Order types

What each order type does, and where it runs. Terms like mark price or ALO are defined in the glossary.

At a glance

On the exchange: Hyperliquid holds the order, and it keeps working with Liquary closed. In your browser tab: Liquary drives it, and closing the tab stops it.

Market

Fills immediately at the best available price, inside a fixed price envelope (5% on perps, 2% on spot, not a setting) so you are never filled at a runaway price. The Slippage row shows the estimate, with the envelope as its maximum, and says when the visible book can only fill part of your size.

Limit

Fills only at your price or better, with a time-in-force:

• GTC: rests until filled or canceled.
• IOC: fills what it can now, cancels the rest.
• ALO (post-only): only rests as a maker; rejected if it would cross.

Chase

A post-only limit that follows the market: it rests one tick inside the best bid (buys) or best ask (sells) and re-prices as the top of the book moves, until it fills.

• Always pays the maker fee: it never crosses the spread.
• Up to 5 chase orders can run at once.
• The re-pricing runs in your browser tab. Close or reload it and the order stays resting at its last price as a plain post-only limit.
• Cancelling the order, from Liquary or anywhere else, ends the chase.
• Requires the trading agent: not offered in no-agent mode.

Scale (ladder)

Splits one order into 2 to 20 levels across a price range. A size skew weights the ladder toward one end.

Every level must clear Hyperliquid’s $10 minimum. If the smallest would fall short, the ticket refuses the ladder before you sign and tells you how many levels your size can carry.

Stop-loss

Perps only. Triggers when the mark price moves against you to your level:

• Stop-market: a market order (exit guaranteed, price not).
• Stop-limit: a limit order at your price (price guaranteed, fill not).

Take-profit

Perps only. Triggers when the mark price moves in your favour to your target, as a take-market or a take-limit.

Trailing stop

Perps only. A stop whose trigger follows the mark price. You set a retracement (a percentage or a USD distance); the trigger stays that far behind the best mark seen since tracking started, and fires a market order when the mark gives that much back.

• A sell follows the highest mark and fires on a fall; a buy follows the lowest mark and fires on a rise. The trigger only ever moves in your favour.
• Activation price (optional): tracking starts when the mark reaches it; otherwise at once. A buy’s activation must sit below the mark, a sell’s above.
• It is a Hyperliquid order: it keeps tracking with Liquary closed, and appears in your open orders as Trailing, with the activation price while it waits and the live trigger once it tracks.
• No builder fee, on the trailing order or the market order it fires.

TP/SL brackets

Perps only. A take-profit and a stop-loss tied to a live position: the bracket auto-sizes as the position changes, and closing one leg cleans up the other. Set it from the ticket with the opening order, or later from the position’s Set TP / SL. The ticket offers it on market and limit orders only (not on chase, scale, TWAP, trailing, trigger or reduce-only orders); for those, set it from the position.

Set by price or by target

Each leg is two linked fields: the trigger price, and the result it locks in, in one of three units:

Type either field and the other fills in. The one you typed last holds, so a +$100 target on a market order still means +$100 while the mark moves. Targets are gross of fees. On the ticket, the fields unlock once the order has a size. Triggers fire on the mark price.

TWAP

Splits a large order into slices executed over time, to reduce market impact. Active TWAPs appear in your Portfolio.

On perps, it is Hyperliquid’s own TWAP: one parent order, 5 minutes to 24 hours, scheduled by the exchange, so it keeps running with Liquary closed. It carries no builder fee.

Hyperliquid fires one slice every 30 seconds, and each must clear $10, so a TWAP needs at least $20 per minute of duration ($100 for the 5-minute minimum). The ticket says how long your size can run. Randomize jitters the slice cadence.

TWAP on prediction markets

Prediction markets use Liquary’s own TWAP, which differs from the perp one:

• 5 to 60 minutes, and the slice count is derived: the most slices that keep each one above Hyperliquid’s $1 outcome minimum and at least 30 seconds apart. A size too small to slice twice is refused at the panel, with the stake that would work.
• Optional price cap. A buy never pays above it, a sell never accepts below it. A slice past the cap is skipped and its shares roll into the next one.
• It runs in your browser tab. Close or reload it and the remaining slices are not sent; nothing is left resting on the book. Whatever is unfilled after the last slice is reported, never re-sent.
• It pays the normal 0.05% builder fee, and needs the trading agent, so it is hidden in no-agent mode.

The run’s card logs every slice: requested, filled, average price, or the rejection. TWAPs and Chase orders share the same limit of 5 concurrent tab-bound orders.

Flip

Reverses a perp position in one action: Reverse in the Positions table. It sends a reduce-only close and an opening order on the other side, in one signature. If the close fills but the reopen is refused, you are left flat, and the app says so.