Orders & execution
Place market and limit orders, manage protection and understand fills.
On this page
How a fill gets its price
A buy consumes available asks from the lowest price upward; a sell consumes bids from the highest price downward. An order that fills across several levels receives a quantity-weighted average price.
Spread and available depth affect your result. Iceberg does not add an artificial spread or random slippage penalty. A chart price is a market reference, not a guaranteed execution price.
Size and confirm an order
Enter a USDC amount or base quantity, use a percentage preset, or select Max. Max estimates the size allowed by available margin, leverage, fees, liquidity and remaining loss allowance. Reduce-only sizing is limited to the existing position.
Review quantity, estimated value, margin, fees and price protection before confirming. On mobile, drag the confirmation handle to the end and release. Keyboard and assistive-technology activation are also available.
Market orders and price protection
Manual market orders use fixed 0.5% price protection from the reference midpoint. For buys this sets a maximum price; for sells it sets a minimum. Spread counts toward the allowance.
The full requested quantity must be available within the price bound. Otherwise the order is refused without a partial position or trading fee. A refused market order does not become a resting order.
Close/Reduce uses the same 0.5% protection. Close All sends separate closes for your positions, so some can complete while another needs to be retried.
GTC limit orders
A limit order reserves margin and stays active until filled or cancelled. It can fill when executable opposite-side liquidity is available at your price or better. Partial fills leave the remaining quantity open.
A candle touching your price does not guarantee a fill. Available quotes and depth determine execution; your simulated order does not join Hyperliquid’s passive order queue.
TP/SL execution
Keep Market or Limit selected for your entry, enable TP/SL, then choose Market or Limit independently beside Take profit and Stop loss. These choices do not change your entry order. The same controls are available when editing TP/SL on an open position.
| Order | After the trigger |
|---|---|
| Market | Closes the position against available depth. It can fill in parts and continues trying to close the remaining position. |
| Limit | Closes at your limit price or better. It can fill in parts; the remainder stays open until filled or cancelled. |
Trigger price tells the server when to activate the exit. In Limit mode, Minimum sell price is the lowest accepted price for closing a long; Maximum buy price is the highest accepted price for closing a short. For example, a long stop loss with an 80,000 trigger and a 79,900 minimum sell price activates at the trigger but can only sell at 79,900 or better.
A limit exit can remain unfilled after triggering. Both modes only reduce the protected position and stay active after you close the browser. They do not create a new entry or reserve additional entry margin. Triggering either leg cancels the other protection, even if the triggered limit has not filled.
Take profit and stop loss
Protection triggers on mark price. For a long position, take profit triggers at or above its target and stop loss at or below its target. The conditions reverse for a short position.
Protection closes the position and may fill in parts. When one protection leg triggers, the other leg and pending entry orders for that account and market are cancelled. Adding to a position changes the size protected; closing or reversing it ends its existing protection.
If an action is still pending
Use Resume pending action to recover an order whose result is uncertain. Do not submit another order just because a response was delayed. Check the fill notice and order history for the outcome before changing the trade.