Order types

Every order has a side, a size, a leverage and a kind. The side is the side of the order, not of your position: to exit a long you place a short, and the terminal helps by defaulting to the closing side when you open a TP / SL.

Sizing#

Size in USDC or in units of the index; the toggle sits inside the size field. USD-sized orders trade an exact notional; unit-sized orders trade an exact number of units, which makes them the right choice for closing exactly what you hold. Minimum order $10, maximum $5,000,000. Margin is size divided by leverage and is locked to the position.

Market#

Executes now against the curve at the curve's average price and pays the taker fee. Rejected if price impact would exceed your max slippage, and rejected if its own impact would open the position below maintenance at the index, where liquidation reads: such an order would be liquidated on the next tick, so the panel and the engine both refuse it and say the largest size that survives at that leverage.

Limit and time in force#

A resting order is edited in place. In the open orders tab, Edit opens its price, trigger and size for typing; on the chart, its line drags to a new price like a stop. Either way the order is cancelled and placed again with the change as one step, under a new id, everything else kept, and the order history records the one it replaced. A change the market refuses, a size under the minimum or a trigger that would fire at once, leaves the original resting exactly as it was. A new price that is already marketable fills at once, as a fresh limit order at that price would.

Take profit and stop loss#

A trigger order waits for the mark to cross a trigger price, then executes as a market order or rests as a limit order at a price you choose. It carries its own size, so you can take profit on half and let the rest run, or stop out a third at a time. A take profit must sit on the profitable side of your entry: one that would close at a loss is refused, with a pointer to a stop loss or a limit order, and the trigger price box opens one percent beyond the mark so it never starts on a price that would fire at once.

• A trigger that would fire immediately is rejected, so you cannot accidentally place a stop above the mark on a long.
• A triggered limit becomes an ordinary resting order and shows as triggered, resting in open orders until it fills.
• Trigger orders are good till cancelled and fire on the mark, not the index.

Attached TP / SL#

An entry order can carry a take profit and a stop loss for the position it creates. They live on the position, can be edited inline in the positions tab, and close the whole position at market when the mark crosses. The panel shows the PnL at each level as you type. Use trigger orders instead when you want partial exits or limit execution.

Trailing stop#

A trailing stop follows the mark instead of standing still. Set a distance in percent and the stop sits that far behind the best mark seen since it was set, below it for a long and above it for a short; it moves only in your favour, never back, and closes the whole position at market when the mark comes back through it. Attach one to an entry order under the take profit and stop loss, where the panel shows where it starts, or set one on an open position from the positions tab. It lives alongside a fixed stop loss, and whichever the mark reaches first fires. The chart draws it as a dotted line that steps with the mark, the positions tab shows where it stands, and its fills show as trail in the trade history.

Reduce-only#

A reduce-only order can only shrink or close the position on the other side of its market: a reduce-only short works your long and never beyond it, and it never opens a short. It is rejected if there is nothing to reduce, and it is the only kind accepted while a market is settle-only. Trigger orders default to reduce-only when you have a position. Without it, an order against an open position opens the other side alongside it: a long and a short can be open at once, each with its own margin, take profit, stop loss and liquidation price.

Max slippage#

Market executions, including triggered market orders, are rejected when the price impact would exceed your setting. The terminal defaults to 3%; API orders that omit it get 8%. Limit orders carry their own bound and ignore this setting.

Sizing by risk#

The order panel's Risk mode sizes a position from what it may lose. Enter the most the trade may lose and the stop price; the size is that loss over the stop's distance from the entry, and the stop rides along as the stop loss. The four buttons put half a percent, one, two or five percent of the available balance at risk. A stop fills at market when the mark crosses it, so the loss is about the amount entered, plus the fees and whatever the fill moves the price. A stop beyond the liquidation price at the chosen leverage would never fire, and the panel refuses the order until the leverage comes down or the stop moves closer.

Moving a stop on the chart#

A position's take profit and stop loss are drawn on the terminal chart as the thicker dotted lines. Drag one to a new price and release: the trigger moves to where the line was dropped, with the same rules as typing the price, so a stop dragged across the mark is refused and the line goes back. Entry and liquidation lines stay where they are.

Resting limit orders and waiting triggers drag the same way, at the wider stroke: the order is replaced at the new price in one step, and a refusal puts the line back.

Closing#

From the positions tab: 25% and 50% close that much at market, Close closes the whole position now, and Close… opens a dialog with a size slider and a market or limit exit, with the estimated exit price and realised PnL. BE moves the stop loss to breakeven, the price at which the position closes flat after the fee paid to open it and the fee to close it; it is available once the mark is past that price. Flip closes the position and opens the other side at the same size and leverage in one action: the close goes first so that what it returns funds the new side, the old take profit and stop loss are dropped, and a new side that cannot be opened leaves the close standing and says why. Any opposite-side order larger than the position closes it and opens the remainder the other way unless it is reduce-only. See Leverage and margin for what happens to the margin.