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title: "Hyperliquid order types explained"
description: "Hyperliquid order types explained: market, limit, post only, TP/SL, trailing stop, TWAP, scale and chase, with maker and taker fees and real slippage costs."
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# Hyperliquid order types explained, and what each one costs you

Every Hyperliquid order type, from market and limit to stops, TWAP, scale and chase, what each one does and which fee it pays. A $100,000 bitcoin market order paid $45 in fees and 60 cents in slippage.

By

[0xArchive Team](https://0xarchive.io/authors/0xarchive-team)

November 11, 2026

10 min read

- [Hyperliquid](https://0xarchive.io/resources?topic=hyperliquid)

## Key findings

1. [Market orders pay the taker fee, resting limit orders pay the maker fee](https://0xarchive.io/resources/market-data-guides/hyperliquid-order-types#article-section-market-orders-pay-the-taker-fee-resting-limit-orders-pay-the-maker-fee)
2. [A $100,000 bitcoin market order paid $45 in fees and 60 cents in slippage](https://0xarchive.io/resources/market-data-guides/hyperliquid-order-types#article-section-a-100-000-bitcoin-market-order-paid-45-in-fees-and-60-cents-in-slippage)
3. [Post only is the setting that guarantees the maker fee](https://0xarchive.io/resources/market-data-guides/hyperliquid-order-types#article-section-post-only-is-the-setting-that-guarantees-the-maker-fee)
4. [Take-profit and stop-loss orders trigger on the mark price](https://0xarchive.io/resources/market-data-guides/hyperliquid-order-types#article-section-take-profit-and-stop-loss-orders-trigger-on-the-mark-price)
5. [A TP/SL attached to an order only goes live when that order fully fills](https://0xarchive.io/resources/market-data-guides/hyperliquid-order-types#article-section-a-tp-sl-attached-to-an-order-only-goes-live-when-that-order-fully-fills)
6. [Trailing stops follow the best mark price and never move back](https://0xarchive.io/resources/market-data-guides/hyperliquid-order-types#article-section-trailing-stops-follow-the-best-mark-price-and-never-move-back)

Hyperliquid has ten order types: market, limit, stop market, stop limit, take market, take limit, chase, scale, trailing stop and TWAP. Take-profit and stop-loss orders sit on top of them. Each one changes two things: when your order fills, and which fee you pay for it.

The fee matters more than most traders think. From 12 October to 11 November 2026, a $100,000 bitcoin market order on [Hyperliquid](https://hyperliquid.xyz/) filled 60 cents past the mid. The taker fee on the same order was $45.

![Card grid of Hyperliquid's ten order types in four groups: fills now (market), waits at your price (limit, scale, chase), fires on a trigger (stop market, stop limit, take market, take limit, trailing stop) and works over time (TWAP). Each tile is tagged with the fee it pays.](https://api.0xarchive.io/cms-assets/2026/11/6f760613-bd8a-419d-9f1f-5548d146c2e6.webp)

Hyperliquid's order types as its docs list them, updated 31 October 2026. A limit, scale or triggered limit order pays the maker fee only when it rests in the book before it fills. Chase is post only, so every fill pays the maker fee.

## Market orders pay the taker fee, resting limit orders pay the maker fee

A market order fills right away against orders already sitting in the book. That makes you the taker. At Hyperliquid's base rate a taker pays 0.045% of the order's value on perps.

A limit order waits at your price. If it rests in the book and someone else fills against it, you are the maker, and the base maker rate is 0.015%. That is a third of the taker fee.

Under the hood, a market order is a limit order that fills at once or cancels, priced past the book by a slippage limit. So a market order cannot fill at any price at all, which matters on a thin market.

| Perps fee at Hyperliquid's base rate | Taker | Maker |
| --- | --- | --- |
| Under $5M of 14-day volume | 0.045% | 0.015% |
| Over $25M | 0.035% | 0.008% |
| Over $500M | 0.028% | 0.000% |

Fee tiers come from your rolling 14-day volume, with spot counted double. Staking HYPE takes 5% to 40% off. The full schedule is on [Hyperliquid's fees page](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees).

## A $100,000 bitcoin market order paid $45 in fees and 60 cents in slippage

Slippage is the gap between the mid, where the best bid and ask meet, and the average price your order actually fills at. On Hyperliquid's biggest markets that gap is tiny next to the fee.

| Median cost past the mid, 12 Oct to 11 Nov 2026 | $10,000 order | $100,000 order |
| --- | --- | --- |
| BTC | $0.06 | $0.60 |
| ETH | $0.21 | $2.20 |
| SOL | $0.47 | $7.50 |
| XRP | $0.40 | $17.20 |
| **Taker fee at the base rate** | **$4.50** | **$45.00** |

Each row is the median of 120 market orders walked through archived [Hyperliquid L2 order books](https://0xarchive.io/data-types/l2-order-books): 60 random times in the window, one buy and one sell at each.

So on these four markets, at these sizes, the choice that moves your cost is market or limit, not how big you go. Size starts to bite further out. A $1,000,000 [bitcoin](https://0xarchive.io/data/hyperliquid/perpetuals/btc) market order moved a median $44 past the mid, against a $450 taker fee.

![Unit chart, one square per dollar, of what a $100,000 market order cost on Hyperliquid: 45 grey squares of taker fee on every market, plus green squares of slippage: BTC $0.60, ETH $2.20, SOL $7.50 and XRP $17.20.](https://api.0xarchive.io/cms-assets/2026/11/bd7a02bb-1479-43dc-b594-fa3c0c54cdcf.webp)

Median cost of a $100,000 market order past the mid, from 120 orders per market walked through archived Hyperliquid order books: 60 random times from 12 October to 11 November 2026 UTC, one buy and one sell at each. The fee is Hyperliquid's base perps taker rate, 0.045%.

## Post only is the setting that guarantees the maker fee

Every limit order on Hyperliquid carries a time in force, which sets what happens if it can fill the moment it arrives.

**1. Good til cancel (GTC)** rests in the book until it fills or you cancel it. If your price already crosses the book, it fills straight away as a taker.

**2. Immediate or cancel (IOC)** fills what it can at once and cancels the rest. It never rests, so it always pays the taker fee.

**3. Post only (ALO)** only ever rests. If it would fill on arrival, Hyperliquid cancels it instead, so every fill you get pays the maker fee.

Use post only when the fee is the point. Use GTC when getting filled matters more than the rate.

## Take-profit and stop-loss orders trigger on the mark price

A take-profit (TP) closes a position at a gain and a stop-loss (SL) closes it at a loss. Both fire when the mark price reaches your trigger. The mark is the price Hyperliquid uses for margin and liquidations, so one stray trade in the book does not set off your stop.

Once triggered, a TP/SL becomes a market order with a 10% slippage limit, or a limit order if you set a limit price. That limit price is the trade-off: tight and it can be skipped, loose and it fills worse.

How often a tight limit gets skipped is measurable. From 5 to 18 October 2026, stop limits set right at their trigger filled within a second 13% of the time, as the [guide to Hyperliquid stop-loss orders](https://0xarchive.io/resources/market-data-guides/hyperliquid-stop-loss) shows.

Illustration. Your stop on a long triggers at 100 and price drops from 101 to 99 in one move. With a limit of 100, the order rests at 100 above the market and does not fill. With a limit of 98, it fills somewhere between 99 and 98.

![Illustration: the same price path drawn twice, steady near 101, then gapping to 99 with no trades in between. Top: a sell limit at 100 rests above every bid and never fills. Bottom: a sell limit at 98 fills near 99.](https://api.0xarchive.io/cms-assets/2026/11/c20088c3-00a2-4c0d-b963-5a15f326f13c.webp)

Illustration, not market data. Both stops trigger when the mark passes 100. The limit price decides whether the sell can reach the bids left after the gap.

Stop market and stop limit orders open or add as well as close. A stop buy sits above the mid and a stop sell below it, so they catch breakouts. Take market and take limit do the opposite: a take buy waits below the mid, like a buy-the-dip order that fires on a trigger.

## A TP/SL attached to an order only goes live when that order fully fills

A TP/SL set from the position form covers the whole position by default. A TP/SL set in the order form belongs to that order, and Hyperliquid places it only once the order fills.

That has one trap. If the order fills partly and you cancel the rest, the TP and SL are cancelled too, and the part that filled has no stop. Set a new TP/SL on the position if that happens. The one exception is a partial fill cancelled for lack of margin, where Hyperliquid places the TP/SL as if the order had filled.

## Trailing stops follow the best mark price and never move back

A trailing stop is a market order that fires when the mark price pulls back a set distance or percentage from its best level since you placed it.

On a long, the trigger follows the highest mark price reached and only ever moves up. On a short it follows the lowest and only ever moves down. Trailing stops are available on Hyperliquid perps.

## Hyperliquid's TWAP splits one order into slices for up to 7 days

A TWAP (time-weighted average price) order breaks one large order into smaller suborders sent at a regular interval. You set the size and how long it runs, anywhere from 5 minutes to 7 days, with a $100 minimum.

Slices go out no faster than every 30 seconds. Hyperliquid's own example: a $10,000 order over an hour goes out as 121 suborders of $83.

Each suborder fills with at most 3% slippage. When a slice cannot fill, the TWAP falls behind and later slices grow to catch up, up to three times the normal size. If too many slices miss, the order can end short of its full size.

Three options shape it. Randomize moves each slice's size up to 20% either way. A trigger price holds the TWAP until the mark reaches it. A max or min price acts as a limit, so no slice fills worse than it.

To see which wallets are running TWAPs right now, use the [Hyperliquid TWAP tracker](https://0xarchive.io/resources/market-data-guides/hyperliquid-twap-tracker).

## Scale orders ladder limit orders across a price range

A scale order places several limit orders between two prices in one go, so you build or exit a position in steps instead of at one level. Each one is an ordinary limit order, so each rests in the book and pays the maker fee when it fills there.

## Chase holds a post-only order next to the best price until it fills

A chase order is a post-only limit order that moves itself. A buy sits one tick above the best bid and a sell one tick below the best ask, and when the market moves, the order follows.

That gets you the maker fee without watching the book. On Hyperliquid's own app, a chase runs in the browser tab that created it, with up to 5 active at once.

## Reduce only keeps an exit from opening a new position

A reduce-only order can shrink or close a position but never flip it. If you are long 1 BTC and send a reduce-only sell for 2 BTC, it closes the long and stops there instead of leaving you short 1 BTC.

![Screenshot of the 0xArchive Terminal order ticket in Live mode, with the Algo menu open on Scale, TWAP, Chase and OCO. Under the Place Buy Order button, a $1,000 buy shows an estimated fill, liquidation price, order value, margin, slippage and a 0.055% fee.](https://api.0xarchive.io/cms-assets/2026/11/ac4f8e74-a02a-4d4d-ac8c-3295e5d7291c.webp)

The Live ticket's Algo menu. The summary under the button is a $1,000 buy: the fee line reads 0.055%, Hyperliquid's 0.045% plus 0xArchive's 0.01%. Rendered from the Terminal's own code with a test wallet and test prices.

## The 0xArchive Terminal runs chase and trailing stops on its servers

The [0xArchive Terminal](https://terminal.0xarchive.io/) places all of these orders on Hyperliquid from one ticket, signed by your own wallet. Your funds stay in your Hyperliquid account. [Live trading in the Terminal](https://0xarchive.io/resources/product-updates/terminal-live-trading) launched in November 2026.

Once you set up server trading, chase, trailing stops and the Terminal's other algos run on 0xArchive's servers, so they keep working after you close the browser. They trade only within limits your wallet signs. The Runs panel lists everything running and stops any of it.

Before you send an order, the summary under the button shows the estimated fill, the slippage, the liquidation price it leaves you with and the full fee.

| Order type | Where it runs in the Terminal | 0xArchive fee |
| --- | --- | --- |
| Market, limit, TP/SL, scale | Hyperliquid, from the ticket | 0.01% of each fill |
| Hyperliquid TWAP | Hyperliquid, from the ticket | None |
| Chase, trailing stop | 0xArchive's servers, tab can close | 0.01% of each fill |

The 0xArchive fee is 0.005% on most HIP-3 markets, and it comes on top of Hyperliquid's own fee. Residents of the United States, the United Kingdom and sanctioned jurisdictions may not trade in the Terminal. Charts are free and need no account.

## Common questions about Hyperliquid order types

**What order types does Hyperliquid have?** Market, limit, stop market, stop limit, take market, take limit, chase, scale, trailing stop and TWAP, with take-profit and stop-loss orders, plus the GTC, IOC, post only and reduce only options.

**What are Hyperliquid's maker and taker fees?** At the base rate, perps cost 0.045% for takers and 0.015% for makers. The rates fall with 14-day volume and with HYPE staked.

**Does a limit order always pay the maker fee on Hyperliquid?** No. A limit order pays the maker fee only if it rests in the book first. One priced through the book fills at once and pays the taker fee, unless you set it to post only.

**How much slippage does a market order get on Hyperliquid?** From 12 October to 11 November 2026, a $100,000 bitcoin market order filled a median 60 cents past the mid, against a $45 taker fee.

**What price triggers a Hyperliquid stop-loss?** The mark price. A triggered TP/SL market order fills with up to 10% slippage unless you set a limit price.

**How long can a Hyperliquid TWAP run?** From 5 minutes to 7 days, in suborders no closer than 30 seconds apart, each capped at 3% slippage.

## Run this analysis from an agent

The market order costs in this guide come from archived Hyperliquid order books an agent can call. 0xArchive ships an [MCP server](https://docs.0xarchive.io/mcp-server), so Claude and other AI agents can pull books, trades and candles in plain language. There is a [Claude Code skill](https://docs.0xarchive.io/claude-code-skill) for terminal workflows and an [agentic gateway](https://docs.0xarchive.io/agentic-gateway) for agents that pay per call. Start with the [agent surfaces overview](https://docs.0xarchive.io/agent-surfaces) or the guide to [replayable market data for MCP, CLI and agent workflows](https://0xarchive.io/resources/market-data-guides/replayable-market-data-for-mcp-cli-and-agent-workflows).

## Route references

Use the [order book routes reference](https://docs.0xarchive.io/rest-api/order-books) for L2 and L4 Hyperliquid books, and the [Hyperliquid order book data API guide](https://0xarchive.io/resources/market-data-guides/hyperliquid-order-book-data-api) for what each depth level holds. The [Hyperliquid TWAP tracker](https://0xarchive.io/resources/market-data-guides/hyperliquid-twap-tracker) shows which wallets are running TWAPs right now.

For current API availability and plan details, use the [Hyperliquid data API](https://0xarchive.io/hyperliquid), [data catalog](https://0xarchive.io/data/catalog), [pricing](https://0xarchive.io/pricing), and [status](https://0xarchive.io/status).