Hyperliquid order types

Time in force and order options

These options combine with limit and market orders rather than being separate order types, so 'post-only limit' is a limit order with ALO set.

• GTC (Good Til Cancel) — rests on the book until filled or cancelled.
• ALO (Post Only) — added to the book only as a resting order; never executes immediately.
• IOC (Immediate or Cancel) — cancelled if not filled immediately.
• Reduce Only — can only reduce an existing position, never open an opposite one.
• Take Profit — triggers when the TP price is reached; market by default, limit price configurable.
• Stop Loss — triggers when the SL price is reached; market by default, limit price configurable.

TWAP orders, precisely

A TWAP targets an execution schedule defined as elapsed time divided by total time, times total size. Suborders go out at a fixed interval derived from total size and running time: larger orders over shorter windows are split into suborders as often as every 30 seconds, smaller orders over longer windows are spaced further apart. Running time is 5 minutes to 7 days, with a $100 minimum total size.

Each suborder has a maximum slippage of 3%. If suborders under-fill because of a wide spread or thin liquidity, later suborders try to catch up, but are capped at three times the normal suborder size — so a TWAP that falls far behind may not reach its full size by the end. Like market orders, TWAP suborders do not fill during the post-only period of a network upgrade.

• $10,000 over 1 hour → about 121 suborders of about $83, every 30 seconds.
• $10,000 over 4 days → about 1,000 suborders of about $10, roughly every 6 minutes.

TP/SL mechanics worth knowing

Take-profit and stop-loss orders trigger on mark price, not last trade, which is the same robust index used for liquidation. That makes them harder to pick off with a wick but means the trigger can fire while the visible last trade has not reached your level.

Stops are also the practical defence against backstop liquidation, where maintenance margin is forfeited. Exiting before mark price reaches the liquidation price preserves that margin.

What a copy-trading system actually sends

Mirroring a leader means translating their observed position changes into orders on your own sub-account, sized to your capital. Because the leader's fills are public, the target state is unambiguous; the open question is always execution quality, not intent.

Order choice is therefore an execution-cost decision. Aggressive fills reduce divergence from the leader's entry but pay taker fees and spread; passive fills invert that trade-off and risk not filling at all.