Take profit, stop loss, TWAP and scale orders

None of these orders guarantees you a fill. Each ends as ordinary orders on the book, so each order’s worst price and the book on arrival decide what you get. A stop acts when the price gets there, not when you do.

Trigger orders fire on the mark price

When the mark price (oracles) crosses the trigger, the order goes to the book as a limit order at its limit price, the worst fill you accept. A market trigger uses 10 per cent slippage instead.

Order	Used for	Trigger must be
Stop market, stop limit	Entering or exiting on a breakout	Above the mid price for a buy, below it for a sell
Take market, take limit	Acting at a better price than now	Below the mid price for a buy, above it for a sell
Take profit (TP), stop loss (SL)	Closing a position at a target or a limit	On the profit or loss side of the position

The docs’ example: you’re long with a stop at trigger $10, limit $10. If the mark gaps from $11 to $9 the sell most likely rests unfilled; with an $8 limit it most likely fills between $9 and $8.

Position	Order	Trigger	Limit	After the trigger
Long	SL	$10	$10	Sells at $10 or better; in a gap below $10 it may not fill
Long	TP	$12	$11.80	Sells at $11.80 or better; never below $11.80
Short	SL	$11	$11	Buys at $11 or better; in a spike above $11 it may not fill
Short	TP	$9	$9.20	Buys at $9.20 or better; never above $9.20

TP/SL on a position, and TP/SL on an order

• From the position: covers the whole position by default and tries to close all of it at the trigger. A size you give is fixed.
• From the order form: TP and SL are children of a parent order, fixed at its size and untriggered until it resolves. When one child fills, the other is cancelled.

Children are placed only on a full fill, or a partial fill ended by a margin cancel.

Trailing stops follow the mark in your favour

It fires a market order on a set retracement. Its watermark is the highest mark since activation for a sell (closing a long or opening a short), the lowest for a buy; an optional activation price delays tracking.

sell trailing stop:  trigger = watermark - distance      or  watermark * (1 - rate)
buy trailing stop:   trigger = watermark + distance      or  watermark * (1 + rate)

The trigger moves only on a new watermark, never back.

Mark price	Highest mark	Trigger (distance 10)	What happens
100	100	90	Tracking starts
110	110	100	New high raises the trigger
105	110	100	Trigger unchanged
120	120	110	New high raises it again
110	120	110	Market sell fires, closing the long

TWAP spreads one order over time

Suborders go out at a fixed interval, targeting elapsed time / total time * total size. Later ones make up shortfalls (for example on a wide spread), up to 3 x the normal size (total size / number of suborders); too many and it ends short.

Order	Running time	Suborders	Each	Sent every
$10,000	1 hour	about 121	about $83	30 seconds
$10,000	4 days	about 1,000	about $10	about 6 minutes

The second row is consistent with the interval stretching to keep suborders near the $10 minimum. The app can also make a TWAP wait for a trigger price and stop at a mark price bound.

Scale orders place one limit per level

One order action covers the whole price range. Each level gets its own status: a rejection does not cancel the rest, unless the batch fails validation before matching.

Chase orders reprice to stay a maker

A post-only order the app reprices to one tick inside the best bid (buy) or ask (sell), or at the best price on a one-tick spread. It always fills as a maker, and runs in the browser tab that created it.

The numbers

Parameter	Value
Trigger source	Mark price
Market TP/SL slippage tolerance	10%
TWAP running time	5 minutes to 7 days
TWAP minimum total size	$100
TWAP suborder interval	at least 30 seconds
TWAP slippage cap per suborder	3%
TWAP catch-up cap	3 x the normal suborder size
TWAP randomisation	up to 20% of suborder size, either way
Chase orders active at once	5
Trailing stops	perps only

Where each order can fail you

• A market TP/SL always sends, but a TP triggered in profit can close at a loss in a thin book. A limit TP/SL may miss a gap: for a stop that must close, set the limit well beyond the trigger.
• A wick in trades does not fire a stop unless the mark price follows it.
• Cancelling a partly filled parent removes its TP and SL: re-protect the fill by hand.
• A TWAP on a thin market can fall behind for good. Like market orders, its suborders do not fill during a network upgrade’s post-only period.
• A chase order ends when the tab closes or refreshes, you switch address or disconnect, the address connects in another browser, you modify its order by hand, or an order it places is rejected (below the minimum value or short of margin).

Trigger and TWAP orders in code

A stop loss attached to a position, closing a long (orders):

{
  "type": "order",
  "orders": [{
    "a": 0, "b": false, "p": "90000", "s": "0.01", "r": true,
    "t": { "trigger": { "isMarket": false, "triggerPx": "91000", "tpsl": "sl" } }
  }],
  "grouping": "positionTpsl"
}

A trigger order carries p even with isMarket: true: the worst acceptable fill.

Item	Value
grouping	na plain orders; normalTpsl a parent and its TP/SL children in one action (fixed size); positionTpsl TP/SL on the position (SDK code: adjusts with position size)
Placement statuses	resting, filled, waitingForTrigger, waitingForFill
Later orderStatus states	include triggered, siblingFilledCanceled
Bad trigger price	badTriggerPxRejected (“Invalid TP/SL price”)
TWAP order	{"type":"twapOrder","twap":{"a":0,"b":true,"s":"1.5","r":false,"m":60,"t":false}}; m minutes, t randomise; no trigger or price-bound fields (app options)
TWAP reply, cancel	{"running":{"twapId":...}}; {"type":"twapCancel","a":0,"t":<twapId>}
TWAP fills	userTwapSliceFills: at most 2,000, each with an all-zero hash
TWAP WebSocket	channels twapStates, userTwapSliceFills, userTwapHistory; states activated, terminated, finished, error

There is no trailing-stop or chase action. Bots chase with post-only orders and modify (one production bot reprices at most every 1,200 ms); modify returns a new order id, so reconcile timed-out actions by client order id.

What the docs leave unclear

• Dragging a TP/SL on the chart to a price that fires at once is refused; close the position directly.
• The error docs reject non-reduce-only TP/SL before matching, yet the official order types page describes stops that open positions. How the app encodes an opening stop is undocumented.
• The docs do not say where trailing stops are evaluated; unlike chase orders, they are not described as running in the tab.
• The docs allow TWAPs of up to 7 days, with a 4-day example; one production codebase validates 5 to 1,440 minutes. The protocol’s upper bound is unprobed.

For the orders every trigger and slice ends in, see Order types. For what a stop protects you from, see Liquidation.