Order types

The phone has few orders on purpose: market, limit on perps, and a stop loss and a take profit when you open a position. The web also has Hyperliquid’s advanced orders.

On the phone

Where	Order	How you pick it
Spot: Buy and Sell	Market	It is the only one
Perps: Long and Short	Market or Limit	Tap the type, top right of the order screen
Perps, when opening	Stop loss and Take profit	Add SL/TP
Perps: Close position	Market	It is the only one

Market

It fills at once, at the best price on the book. So that a price jump does not overcharge you, the order carries a cap: at most 2% worse than the reference price when buying on Spot or opening a long, and 8% for everything else (sales, shorts and closes). If the price moves past the cap, the order does not fill and nothing is spent. The cap cannot be changed.

Limit (perps)

You set the highest price you want to buy at (on a long) or the lowest you want to sell at (on a short).

1. On the order screen, tap Market to switch it to Limit.

2. Tap Set limit price. In the Limit price sheet type the price; under it you see how far it is from the mid price, and Mid fills it in with that. Tap Save.

3. Type the margin and tap Open long (or Open short). Until there is a price, the button says Set a limit price.

If the price is already there, the order fills at once. If not, it waits on the book: the receipt says Order on the book and you will see it on the market’s page, where you can cancel it. The margin stays reserved while it waits.

Caution

A stop loss and a take profit are placed on a position. If the limit order is left waiting, there is no position yet and they are not placed: the receipt says so. Once it fills, come back and add the protection with a new order.

Stop loss and take profit

• Stop loss: closes the position if the price goes against you down to the price you set. It caps the loss.
• Take profit: closes it if the price reaches your target. It locks in the gain.

1. On the order screen, tap Add SL/TP.

2. In Stop loss and take profit, type the price of one or both (SL price, TP price). Under each you see the Potential loss or the Potential profit.

3. Tap Save changes. The order screen shows the summary (“SL …”, “TP …”).

The app will not save one that makes no sense: on a long, the stop goes below your entry and above your liquidation, and the target above your entry (on a short, the other way round). Nor one too far away for Hyperliquid to accept. Right before signing it checks again against the price of that moment, and if it no longer holds, it sends nothing and asks you to check it.

They are sent after the position opens, as market orders that trigger at their price and can only close. They cover the size that order opened. If Hyperliquid rejects one, the position stays open and the app tells you the protection was not placed.

Orders on the book

Orders that are waiting (limits, stops and targets) show under Orders on the book, on their market’s page and in Activity. Each one says what it is (Limit buy, Limit sell, Stop loss, Take profit), its size and its price.

To cancel one, tap Cancel and confirm with Cancel order. The money it reserves goes back to your balance; if part of it had already filled, that part stays. Orders placed from the web on a market the app does not offer show up too, as A market the app does not offer, and cancel the same way.

On the web

The web (The web app) has Hyperliquid’s full order form:

Order	What it does
Market	At market. The form shows the cap (Slippage, “Max: …”): 2% when buying on Spot, 8% for everything else. It cannot be changed.
Limit	At a price. Valid GTC (until cancelled), IOC (whatever does not fill at once is cancelled) or ALO (only adds to the book, never trades against it).
Stop Market, Stop Limit	Trigger when the price reaches the trigger price, at market or at a limit.
Take Market, Take Limit	The same, for taking profit.
Scale	Splits the order into several limit orders between two prices. Each one has to be over $10.
TWAP	Fills the order bit by bit over a period (5 minutes to 24 hours), with an option to randomise. The whole order has to be over $100.

There is also Reduce Only (the order can only shrink a position) and Take Profit/Stop Loss to add protection when opening.

Orders you place on the web and on the phone belong to the same account: a limit order placed on the web shows up on the phone, under Orders on the book.