Which order type should I start with?

Start with limit orders. They give you price control and often qualify for lower (maker) fees. Use market orders only when you need immediate execution.

What does TWAP stand for?

Time-Weighted Average Price. A TWAP order splits a large order into smaller chunks executed over a set time period, reducing market impact.

Add Liquidity Only. An ALO order is guaranteed to be a maker order (adding liquidity to the book). If it would execute immediately as a taker, it is cancelled instead.

Do stop-loss orders guarantee my exit price?

No. A stop-loss triggers a market order when the stop price is reached. In fast-moving markets, the actual fill price may differ (slippage). Consider using stop-limit orders for tighter control.

When should I use scale orders?

Scale orders are ideal for building or exiting positions gradually across a price range. They work like a grid of limit orders and reduce the risk of entering at a single bad price.

Mastering Order Types on Hyperliquid

A comprehensive guide to every order type on Hyperliquid. Learn when to use market, limit, stop-loss, TWAP, and scale orders for better trade execution.

By Dexly Research

Markets research & editorial team at Dexly

Last updated: 2026-01-29|9 min read

Key takeaways

Market orders execute instantly at the best available price, while limit orders fill only at your price or better and, as resting maker orders, pay lower fees or earn rebates on Hyperliquid.
Stop-loss and take-profit are conditional orders that fire a market order at a trigger price, so the actual fill can differ from the trigger in fast markets (slippage).
Time-in-force controls order lifetime: GTC rests until filled or cancelled, IOC fills what it can instantly then cancels the rest, and ALO guarantees a maker-only order.
TWAP orders slice a large trade into timed sub-orders to cut market impact, and scale orders ladder multiple limit orders across a price range like a grid.

Market vs. Limit Orders

The two most fundamental order types are the building blocks of all trading:

Market Order

Executes immediately at the best available price. You get speed but sacrifice price control. Best when you need to enter or exit a position right now.

Limit Order

Sets the maximum price you'll pay (buy) or minimum you'll accept (sell). Executes only at your price or better. You get price control but the order may not fill.

Fee Advantage

Limit orders that rest on the book (maker orders) typically pay lower fees than market orders (taker). On Hyperliquid, makers can even earn rebates.

Stop-Loss & Take-Profit

Stop orders are conditional — they activate only when the market reaches a specific trigger price. They are essential for risk management.

Stop-Loss: Automatically closes your position if the price moves against you past a set level. Limits your downside on every trade.
Take-Profit: Automatically closes your position when it reaches a desired profit target. Locks in gains without needing to watch the screen.

Trigger ≠ Fill

When a stop price is hit, a market order is sent. In volatile conditions, the fill price may differ from the trigger price (slippage).

Order	Trigger	Action
Stop-Loss (Long)	Price drops to trigger	Sells position at market
Stop-Loss (Short)	Price rises to trigger	Buys back position at market
Take-Profit (Long)	Price rises to target	Sells position at market
Take-Profit (Short)	Price drops to target	Buys back position at market

Time-in-Force: GTC, IOC, ALO

Time-in-force determines how long your order stays active on the book:

GTC — Good Till Cancel

The default. Your order stays on the book until it fills completely or you cancel it. Best for patient entries at specific price levels.

IOC — Immediate or Cancel

Fills whatever is available instantly and cancels the remaining unfilled portion. Useful when you want partial fills but won't wait.

ALO — Add Liquidity Only

Guarantees your order is a maker (adds liquidity). If it would execute immediately, it's cancelled instead. Ideal for capturing maker rebates.

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TWAP Orders

TWAP (Time-Weighted Average Price) orders split a large trade into smaller slices executed over a specified time window. This reduces market impact and achieves a better average entry price.

When to Use TWAP

Use TWAP when you need to enter or exit a large position without moving the market. Ideal for positions that are significant relative to the asset's daily volume.

Duration: Set how long the TWAP should run (e.g., 30 minutes, 2 hours).
Intervals: The order is broken into equal sub-orders executed at regular intervals.
Randomization: Slight timing variations prevent predictable execution patterns.

Scale Orders

Scale orders place multiple limit orders across a price range, creating a "ladder" of entries or exits. This is similar to grid trading — you define a range and the system distributes orders evenly within it.

Parameter	Description
Price Range	The upper and lower bounds of your order ladder
Number of Orders	How many individual limit orders to place within the range
Total Size	The combined notional value across all orders
Distribution	Even spread or weighted toward one end of the range

Choosing the Right Order

Different situations call for different order types. Here is a quick reference:

Quick Entry/Exit

Market order — instant execution, accept the current price.

Specific Price Target

Limit order (GTC) — wait patiently for your exact price.

Risk Management

Stop-Loss + Take-Profit — always set these for open positions.

Large Position

TWAP or Scale order — reduce market impact with distributed execution.

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Frequently Asked Questions

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Key takeaways

Market orders execute instantly at the best available price, while limit orders fill only at your price or better and, as resting maker orders, pay lower fees or earn rebates on Hyperliquid.

Stop-loss and take-profit are conditional orders that fire a market order at a trigger price, so the actual fill can differ from the trigger in fast markets (slippage).

Time-in-force controls order lifetime: GTC rests until filled or cancelled, IOC fills what it can instantly then cancels the rest, and ALO guarantees a maker-only order.

TWAP orders slice a large trade into timed sub-orders to cut market impact, and scale orders ladder multiple limit orders across a price range like a grid.

Market vs. Limit Orders

The two most fundamental order types are the building blocks of all trading: