Hyperliquid Order Types, TWAP Execution, and Exit Orders
Summary
This documentation explains how Hyperliquid's time-weighted average price order divides a total order into smaller submissions at intervals based on order size and duration. It gives examples of how a one-hour order and a multi-day order are divided, and describes a 3% maximum slippage constraint for each suborder. If fills fall behind the target because of market conditions, later submissions may increase in size, but catch-up is capped; an order may still finish incomplete. TWAP submissions also pause during a network upgrade's post-only period.
The page defines good-til-cancel, post-only, and immediate-or-cancel orders, and notes that take-profit and stop-loss orders execute as market orders with configurable trigger prices and position amounts. These mechanics explain execution behavior and order constraints, but the document provides no comparative costs, performance data, or guidance for choosing order types in specific market conditions. Actual fills can depend on liquidity and spreads.
Key ideas
- TWAP divides an order into timed suborders based on its total size and running time.
- Each suborder has a 3% slippage limit, and missed execution may leave the order behind target.
- Catch-up submissions can be larger but are capped relative to normal suborder size.
- GTC rests until filled or canceled, post-only avoids immediate execution, and IOC cancels unfilled quantity.
- Take-profit and stop-loss orders are described as market orders with configurable prices and position amounts.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.