> For the complete documentation index, see [llms.txt](https://blackboard-fi.gitbook.io/blackboard-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://blackboard-fi.gitbook.io/blackboard-docs/trade/order-types.md).

# Order Types

Blackboard exposes order types in two layers. Default orders cover everyday entry and exit. Pro orders unlock conditional triggers, scaled entries, and time-weighted execution.

For crypto perpetuals, the available order types for each market are shown in the trading interface. The Pro order types described below apply to HIP-3 real-world asset markets, where they map directly to Hyperliquid's native execution engine.

## Default

### Market

Fills immediately at the best available price.

* Execution guaranteed
* Slippage possible when liquidity is thin
* Use when speed matters more than price

### Limit

Rests on the order book until the market reaches your price.

* Price guaranteed
* No fill if the price never touches your level
* Use for precise entries and exits

## Pro (HIP-3 Real-World Asset Markets)

Toggle the **Pro** order panel to expose the rest. On HIP-3 markets these map directly to Hyperliquid's native execution engine — no synthetic orders, no off-chain queues.

### Scale

Places multiple limit orders distributed across a price range in a single action.

* Define start price, end price, total size, and order count
* Distribution can be linear or exponential
* Use for averaging into a position or laddering exits

### Stop Market

A market order triggered when the mark price crosses your stop level.

* Use for stop-loss exits when execution certainty matters more than price

### Stop Limit

A limit order placed when the mark price crosses your stop level.

* Use for stop-loss exits with a price ceiling/floor — accepts the risk of no fill if the market gaps through

### Take Profit Market

A market order triggered when the mark price reaches your profit target.

* Use to lock in gains when execution certainty matters more than price

### Take Profit Limit

A limit order placed when the mark price reaches your profit target.

* Use to lock in gains at a specific price — accepts the risk of no fill

### TWAP

Splits a large order into slices executed over a fixed time window.

* Reduces market impact for size that would otherwise move the book
* Hyperliquid's native TWAP engine handles slicing and pacing

## Order Modifiers

Available on most order types:

* **Reduce Only**: order can only decrease your position size — never opens an opposite-side position by accident
* **Time in Force**: GTC (good-til-cancel, default), IoC (fill what you can immediately, cancel the rest), ALO (post-only, rejected if it would cross the spread)

## TP/SL on a Position

Set automatic take-profit and stop-loss directly on an open position without placing a separate order.

1. Click **Set TP/SL** in the position list
2. Enter the take-profit price (or % gain) and stop-loss price (or % loss)
3. The protocol maintains the triggers and fires the corresponding market order when conditions are met

{% hint style="warning" %}
Setting a stop-loss on every leveraged position is strongly recommended. Markets gap; liquidations are mechanical.
{% endhint %}

## Order Type Comparison

| Order Type  | Layer   | Execution Guaranteed | Price Guaranteed | Slippage  | Primary Use                |
| ----------- | ------- | -------------------- | ---------------- | --------- | -------------------------- |
| Market      | Default | Yes                  | No               | Possible  | Immediate entry/exit       |
| Limit       | Default | No                   | Yes              | None      | Precise entry              |
| Scale       | Pro     | Per slice            | Yes              | None      | Laddered entry/exit        |
| Stop Market | Pro     | After trigger        | No               | Possible  | Stop-loss exit             |
| Stop Limit  | Pro     | After trigger        | Yes              | None      | Stop-loss with price floor |
| TP Market   | Pro     | After trigger        | No               | Possible  | Take-profit exit           |
| TP Limit    | Pro     | After trigger        | Yes              | None      | Take-profit at a price     |
| TWAP        | Pro     | Per slice            | No               | Minimised | Large size, minimal impact |

## Next Steps

* [Margin & Leverage](/blackboard-docs/trade/margin-and-leverage.md) — margin modes
* [Liquidations](/blackboard-docs/trade/liquidations.md) — liquidation mechanics