About this guide: I'm Lawrence, the writer behind supa.is. Between February and May 2026 I've published 150+ articles on supa.is across crypto and brokerage tooling — including 40+ Hyperliquid-specific guides (recent examples: Hyperliquid Order Types Explained, Hyperliquid Chase Orders: New Perp Order Type, Hyperliquid Maker vs Taker Fees). The most-repeated reader question across that Hyperliquid archive is exactly why a chase order stops re-pricing to the best bid or ask, which is why I'm publishing this standardized guide instead of answering one-off.
You place a chase order on a perp, watch it fill for a few seconds, then notice the resting price stops moving. The book has shifted two ticks. Your order is still sitting at the old level. You refresh, and it looks like the order "froze." That is the most common failure mode people hit with Hyperliquid chase orders, and it is almost never a bug. It is a mismatch between what you expect the re-pricing loop to do and what the order type is actually configured to do.
This guide explains the re-pricing mechanism, the three settings that control it, and the specific fix for each symptom. Everything below is based on the official Hyperliquid order-type documentation and the platform's own announcement for the chase order feature.
What a chase order is supposed to do
A chase order is a limit order that re-prices itself toward the current best price on the book. You set a target price and a re-pricing interval. On each interval, the order checks the best bid (if you are buying) or best ask (if you are selling) and moves your resting price closer to that level, within the bounds you defined.
The goal is to get filled at a price that tracks the market without paying the full taker spread. You are not crossing the spread on every tick. You are walking your limit price toward the touch so that when liquidity arrives at your level, you are already there.
The official documentation describes the chase order as an order type that "re-prices toward the best bid/ask at a set interval" (Hyperliquid order types docs). The announcement that shipped the feature confirms it is available for perp markets and works from the desktop trading interface (Hyperliquid announcement).
The three settings that control re-pricing
Every chase order has three parameters that determine its behavior. If any one of them is set the way you think it should not be, the order will appear to stop re-pricing.
| Setting | What it does | Common misconfiguration |
|---|---|---|
| Target price | The furthest price the order will walk toward. It is your hard boundary. | Setting it too close to your entry price, so the order reaches the boundary immediately and stops. |
| Re-pricing interval | How often (in seconds) the order checks the book and adjusts its resting price. | Setting it to a long interval (e.g., 60s) and expecting tick-by-tick tracking. |
| Max price / min price | The outer bounds beyond which the order will not re-price. | Forgetting to set them, or setting them so tight that the order hits the bound on the first check. |
Why your chase order stops re-pricing
There are four distinct reasons a chase order will appear to stop moving. Each has a different fix.
1. The order reached its target price
This is the most common "failure" that is not a failure. You set a target of 100.50. The book's best ask is 100.48. The order re-prices to 100.48 on the next interval. Now your target (100.50) is above the best ask. The order has nothing left to chase. It rests at the best ask. If the book then moves to 100.52, your order does not follow, because 100.50 is your target and you are already at or past it.
Fix: Set your target price further from your entry than you think you need. The target is the ceiling of the walk, not the expected fill price. If you want the order to keep tracking the book for ten minutes, your target needs to be several ticks away from the current touch.2. The re-pricing interval is too long
If you set the interval to 30 seconds, the order checks the book every 30 seconds. Between checks, the book can move two or three ticks. Your order will look frozen for half a minute, then jump. In fast markets, this creates the impression that the order "stopped" when it is actually just on a long pause.
Fix: Use a shorter interval for volatile perps. The documentation does not specify a minimum interval, but in practice a 1–5 second interval is what most active traders use for chase orders on liquid perps. If you are on a low-liquidity perp, a longer interval is fine because the book does not move as often.3. The max/min price bound is too tight
You set a max price of 100.60 and a current best ask of 100.55. The order re-prices to 100.55 on the first check. Now the best ask moves to 100.58. Your order wants to follow, but 100.60 is your max. The order rests at 100.60 and will not go higher. If the book continues to 100.62, your order is now below the best ask and will not fill as a maker.
Fix: Give the max/min bound at least 3–5 ticks of room beyond your target. The bound is a safety fence, not a precision tool. If you set it to exactly your target, you have no room for the book to move between re-pricing checks.4. The order was partially filled and the remainder is at the old price
When a chase order fills partially, the remaining quantity rests at the price it was at when the fill happened. It does not immediately re-price on the next interval. It waits for the interval timer. If you are watching a 10-second interval and the fill happened at second 1, you will wait up to 9 more seconds before the remainder moves. In a fast market, that gap looks like the order stopped.
Fix: This is not fixable in settings. It is how the order type works. If you need the remainder to re-price faster, use a shorter interval. If you need the remainder to cancel instead of rest, use a different order type.The re-pricing loop, step by step
Here is what happens on each interval tick, in the order the system processes it:
- The interval timer fires.
- The system reads the current best bid (for buy orders) or best ask (for sell orders).
- It compares the best price to your current resting price.
- If the best price is closer to your target than your current resting price, the order moves to the best price.
- If the best price is at or past your target, the order rests at the target.
- If the best price is beyond your max/min bound, the order rests at the bound.
- The order sits at its new price until the next interval tick.
How this differs from a regular limit order
A regular limit order sits at the price you set. It does not move. If the book shifts, your order is now further from the touch. You have to cancel and re-place it.
A chase order removes the manual step. You set the parameters once, and the order tracks the book for you. The tradeoff is that you are giving up control of the exact resting price between intervals. You are trusting the interval timer to keep you near the touch.
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Sign up on Hyperliquid and get a 4% fee discount on your first $25M of volume (Vaults and sub-accounts excluded). →If you are used to placing limit orders at specific levels and managing them manually, the chase order will feel like it is "too aggressive" because it jumps to the best price on every interval. It is not aggressive. It is doing exactly what you told it to do: re-price to the best bid or ask.
For a deeper look at how limit orders interact with maker and taker fees on Hyperliquid, see Hyperliquid Maker vs Taker Fees: How Limit Orders Save You Money.
Common pitfalls when using chase orders
Pitfall 1: Using a chase order on a perp with a wide spread. If the spread on your perp is 5 ticks, a chase order that re-prices to the best ask every interval will cross the spread on every fill. You are paying the taker fee on what you thought was a maker fill. Check the spread before you place the order. On liquid perps like BTC and ETH, the spread is usually 1 tick. On low-liquidity perps, it can be 5 or more. Pitfall 2: Setting the target price equal to the current price. If the current best ask is 100.50 and you set your target to 100.50, the order will re-price to 100.50 on the first interval and then stop. It has reached its target. You have effectively placed a limit order at the current price with an extra re-pricing step. Pitfall 3: Forgetting that the order still has a max/min bound. Some traders set the target and interval and assume the order will chase indefinitely. It will not. The max/min bound is always active. If you do not set it explicitly, the platform uses a default. Check what that default is before you rely on the order in a fast market. Pitfall 4: Expecting the order to re-price between intervals. The order only moves on the interval tick. Between ticks, it is a regular limit order. If the book moves 3 ticks between ticks, your order is 3 ticks behind until the next tick. This is not a bug. It is the interval working as designed.How to verify your chase order is re-pricing correctly
You do not need to watch the order book manually. The order history panel shows the price of your resting order. If it is changing on each interval, the re-pricing loop is working. If it is not changing, one of the four failure modes above is in effect.
A quick diagnostic:
- Price is not changing at all: The order has reached its target or its max/min bound. Check which one.
- Price is changing but not to the best price: Your interval is too long, or the book moved between ticks and the order is catching up.
- Price is changing to the best price but then stops: The order reached its target. Widen the target.
- Price changed once and then stopped after a partial fill: The remainder is waiting for the next interval. Shorten the interval.
Who should use chase orders and who should not
Chase orders work best when you want to get filled at a price that tracks the market without manually managing a limit order. They are useful for:
- Scaling into a position over time without placing multiple limit orders
- Getting filled in a moving market without crossing the spread on every tick
- Reducing the number of manual order adjustments during a session
- You need a precise entry price and do not want the order to move at all
- The perp has a very wide spread and you want to avoid crossing it
- You are trading a low-liquidity perp where the book does not move often enough to make re-pricing useful
Risk Warning
Risk Warning: Crypto trading involves substantial risk of loss. Never invest more than you can afford to lose. This is not financial advice. Chase orders reduce the friction of managing limit orders, but they do not reduce the risk of the underlying position. A chase order that fills at a worse price than you expected is still a fill at a worse price.
FAQ
Does a chase order pay maker or taker fees?
A chase order pays maker fees when it rests on the book and is filled by someone else crossing the spread. It pays taker fees when the re-pricing moves it to the best ask (for a buy) and it fills immediately against the resting bid. The fee depends on how the fill happens, not on the order type label.
Can I use a chase order on spot markets?
The chase order is available for perp markets. The official announcement and documentation reference perp order types. If you are trading spot, check the order types available in the spot interface, as the set may differ.
What happens to my chase order if I close the browser?
The order is resting on the Hyperliquid order book, not in your browser. Closing the browser does not cancel the order. It will continue to re-price on the server side at the interval you set. You can check its status by reopening the app.
Is there a minimum re-pricing interval?
The documentation does not specify a hard minimum. In practice, shorter intervals mean more frequent re-pricing and more exposure to the spread. If you set the interval to 1 second, the order will re-price every second. Whether that is useful depends on the liquidity and volatility of the perp you are trading.
How is a chase order different from a TWAP order?
A TWAP order splits your total quantity into equal slices and places them at fixed intervals over a set duration. A chase order re-prices a single resting order toward the best bid or ask at each interval. A TWAP is about time-slicing your size. A chase order is about price-tracking. They solve different problems and can be used in different situations. For more on TWAP setup, see Hyperliquid TWAP Order: Trigger & Max/Min Price.
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*Sources: Hyperliquid order types documentation Hyperliquid chase order announcement*
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