Hyperliquid order types explained, and which to use when

The order types

Type	What it does	Fee side
Market	Executes immediately against the book at the current price	Taker
Limit	Executes at your price or better, rests until then	Maker if it rests, taker if it crosses
Chase	A post-only order that tracks the best bid or ask, resting one tick away	Maker
Stop market	Sends a market order when the trigger price is reached	Taker
Stop limit	Sends a limit order when the trigger price is reached	Either
Take market	Sends a market order when a favourable trigger is reached	Taker
Take limit	Sends a limit order when a favourable trigger is reached	Either
Scale	Places multiple limit orders across a price range	Maker
TWAP	Slices a large order into suborders spread over time	Mostly taker

Stop and take orders differ only in which direction the trigger sits. For a long, a stop trigger must be below the current price and a take trigger above it. Getting this backwards is the most common order rejection people hit.

The time-in-force flags

These modify a limit order rather than being separate types.

Good-til-cancel (GTC) rests on the book until filled or cancelled. This is the default and the right choice most of the time.

Post-only (ALO) rejects the order outright if it would execute immediately. This is the flag that matters for cost: it is your guarantee of paying the maker fee rather than the taker fee.

Immediate-or-cancel (IOC) fills whatever it can right now and cancels the rest. Use it when partial execution now is better than full execution later.

Reduce-only is not a time-in-force but belongs here. It guarantees the order can only decrease a position. Put it on every exit order: it prevents the classic accident where an exit order overshoots and opens an equal position in the opposite direction.

The one that saves you the most money

At the entry tier the maker rate is roughly a third of the taker rate, and from the higher tiers it is zero or a rebate. Every market order you replace with a resting limit order captures that difference.

The trade-off is real: a resting order may not fill, and a missed entry can cost more than the fee saved. The judgement is about whether being filled right now is worth paying triple. For a planned entry, usually not. For an exit in a fast market, usually yes.

TWAP, with its actual limits

TWAP splits a large order into suborders sent at intervals, to reduce the market impact of size.

Parameter	Value
Minimum notional	$100.00
Minimum runtime	5 minutes
Maximum runtime	7 days
Minimum suborder interval	30 seconds
Maximum slippage per suborder	3%

TWAP suborders mostly execute as takers, so it is not a fee-saving tool. It is a slippage-management tool. Use it when your size is large relative to the book, which our market pages help you judge.

Scale orders

A scale order places a ladder of limit orders across a range you specify. It is the efficient way to build a position over a zone rather than at a single price, and because every order rests, the whole ladder pays maker fees.

The useful mental model: a scale order says “I do not know the exact bottom of this range, and I would rather average into it than guess.”

Choosing, in practice

Planned entry, no urgency. Post-only limit, or a scale ladder if you are working a range.

Exit that must happen. Market, or stop market with reduce-only attached.

Protective stop. Stop market with reduce-only. Accept that the fill can be worse than the trigger; that is the price of certainty of exit.

Taking profit at a target. Take limit with reduce-only, so you capture your price rather than crossing the spread.

Size that would move the book. TWAP, or a scale ladder if you are patient.

Staying at the front of the queue. Chase, remembering the per-tab limit on active chase orders.