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.
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
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
| 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.
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
- 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.
Keep Learning
Risk Warning: Trading perpetual futures involves significant risk of loss. Only trade with capital you can afford to lose. Dexly is a non-custodial interface; you are responsible for your own funds and trading decisions.