Order Types on Hyperliquid: The Complete Guide

Market orders execute immediately at the best available price, crossing the spread and consuming resting liquidity. On Hyperliquid, market orders are implemented as Immediate-Or-Cancel (IOC) limit orders at a deeply in-the-money price, filling against the book and canceling any remainder. Use market orders for small sizes or when immediacy matters more than price precision.

Limit orders place an order on the book at a specified price, executing at that price or better. They default to Good Till Cancel (GTC) and follow price-time priority. To guarantee maker status and lower fees, use Post-Only (ALO) mode — the order is canceled rather than crossing the spread. Maker fees are 0.015% versus 0.045% taker, making Post-Only a significant cost saver.

Stop Market orders activate as market orders when the mark price hits your trigger price. For longs, the trigger must be above the current mid price; for shorts, below. Triggered orders execute with a 10% slippage tolerance. Stop Limit orders work the same way but place a limit order at your specified price when triggered — giving you price control at the risk of non-fill.

Take-Profit Market and Take-Profit Limit orders are the profit-taking mirror of stop orders. They trigger when the mark price reaches your target in the profitable direction. All stops and take-profits trigger on mark price (the oracle-composite price), not last trade price, making them more resistant to manipulation via momentary wicks.

TWAP (Time-Weighted Average Price) orders split a large order into equal-sized suborders executed every 30 seconds over a user-defined duration. Each suborder has a maximum 3% slippage. If a suborder does not fully fill, later suborders increase in size (up to 3x) to catch up. TWAP is essential for large position entries or exits where a single market order would cause significant slippage.

Scale orders distribute your total size across multiple limit orders evenly spaced within a price range. You specify total size, number of orders, and upper/lower price bounds. Each sub-order rests as a standard limit order on the book. Use scale orders for DCA accumulation into a support band or for distributing exits across a resistance zone.

Post-Only (ALO) guarantees your order is a maker order — if it would cross the spread, it is canceled instead of executing. Post-Only orders receive the highest processing priority in each block. IOC (Immediate or Cancel) attempts to fill immediately and cancels any unfilled portion — it never rests on the book. Reduce-Only restricts an order from opening or increasing a position; it only executes if it reduces an existing position, preventing accidental position reversals.

GTC (Good Till Cancel) is the default — orders rest until filled or manually canceled. Always monitor open GTC orders during volatility, as stale orders at outdated prices can fill unexpectedly.

Hyperliquid offers two TP/SL modes. Position TP/SL is placed from the positions panel and defaults to closing the entire position. Parent Order TP/SL is attached to a specific entry order, creating an OCO (One-Cancels-Other) structure — if the parent fills, the TP and SL activate; if you cancel a partially filled parent, the children are canceled too.

TP/SL orders can execute as either market (10% slippage tolerance, guaranteed fill) or limit (price control, risk of non-fill). They can be dragged on the TradingView chart for visual adjustment. Note: trailing stops are not native to Hyperliquid but can be implemented via third-party tools interfacing with the API.

Within each block, Hyperliquid processes orders in a specific priority: (1) Cancels, (2) Post-Only orders, (3) GTC orders, (4) IOC orders. This means a market maker can submit a cancel to pull a stale quote and it will be processed before any incoming taker orders in the same block. This is a genuine structural advantage for market makers that no major CEX offers — it makes on-chain market making viable by protecting against latency-advantaged takers.

Combined with maker rebates (up to -0.003% for high-volume makers), this priority system makes Hyperliquid one of the most attractive venues for professional market-making operations, whether human or algorithmic.