take orders

These sit dormant until the price reaches a trigger, then send a market or limit order.

• Stop Market: for a long, the trigger must be above the current mid price; for a short, below. Typical use: “buy only if price breaks above X.”
• Take Market: the reverse; for a long, the trigger must be below the mid price; for a short, above.
• Stop Limit / Take Limit: the same triggers, but they place a limit order instead of a market order.

For a buy stop limit, Hyperliquid notes the limit price is typically below the stop price, otherwise it will likely fill immediately once triggered. For a sell stop limit, the limit is typically above the stop.

Take profit and stop loss (TP/SL)

TP/SL orders close a position when it reaches a profit target or a loss limit. Rules from Hyperliquid’s docs:

• They trigger on the mark price, not the last trade. Mark price blends outside exchange prices with Hyperliquid’s own book.
• They’re market orders by default, with a 10% slippage tolerance. You can set a limit price to control slippage.
• The limit price trade-off: a stop loss on a long with trigger $10 and limit $10 might never fill if price gaps from $11 to $9. Setting the limit at $8 makes a fill between $9 and $8 likely.
• TP/SL from the position covers the whole position by default and tries to close all of it. If you give it a specific size, it stays that size even if the position changes.
• TP/SL attached to a new order (one-cancels-other style) is fixed to that order’s size and only goes live if the parent order fully fills. If you cancel a partly filled parent, its TP/SL children are cancelled too, leaving the filled part unprotected. Add a separate TP/SL from the position in that case.
• You can drag TP/SL lines on the chart, but dragging one to a level that would execute immediately gives an error.

Chase

A chase order is a Post Only limit that automatically re-prices: it rests one tick above the best bid (buys) or one tick below the best ask (sells), and follows the market until it fills. You always fill as a maker.

The catch: it runs in your browser tab. It stops if you close or refresh the tab, switch address, disconnect the wallet, connect the same address in another browser, modify its limit order, or if the order is rejected. You can run up to 5 at once.

Scale

Scale places multiple limit orders across a price range you choose, so you buy or sell in steps instead of all at one price.

Trailing stop

A trailing stop follows the mark price as it moves in your favour and triggers a market order when price pulls back by your chosen distance or percentage. The trigger never moves backwards. You can set an optional activation price; tracking starts when price reaches it. Available on perps.

Hyperliquid’s own example, closing a long with a 10-point trailing distance and no activation price:

Mark price	Highest mark	Trigger price	What happens
100	100	90	Tracking starts
110	110	100	New high raises the trigger
105	110	100	Trigger unchanged
120	120	110	New high raises it again
110	120	110	Market sell closes the long

TWAP

TWAP (time-weighted average price) splits one big order into many small suborders sent at regular intervals:

• Running time: 5 minutes to 7 days.
• Minimum total size: $100.
• Intervals: at least 30 seconds.
• Each suborder has a 3% max slippage.
• Randomize varies each suborder by up to ±20%.
• Optional trigger price to start it, and max/min price as a limit.

Examples from the docs: $10,000 over 1 hour is about 121 suborders of about $83 every 30 seconds; $10,000 over 4 days is about 1,000 suborders of about $10 roughly every 6 minutes. If suborders don’t fill, later ones try to catch up (up to 3x normal size), but a TWAP may still finish short of its total.

Common mistakes

• Market orders in thin markets. Check the order book depth first or use a limit.
• Market stop losses on illiquid assets. The 10% slippage tolerance applies; consider a stop limit.
• Unprotected partial fills after cancelling a parent order with attached TP/SL.
• Closing the tab on a chase order. It stops.
• Forgetting Reduce Only on exit orders, so a repeated click opens an opposite position.

If something goes wrong

• “Action already expired”: the order didn’t reach the chain within 15 seconds, usually a connection or congestion issue. There is a “Disable Transaction Delay Protection” setting, but Hyperliquid warns it can let several delayed orders go through at once; for example, repeated attempts to close a long could close it and open a short.
• “Order must have minimum value of $10”: increase the size.
• Stop didn’t fill: if it was a stop limit, price may have gapped past your limit.
• Chase cancelled: see the termination list above.

New to perps? Walk through your first perp trade, then leverage and margin.