Hyperliquid Order Types 2026: TP/SL, Trailing Stop & TWAP Explained

The 30-second answer

Hyperliquid supports more than a dozen order types and options — market, limit, stop market, stop limit, take market, take limit, trailing stop, Chase, scale and TWAP — plus take-profit and stop-loss (TP/SL) that trigger on the mark price. The short version for most traders: place limit or post-only orders to earn the 0.015% maker fee instead of paying 0.045% taker, attach TP/SL to every open position, and save TWAP for orders over $100 that you don’t want to slip. Once your orders fill, Hyperfolio breaks down your real PnL net of fees and funding so you can see whether your execution is actually profitable.

Why execution, not direction, decides your PnL

Most Hyperliquid traders obsess over entries and exits, but their real leaks are mechanical: paying taker fees when they could be makers, taking 3–10% slippage on market stops, and letting a position run without a stop because they never learned the order panel. A trader with a mediocre edge and tight execution usually beats a great directional caller who bleeds fees on every fill. Hyperliquid’s order system is unusually rich for a perpetuals DEX — the catch is that most of it is undocumented at the surface level, which is exactly why this guide exists.

The fix has two halves. First, pick the right order type for the job. Second, verify the result: after every TP or SL closes a position, check the realized PnL after fees and funding, not the raw price move. You can paste any wallet into Hyperfolio and see that breakdown instantly, without registration.

Every Hyperliquid order type, explained

Here is the full inventory, straight from the official docs, translated into plain English for what each one is actually for.

Market and limit orders

Market fills immediately at the best available price — fast, but you pay taker (0.045% base on perps) and accept slippage. Limit rests on the book until it fills at your price or better; a resting limit that gets filled is a maker fill (0.015% base) and can even earn a rebate at higher tiers.

Stop and take orders

Stop Market fires a market order when price crosses your trigger (for longs, the trigger sits above the mid price). Stop Limit does the same but converts into a limit order at your chosen price. Take Market and Take Limit are the mirror image for profit targets — for longs, the trigger sits below the mid. These are the building blocks of conditional entries and exits.

Trailing stop

A Trailing Stop is a market order that activates when the mark price retraces a set distance or percentage from its best level. For a long, the trigger rides the highest mark reached and never moves against you; for a short it follows the lowest. It is available on perp markets and is the cleanest way to let winners run while locking a floor.

Chase and scale orders

Chase is a post-only (ALO) limit that automatically re-prices one tick above the best bid (buys) or below the best ask (sells) until filled or cancelled — up to five active at once, and they only run while the browser tab is open. Scale places multiple limit orders across a price range, useful for averaging into or out of a position.

TWAP

TWAP splits a large order into sub-orders sent at regular intervals (minimum 30 seconds apart). Sub-orders are capped at 3% slippage, running time can be set from 5 minutes to 7 days, and the minimum order size is $100. You can enable randomize to vary each slice by ±20%, and set trigger or max/min prices. TWAP is how you size into a position without moving the book against yourself.

Order types at a glance

Order type	Triggers	Execution	Best for	Fee impact
Market	Immediately	Best available price	Urgent entries/exits	Taker (0.045%)
Limit	Price reached	At limit or better	Patient entries	Maker (0.015%)
Stop Market	Trigger price	Market order	Breakout/stop-loss	Taker
Stop Limit	Trigger price	Limit order	Controlled fills	Maker
Take Market	Profit trigger	Market order	Profit targets	Taker
Trailing Stop	Retrace from best	Market order	Let winners run	Taker
Chase	Auto re-prices	Post-only limit	Passive liquidity	Maker
Scale	Price range	Multiple limits	Scaling in/out	Maker
TWAP	Time-based slices	Sub-orders (≤3% slip)	Large orders	Mixed

TP/SL: the two orders that save your account

Take-profit and stop-loss orders close your position once a set profit or loss is reached, and both trigger on the mark price, not the last trade — which protects you from wick manipulation on illiquid pairs. You can drag them directly on the TradingView chart inside the app.

The key decision is market vs limit TP/SL. A market TP/SL carries a 10% slippage tolerance by default, meaning a violent move can fill you far from your trigger. A limit TP/SL lets you cap that slippage: set the limit price close to the trigger and you will rarely fill far away, but a price that gaps straight through may leave the order resting unfilled. In a fast crash, a stop-loss with trigger $10 and limit $10 can rest at $10 instead of filling, while a limit of $8 would fill somewhere between $9 and $8. There is a real trade-off between fill certainty and price control.

TP/SL placed from the position form default to your entire position and resize with it. TP/SL attached to a parent order (one-cancels-other, or OCO) behave differently: the children only get placed when the parent fully fills, or is partially filled then cancelled for insufficient margin. If you cancel a partially filled parent, its TP/SL children are cancelled too — a common surprise for new traders.

Order options that change everything

• Reduce Only — the order can only shrink a position, never flip it the other way. Mandatory for risk-managing stops.
• Good Til Cancel (GTC) — rests until filled or you cancel it.
• Post Only (ALO) — adds liquidity only; if it would fill immediately, it is rejected, guaranteeing maker treatment.
• Immediate or Cancel (IOC) — fills what it can instantly and cancels the rest.

How fees quietly eat your edge

Base perp fees are 0.045% taker / 0.015% maker, and spot runs 0.070% taker / 0.040% maker. That gap means a round trip as a taker costs 0.09% before funding, versus 0.03% as a maker — a 3x difference that compounds fast for anyone doing size. Staking HYPE lowers fees further: from 5% at 10 HYPE up to 40% at 500,000 HYPE. In other words, order type selection is not a detail; it is a cost line on every single trade.

Where market orders cost you money

Being honest about the tool: market orders are not free speed. Every market fill, including market TP/SL, pays taker and risks slippage — up to 10% on a triggered stop. Chase orders silently die if you close the tab, and TWAP slices can fail to fill in a thin book, leaving the order short of its target. None of this makes the system bad; it means the default should be limit/post-only for entries and limit TP/SL for exits, with market reserved for the moments when getting out is worth paying for.

Track the real result: PnL after fees and funding

An order can look perfect on the chart and still be a losing trade once fees and funding are subtracted. That is why the last step of any execution discipline is measurement. Hyperfolio reads any Hyperliquid wallet read-only — no API keys, no registration — and shows realized PnL, fees paid, and funding per position, per wallet. Paste an address and you can immediately see whether your maker-first execution strategy is actually outperforming raw market fills. For the deeper math behind that number, see our guide on real Hyperliquid PnL after fees and funding.

Frequently asked questions

What order types does Hyperliquid support?

Market, limit, stop market, stop limit, take market, take limit, trailing stop, Chase, scale and TWAP, plus the options reduce-only, GTC, post-only (ALO), IOC, take profit and stop loss.

How do I set a stop loss on Hyperliquid?

Open your position, attach a stop-loss (SL) and choose market or limit. SL triggers on the mark price; a market SL has 10% slippage tolerance, while a limit SL lets you cap the fill price.

What is the difference between a market and limit TP/SL?

A market TP/SL fills at the best price after triggering but can slip up to 10%; a limit TP/SL only fills at or better than your limit, giving you price control at the cost of possible non-fill in a gap.

What is TWAP on Hyperliquid and when should I use it?

TWAP splits a large order into time-spaced sub-orders with a 3% per-slice slippage cap. Use it for orders over $100 where you want to avoid moving the market.

How do I lower Hyperliquid trading fees?

Use limit/post-only orders to pay maker (0.015%) instead of taker (0.045%), and stake HYPE for up to a 40% fee discount at 500,000 HYPE.

Put your execution to the test

Order types only matter if you can measure what they do to your bottom line. Open Hyperfolio, connect your wallet or search any address, and watch your realized PnL — fees and funding included — update in real time. No registration, no API keys, just the truth about your trading.