Take Profit and Stop Loss (TP/SL)
Take-profit and stop-loss orders reduce or close an existing perpetual position. They cannot open a new position or increase an existing one.
Triggers activate from the index price, not the mark price or last trade:
| Position | Stop loss | Take profit |
|---|---|---|
| Long | Index at or below trigger | Index at or above trigger |
| Short | Index at or above trigger | Index at or below trigger |
A standalone trigger requires an existing perpetual position, and its order side must be opposite the position's side. When a trigger is added or replaced, its price must not already be satisfied and must be between half and twice the current index price.
Execution
When activated, the order attempts to reduce the position immediately. A limit price and order size may be specified. If no size is supplied, it attempts to close the full position.
Activation does not guarantee a fill. Available liquidity, the optional limit price, and market state still apply.
If execution fails for a temporary reason, the trigger stays active and is retried while its condition holds. If execution fails permanently, the trigger is marked failed and canceled.
Take-profit and stop-loss orders may be added, replaced, or removed. A take-profit and stop-loss pair attached to an order is one-cancels-other (OCO): when one executes, the other is canceled. A position may have at most 16. They are canceled when the position closes or changes direction. They are also canceled when the market switches from the orderbook to RFQ.