Orders, fills and positions

#Order types

#Market

Fills right away at the fill price below, or fails. Your slippage setting is the worst price you accept: a long fails if the fill is higher, a short fails if it is lower.

#Limit

A limit order opens a position when the price reaches your level.

• Your deposit waits in the order's own account, not in the vault. It is not house money and nothing is set aside for it until it fills.
• It fills at exactly your limit price, never better, never worse. All the normal open checks still apply.
• It lasts up to 7 days. You can add a take profit and stop loss that start working once it fills.
• Fees, leverage and the other terms are locked when you place it. If they change before it fills, the order cannot fill: cancel it and place it again.
• Cancel any time, even during a pause, and get the full deposit back. After expiry anyone can refund it to you.

A limit order that rested at least 60 seconds pays the 0.25% maker fee instead of the 1% taker fee. See Fees.

#Take profit and stop loss

Set, move or clear them by price or by return on margin. At 2x, a 10% price move is a 20% return on margin before fees and funding.

• Take profit must sit on the winning side, at or before the max profit line.
• Stop loss sits on the losing side. A stop past the liquidation line never fires: liquidation comes first.
• Anyone can execute a TP or SL once it is hit at both the live pool price and the 1-minute average price. A single wick in the pool cannot set it off.
• It closes exactly like your own close. Whoever executes it gets 0.1% of your margin from your payout, never from the vault. The rest goes to you.
• A take profit set at least 60 seconds earlier pays the maker fee. A stop loss pays the taker fee.
• Nothing blocks a TP or SL close: not a pause, not a close-only market, not the daily loss limit.

#Closing

A close pays margin + PnL − funding − close fee, never below 0 and never above margin + max profit. A winning close then pays the 10% profit fee on the part above your margin. Your slippage setting sets the smallest payout you accept.

• Close any time. Pauses, close-only markets and the daily loss limit never block a close.
• Partial close. Close any share of a position. Margin, size, max profit and funding split in proportion. A tiny leftover closes in full.
• Close all. One close per open position, each with its own slippage limit.

#Fill price

Every trade fills at the worse of two prices for you: the live pool price and the 1-minute average price.

Someone pumping or dumping the pool in the same block can only make their own fill worse. Opens are refused while the live price is more than 25% away from the average.

Prices are recorded every few seconds. If the newest one is more than 10 seconds old, the app records a fresh one before your trade.

#Size limits

The same numbers apply in HYPE on the HYPE vault. Market and vault caps can still refuse an open inside these limits. See Caps and breaker.

#Positions

Each position is separate. You can hold several on the same coin, and a short does not cancel a long: it is a second position with its own margin, fees and liquidation line. Fees, funding rate, liquidation line, max profit and expiry are locked into each position when it opens. Later changes never touch it.

#Confirm sheet

Before you sign, the app shows every amount: deposit, open fee, skew fee, margin, size, max profit, TP and SL, and your slippage limit. Check it against your wallet's preview.

#1-click trading

Note Preview: runs on preview data until the program is deployed.

One wallet signature funds a trading account that only you own and creates a session key in this browser. The key can trade inside the limits you sign (how long, how much per trade, how much in total) and can never withdraw. Bigger trades, limit orders and every withdrawal still ask your wallet. Withdrawals only go back to your wallet.