📁Order Types
An overview of all Order Types for Hyperliquid trading on Bullpen
1. Market Order
Description: Executes immediately at the best available market price from the order book, ensuring rapid entry or exit from a position.Parameters:
Asset: The trading pair (e.g., BTC-USD).
Size: Quantity to trade (e.g., 1.0 BTC or 100 USD).
Direction: Buy (long) or Sell (short).
Reduce Only: Optional, restricts order to reducing existing positions.
Use Cases: Ideal for traders prioritizing speed over price precision, such as entering or exiting positions quickly in fast-moving markets.Notes:
Executes instantly; no price specification required.
May incur slippage in volatile markets.
2. Limit Order
Description: Executes only at the specified price or better (lower for Buy, higher for Sell). The order rests on the order book until matched or canceled.Parameters:
Asset: The trading pair.
Size: Quantity to trade.
Direction: Buy or Sell.
Limit Price: The target execution price.
Time-in-Force (TIF):
Good 'Til Canceled (GTC): Remains active until filled or canceled.
Immediate or Cancel (IOC): Fills available quantity instantly; unfilled portion is canceled.
Add Liquidity Only (ALO): Cancels if the order would take liquidity; ensures it adds to the order book.
Reduce Only: Optional.
Use Cases: Suitable for traders seeking precise entry or exit prices, often used to provide liquidity and earn rebates.Notes:
May not execute if the market price does not reach the specified limit.
Can be modified or canceled while active.
3. TWAP (Time-Weighted Average Price) Order
Description: Divides a large market order into smaller sub-orders executed at regular intervals (every 30 seconds) to achieve an average price over time, minimizing market impact.Parameters:
Asset: The trading pair.
Size: Total quantity to trade.
Direction: Buy or Sell.
Reduce Only: Optional.
Use Cases: Best for executing large trades without significantly affecting market prices, commonly used by high-volume traders.Notes:
Sub-orders are executed as market orders with slippage protection.
Reduces price impact compared to a single large market order.
4. Scale Order
Description: Splits a large limit order into multiple smaller limit orders, distributed evenly across a specified price range, to achieve a better average execution price.Parameters:
Asset: The trading pair.
Size: Total quantity to trade.
Direction: Buy or Sell.
Price Range: Start and end prices for the order distribution.
Number of Orders: Number of sub-orders (manual or automatic).
Reduce Only: Optional.
Use Cases: Useful for gradually building or exiting positions in stable or ranging markets, avoiding large market impacts.Notes:
Each sub-order functions as a standard limit order.
Enhances price efficiency for large trades.
5. Stop Market
OrderDescription: Triggers a market order when the asset’s mark price reaches or crosses the specified stop price, executing immediately at the best available market price.Parameters:
Asset: The trading pair.
Size: Quantity to trade.
Direction: Buy or Sell.
Stop Price: The mark price at which the order triggers.
Reduce Only: Optional, commonly used for risk management.
Use Cases: Employed for stop losses to limit downside risk or to enter trades on price breakouts.Notes:
Uses mark price for triggering to prevent manipulation.
Executes as a market order upon activation.
6. Stop Limit Order
Description: Triggers a limit order when the asset’s mark price reaches the specified stop price. The limit order then executes at the designated price or better.Parameters:
Asset: The trading pair.
Size: Quantity to trade.
Direction: Buy or Sell.
Stop Price: The mark price at which the order triggers.
Limit Price: The target execution price post-trigger.
Time-in-Force: GTC, IOC, or ALO for the limit order.
Reduce Only: Optional.
Use Cases: Ideal for controlled exits or entries after a price trigger, with specific price targets.
Last updated