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Hyperliquid Order Types (2026): TWAP, Chase, TP/SL
Mechanics verified against Hyperliquid's official docs on 2026-09-15. Where the docs give a number, it is quoted; where they do not, this page does not invent one.
Hyperliquid's order form looks like a centralised exchange's, and most of the semantics match. The parts that differ — how a chase order lives in your browser tab, what a TWAP does when it falls behind, and when a TP/SL attached to an order is actually placed — are exactly the parts the docs spell out. This page reproduces them. For where each control sits on the screen, see the trading-screen walkthrough.
The order types
| Type | What it does (per the docs) |
|---|---|
| Market | Executes immediately at the current market price. |
| Limit | Executes at the selected limit price or better. |
| Chase | A post-only limit order that re-prices to track the best bid or ask until filled or terminated; runs in the browser tab that created it, up to 5 active at once. |
| Stop Market / Stop Limit | A market or limit order activated at a trigger price. For a stop on a long entry the trigger must sit above the mid price; for a short, below it. |
| Take Market / Take Limit | The mirror image: a long is triggered below the mid price, a short above it. |
| Scale | Multiple limit orders across a set price range. |
| TWAP | A large order split into suborders sent at regular intervals; 30-second minimum interval, 3% maximum slippage per suborder, optional ±20% size randomisation, optional trigger and stop prices. |
Order options: reduce-only, GTC, ALO, IOC
Four flags apply on top of the type. "Reduce Only" is "an order that reduces a current position as opposed to opening a new position in the opposite direction". "Good Til Cancel (GTC)" rests until filled or cancelled. "Post Only (ALO)" is "added to the order book but doesn't execute immediately" — it only ever fills as a resting order. "Immediate or Cancel (IOC)" is cancelled if not filled at once. Take Profit and Stop Loss are listed among the options too: "TP and SL are automatically market orders", though "you can set a limit price and configure the amount of the position to have a TP or SL".
Chase orders: fast, but tied to your tab
A chase order "rests one tick above the best bid (for buys) or one tick below the best ask (for sells), or at the best bid/ask when the spread is a single tick", and re-prices as the market moves so that it "always fill[s] as a maker". The catch is where it runs: "chase orders run in the browser tab where they are created". The support FAQ lists what terminates one: a rejected order (below minimum notional, insufficient margin), modifying the limit order the chase placed, closing or refreshing the tab, switching the active address or disconnecting the wallet, and connecting "the same address in another browser". Treat a chase as a session, not a resting order.
TWAP: the execution-target rule
A TWAP "attempts to meet an execution target which is defined as the elapsed time divided by the total time times the total size". Suborders go out at a fixed interval derived from size and running time; "intervals are a minimum of 30 seconds", running time is "5 minutes to 7 days", and the minimum total order is $100. The docs' own examples: "a $10,000 order over 1 hour is split into ~121 suborders of ~$83, sent every 30 seconds", and the same order over 4 days into "~1,000 suborders of ~$10, sent roughly every 6 minutes". Each suborder is capped at 3% slippage. When suborders miss, "the TWAP will try to catch up to this execution target during later suborders", which may be up to "3 times the normal suborder size" — and "if too many suborders did not fill then the TWAP order may not fully catch up to the total size by the end". A TWAP can be given a trigger price (it starts when mark price reaches it) and a max/min price (it stops when mark price reaches it); "Randomize" varies each suborder "up to ±20%".
Take profit and stop loss: two kinds, one trap
TP/SL orders trigger on the mark price, not the last trade. "TP/SL market orders have a slippage tolerance of 10%"; with a limit price you choose the trade-off yourself — the docs' example is a stop at $10 with a $10 limit that "would rest at $10 instead of filling" if price gaps from $11 to $9, versus an $8 limit "likely to fill at some price between $9 and $8".
Which kind you placed matters. A TP/SL opened from the position form defaults to the whole position and "will attempt to close the entire position at the time of trigger"; if you set a size, it is fixed and "will not resize with the position". A TP/SL opened from the order form is tied to that order (one-cancels-other) and the docs ask you to "read the below carefully": "children TP/SL orders associated with a parent order will be placed if and only if the parent order fully fills or is partially filled followed by a cancelation for insufficient margin". Cancel a partially filled parent yourself and "the child TP/SL orders are fully canceled as well" — the filled part has no protection until you add it manually.
Self-trade prevention and "Action already expired"
"Trades between the same address cancel the resting order instead of causing a fill. No fees are deducted, nor does the cancel show up in the trade feed" — the behaviour CEXs call "expire maker". Separately, an order that "is not accepted by the L1 within 15 seconds" fails with "Action already expired"; this is deliberate, so a congested connection cannot land a stale order. The setting "Disable Transaction Delay Protection" turns it off, with the docs' warning that delayed attempts may then all land at once: "placing a short order to close a long position may result in closing the long and opening a short position if multiple short orders were attempted during the delay".
FAQ
Does a chase order survive if I close the laptop?
No. It runs in the tab that created it and terminates when the tab is closed or refreshed, the wallet disconnects, or the same address connects elsewhere. Use a resting limit order if you need something that persists.
Why did my TP/SL disappear when I cancelled my entry order?
Because it was attached to the parent order, not the position. Cancelling an unfilled or partially filled parent cancels its children. Place a new TP/SL from the position form for the size that did fill.
What is the smallest TWAP I can run?
$100 total, over at least 5 minutes, with suborders no closer than 30 seconds apart.
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