Hyperliquid order types: limit, market, stop, TP/SL, TWAP and more
Updated Nov 11, 2026 · 6 min read
Every Hyperliquid order type and option as of Nov 9, 2026: what each does, when to use it, and whether it pays the maker or the taker fee.
Hyperliquid has seven order types, market, limit, stop, take, trailing stop, TWAP and scale, plus the chase order and a handful of options such as post-only and reduce-only that change how an order behaves. The choice decides two things: whether you get filled when you want, and which fee you pay. An order that rests on the book pays the maker fee, 0.015% at the base tier; one that fills against the book pays the taker fee, 0.045%. Everything below is from Hyperliquid’s documentation on Nov 9, 2026.
Key takeaways
- Market orders fill at once and pay the taker fee; limit orders that rest on the book pay the maker fee, a third as much.
- Post-only (ALO) guarantees the maker rate: the order is cancelled rather than filling as a taker.
- Stop and TP/SL orders trigger on the mark price, not the last trade, and become market orders with 10% slippage tolerance unless you set a limit price.
- TWAP splits a large order into suborders at least 30 seconds apart, over 5 minutes to 7 days, with at most 3% slippage per suborder.
- Reduce-only makes sure an exit can only shrink a position, never flip it.
Every order type at a glance
| Order | What it does | Fee it usually pays | Use it when |
|---|---|---|---|
| Market | Fills immediately at the best prices on the book | Taker | You need in or out now |
| Limit (GTC) | Rests on the book at your price until filled or cancelled | Maker if it rests; taker if it crosses the book | You have a price and can wait |
| Limit, post-only (ALO) | Only ever rests on the book; cancelled if it would fill at once | Always maker | Fees matter more than speed |
| Limit, immediate-or-cancel (IOC) | Fills what it can at once, cancels the rest | Taker | You want a fill now with a price cap |
| Stop market / stop limit | Becomes a market or limit order when the trigger price is reached (above the mid for buys, below for sells) | Taker (market), maker or taker (limit) | Breakout entries and stop-losses |
| Take market / take limit | The mirror of a stop: triggers when price moves in your favour (below the mid for buys, above for sells) | As stop | Take-profit and dip-buy entries |
| Trailing stop | A market order that fires when the mark price retraces a set distance or percentage from its best level | Taker | Locking in a trend’s gains |
| TWAP | Splits a large order into suborders sent at least 30 seconds apart | Mostly taker | Size too large for the book at once |
| Scale | Places several limit orders across a price range | Maker if they rest | Building or trimming a position in steps |
| Chase | A post-only limit that re-prices to stay at the best bid or ask until filled | Maker | Getting filled as a maker without watching the book |
Order options
- Reduce only: the order can only shrink an open position. Use it on every exit so a stale order never opens a position in the other direction.
- Good til cancel (GTC): rests until filled or cancelled; the default for limit orders.
- Post only (ALO): added to the book only as a resting order, so it always pays the maker fee. It is cancelled instead of crossing the spread.
- Immediate or cancel (IOC): fills at once or not at all; the unfilled part is cancelled.
- Take profit / stop loss: attached to a position or an order and triggered by the mark price.
TP/SL: the details that catch people out
- Mark price triggers. TP/SL orders trigger on Hyperliquid’s mark price, which blends external prices with the book, so a wick on the chart may not trigger them, and a trigger may fire without a print at your level.
- Market by default, with 10% slippage tolerance. Setting a limit price controls slippage, but a limit too close to the trigger may rest unfilled in a fast move.
- Position TP/SL closes the whole position by default; a fixed size you set does not resize if the position grows.
- Order-attached TP/SL (one-cancels-other) is placed only if the parent order fully fills. Cancel a partly filled parent and the TP/SL is cancelled too, so set a new one on the position.
TWAP in practice
A TWAP order sends suborders at a fixed interval worked out from the size and running time you choose, from 5 minutes to 7 days, with a $100 minimum. A $10,000 order over an hour is about 121 suborders of $83, every 30 seconds; over four days it is about 1,000 suborders of $10, roughly every 6 minutes. Each suborder can slip at most 3%. If some don’t fill, later ones grow, up to three times the normal size, to catch up, but a TWAP can still finish short of its total in a thin market.
How Senpi places orders
Senpi’s agent places market orders when a strategy needs to act now and maker-first limit orders when it can wait, falling back to market after a timeout you control (fee-optimized execution). Take-profit and stop-loss levels on Senpi are set as a percentage of margin, and every strategy built from a rule or a template exits through DSL, a stop that ratchets up as the trade gains; copy strategies carry at most a flat stop (trailing stop loss explained). What each order costs is in Hyperliquid fees explained.
Frequently asked questions
What order types does Hyperliquid have?
Market, limit, stop market, stop limit, take market, take limit, trailing stop, TWAP, scale and chase, with the options reduce-only, good-til-cancel, post-only (ALO), immediate-or-cancel, take profit and stop loss.
What is a post-only order on Hyperliquid?
A limit order that is only ever added to the book as a resting order. If it would fill immediately it is cancelled instead, so it always pays the maker fee: 0.015% at the base tier against 0.045% for a taker fill.
Does Hyperliquid have a trailing stop?
Yes, on perps: a market order that fires when the mark price retraces from its best level by a distance or percentage you set. The trigger only ever moves in your favour.
Why didn’t my stop-loss trigger on Hyperliquid?
Stops and TP/SL trigger on the mark price, not the last trade, so a wick may not reach the trigger. An order-attached TP/SL is also cancelled if its parent order was only partly filled and then cancelled.
How does TWAP work on Hyperliquid?
It splits a large order into suborders sent at least 30 seconds apart over 5 minutes to 7 days, with a $100 minimum and at most 3% slippage per suborder. Unfilled suborders are caught up later, up to three times the normal size.
What does reduce-only mean?
The order can only reduce an open position, never increase it or open one in the other direction. It is the safe default for every exit order.
Sources and date
Hyperliquid documentation: Order types; Take profit and stop loss orders (TP/SL); Fees, Nov 9, 2026. Nothing on this page is financial advice.
Let an agent place the orders
Senpi’s agent picks maker or market per order, and every strategy built from a rule or a template exits through a ratcheting stop.
Related articles
Hyperliquid funding, margin and liquidation explained
How Hyperliquid funding, margin modes and liquidation work, with Nov 2026 numbers and a worked $10,000 example. Fee tiers have their own page.
Hyperliquid fees explained (Nov 2026): maker, taker, builder fees
On a paid Senpi plan you pay only Hyperliquid’s fee. Hyperliquid’s fees on Nov 12, 2026: 0.045% taker, 0.015% maker, tiers, discounts, builder fees by app and HIP-3 rates.
Anthropic stock before the IPO: how to trade ANT now (Nov 2026)
You can trade Anthropic before its IPO: the ANT pre-IPO perp trades 24/7 on Hyperliquid and Senpi, long or short. How it’s priced, what happens at listing, the risks.
Hyperliquid vaults and HLP explained
How Hyperliquid’s HLP and user vaults work as of Nov 9, 2026: who trades them, profit share, lock-ups, what they can trade, and the risks.