How to place a perpetual order

Step by step: open a long or short position on Hyperliquid in THORWallet with a market or limit order, add take profit and stop loss, and close it.

Updated 4 min read
Short answer

Open Trade, choose Hyperliquid, pick a market and fill in the order ticket: Long or Short, Market or Limit, size and leverage. Check the order value, margin, liquidation price and fees, then confirm with the Long or Short button. Orders must be worth at least $10.

On this page

You place every order from the order ticket of a market. The ticket shows what the order costs and where the position would be liquidated before you confirm.

Risk

Perpetuals are leveraged and high risk. You can lose your entire margin. They are not available in every country. Nothing here is investment advice.

Before you start

  • Your Hyperliquid account holds USDC. See How to deposit to and withdraw from perpetuals.
  • Trading is enabled for your wallet. If it is not, the ticket shows Enable trading on Hyperliquid. Tap Enable trading and sign once. No funds move.

Place an order

  1. Tap Trade and choose Hyperliquid.
  2. On the Markets tab, search for a market or use the filters, then tap it.
  3. In the ticket, choose Long or Short.
  4. Choose the order type: Market, Limit or Pro. For a limit order, enter the Limit price.
  5. Enter the size.
  6. Set the leverage and choose the margin mode with Cross / Isolated.
  7. Optional: open Take profit / Stop loss and enter trigger prices. For a market order you can change Max slippage.
  8. Check Order value, Margin, Liq. price and Fees.
  9. Confirm with the button at the bottom, for example Long BTC or Short BTC.
The order ticket: Long or Short, order type, leverage, size and TP/SL.

The ticket then shows the result:

  • Order filled: Hyperliquid filled your order. The position is on the Positions tab.
  • Order is on the book: a limit order is waiting. It fills when the market reaches your price.
  • Partly filled: part was filled and the rest was cancelled or is still working. Check your position before you send anything else.

Order types

TypeWhat it does
MarketFills at the best price available, within your max slippage
LimitRests on the order book until the market reaches your price
Stop marketFills at the market when the price reaches your trigger
Stop limitRests as a limit order when the price reaches your trigger
Take marketFills at the market when the price comes back to your trigger
Take limitRests as a limit order when the price comes back to your trigger
ScaleSplits your size into a ladder of limit orders between two prices
TWAPBuys or sells a little at a time over the minutes you choose
ChaseRests at the best price and follows the order book until it fills

The last seven are under Pro. Reduce only makes sure an order can only make an existing position smaller.

Take profit and stop loss

A take profit closes the position when the price reaches your target. A stop loss closes it when the price moves against you to the level you set. Both are trigger orders on Hyperliquid.

To add or change them on an open position:

  1. Open the Positions tab and tap the position.
  2. Tap Add TP / SL or Edit TP / SL.
  3. Enter a take profit, a stop loss, or both, and confirm.

They follow your whole position and resize when it does. New protection replaces the take profit and stop loss already on that position.

Warning

A stop loss does not guarantee the exit price. In a fast market the order can fill at a worse price than the trigger.

Close a position or cancel an order

  • Close: on the Positions tab, open the position and close all of it or use Partial close. A close goes out as a market order that can only reduce the position. The fee and the realised PnL shown are estimates.
  • Cancel: open Orders, then tap Cancel on one order or Cancel all. Nothing is filled and no funds move.

The Positions tab also has Fills for executed trades and History for filled, cancelled and rejected orders.

If the order is rejected

  • Orders must be worth at least $10: increase the size.
  • Not enough margin for this order: lower the size or deposit more USDC.
  • A post-only order cannot cross the book: move the limit price away from the market.
  • We did not get an answer from Hyperliquid: the order may have been placed. Check your positions before you send it again.

More cases are in Trading troubleshooting.

Common questions

What is the difference between a market and a limit order?

A market order fills at once at the best price available, within the max slippage you set. A limit order rests on the order book and fills only when the market reaches your price.

What is the minimum order size?

Hyperliquid requires an order value of at least 10 dollars. A TWAP order needs at least 100 dollars.

Can I add a take profit and a stop loss later?

Yes. Open the position on the Positions tab and tap Add TP / SL. New protection orders replace the ones already on that position.

Why is the leverage locked in the ticket?

You already hold a position in that market. The ticket uses the leverage and margin mode of that position.

How do I cancel an open order?

Open the Positions tab, go to Orders and tap Cancel on the order. Cancel all removes every resting order on the account.

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