How Hyperliquid Chase Orders Reprice and Terminate
Summary
The document explains that a chase order is a post-only limit order that continually adjusts to remain near the front of the order book. For a buy, it generally rests one tick above the best bid; for a sell, it rests one tick below the best ask. When the spread is only one tick, it may rest at the best bid or ask. The order continues repricing as the market moves and can remain active through partial fills until it is filled or terminated.
It lists conditions that terminate the order: rejection, modification of its limit order, closing or refreshing the browser tab, switching or disconnecting the active wallet, or connecting the same address in another browser. Because the order runs in the browser tab where it was created, its operation depends on that session remaining active. The document describes order mechanics and lifecycle, but gives no performance data or guidance on whether chasing is suitable for a particular strategy.
Key ideas
- A chase order is a post-only limit order that reprices to track the best bid or ask.
- The order aims to rest near the front of the book and can continue after partial fills.
- Rejection, manual modification, or loss of the originating browser session can terminate it.
- Wallet changes and connecting the same address in another browser are also listed as termination conditions.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.