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 30+ Hyperliquid-specific guides (recent examples: Hyperliquid Order Types Explained, Hyperliquid Maker vs Taker Fees, Hyperliquid TWAP Order). The most-repeated reader question across that Hyperliquid archive is exactly how to configure the new Chase Order on the Pro interface, which is why I'm publishing this standardized guide instead of answering one-off.
Hyperliquid just added Chase Orders to the desktop interface (via the Pro dropdown). If you're still relying on standard limit or post-only orders, you're leaving maker rebates on the table.
Chase orders represent a significant evolution in how traders can interact with the order book. They are essentially post-only limit orders that dynamically re-price themselves to track the best bid or ask. This means your order can stay on the inside of the book, continuously adjusting to maintain its position as the best available price, without ever crossing the spread and becoming a taker.
For traders who want to provide liquidity and earn maker rebates while ensuring their orders don't get left behind in a fast-moving market, the Chase Order is a powerful tool. In this guide, we will break down exactly what a Chase Order is, how it works under the hood, and how you can set it up using the Hyperliquid Pro dropdown.
What Is a Hyperliquid Chase Order?
To understand the Chase Order, it helps to first understand the limitations of traditional post-only limit orders. When you place a standard post-only limit order, you set a specific price. If the market moves away from your price, your order sits on the outside of the book, waiting to be filled. If the market moves toward your price, your order might get filled, but if the price moves past it too quickly, the post-only condition might cancel your order to prevent it from crossing the spread.
A Chase Order solves this problem. It is a post-only limit order that automatically adjusts its price to track the best bid (if you are buying) or the best ask (if you are selling).
Here is how it works in practice:
* You are buying: Your Chase Order will continuously adjust its price to match the current best bid. It will sit at the top of the bid side, ready to be filled as soon as a seller offers a price at or below the best bid. * You are selling: Your Chase Order will continuously adjust its price to match the current best ask. It will sit at the top of the ask side, ready to be filled as soon as a buyer offers a price at or above the best ask.Because it is a post-only order, it will never cross the spread. If the market moves against you, your order simply adjusts to the new best bid or ask. If the market moves in your favor, your order adjusts to capture the new best bid or ask. This makes it an incredibly efficient way to provide liquidity and earn maker rebates without the risk of your order getting stuck on the outside of the book.
Why Use a Chase Order?
Why use them? Two reasons: maker rebates and no stale orders. Standard post-only limits sit on the outside of the book if the market moves away from your price. Chase Orders track the best bid/ask, so you're always at the front of the queue earning maker fees. Plus, because they are strictly post-only, you avoid the slippage and taker fees of market orders.
How to Set Up a Chase Order on Hyperliquid
Setting up a Chase Order on Hyperliquid is straightforward, but it requires navigating the Pro dropdown menu on the desktop interface. Here is a step-by-step breakdown of how to configure your order.
Step 1: Navigate to the Pro Interface
First, log in to your Hyperliquid account and navigate to the trading interface. Ensure you are on the desktop version, as Chase Orders are currently available on the desktop platform. Look for the order type selector, which is typically located above the order entry form.Step 2: Open the Pro Dropdown
By default, the order type selector might show standard options like Limit, Market, or Post Only. To access the Chase Order, you need to click on the dropdown menu. This will reveal the Pro options, including the Chase Order.Step 3: Select Chase Order
From the Pro dropdown, select "Chase Order." The order entry form will update to reflect the parameters specific to Chase Orders.Step 4: Configure Your Order
Now, you need to configure the details of your Chase Order. This includes: * Direction: Choose whether you want to buy or sell. * Size: Enter the amount of the asset you want to trade. * Order Type: Ensure Chase Order is selected.Unlike a standard limit order, you do not need to set a specific price. The Chase Order will automatically adjust to the best bid or ask based on your direction. However, you may have the option to set a trigger price or a maximum price, depending on the specific implementation on Hyperliquid. It is important to review the order parameters carefully before submitting.
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Sign up on Hyperliquid →Step 5: Submit the Order
Once you are satisfied with your configuration, click the appropriate button to submit the order. Your Chase Order will now be active on the order book, continuously adjusting to the best bid or ask.Understanding the Mechanics of Chase Orders
While the setup is simple, it is crucial to understand the mechanics of how Chase Orders operate on Hyperliquid. This will help you avoid unexpected outcomes and optimize your trading strategy.
Continuous Re-pricing
The core feature of a Chase Order is its ability to continuously re-price. This means that as long as your order is active, it will adjust its price to match the best bid or ask. This is done in real-time, ensuring that your order is always at the front of the queue.Post-Only Constraint
It is important to remember that a Chase Order is a post-only order. This means it will never cross the spread. If the market moves in a way that would cause your order to cross the spread, the order will simply adjust to the new best bid or ask. It will not execute as a taker. This is a key distinction from market orders, which will cross the spread to ensure immediate execution.Fill Conditions
Your Chase Order will be filled as soon as the market moves in your favor. If you are buying, your order will be filled when a seller offers a price at or below the best bid. If you are selling, your order will be filled when a buyer offers a price at or above the best ask. Because your order is always at the best bid or ask, you are in the best possible position to be filled.Chase Order vs. Other Order Types
How does it stack up against other order types? A standard limit order gets stuck on the outside of the book if the price moves away. A post-only limit order gets cancelled if the spread tightens against it. A market order guarantees execution but burns taker fees and risks slippage. Chase Orders bridge the gap: they stay active at the front of the queue like a limit, but track the price like a market order—without the taker fee penalty.
Strategic Use Cases for Chase Orders
Where do they actually shine? Scalping and position accumulation. If you're scalping, you want to enter and exit quickly without paying taker fees. If you're accumulating a volatile asset, you want to ensure your limit order doesn't get left behind while the price whipsaws. Chase Orders keep you at the front of the queue for both.
Common Pitfalls to Avoid
The main pitfall? Assuming immediate execution. Because Chase Orders are post-only, they only fill when the market moves in your favor. If the market is moving against you, your order just chases the price, waiting for a reversal. Also, keep an eye on market depth—if the book is thin, your order might sit there longer than expected.
Conclusion
Chase Orders are a solid tool for anyone trying to optimize execution and minimize fees on Hyperliquid. They keep you at the front of the queue without the taker fee penalty of market orders. Just remember: they don't guarantee immediate execution, so use them when you can afford to wait for the market to come to you.
If you are ready to start trading on Hyperliquid and want to take advantage of the 4% fee discount for the first $25M of volume, you can sign up using our link below.
Sign up on HyperliquidRisk Warning
Risk Warning: Crypto trading involves substantial risk of loss. Never invest more than you can afford to lose. This is not financial advice.
FAQ
What is a Chase Order on Hyperliquid?
A Chase Order is a post-only limit order that continuously adjusts its price to track the best bid or ask. This ensures that your order is always at the front of the queue, ready to be filled as soon as the market moves in your favor.Can a Chase Order cross the spread?
No, a Chase Order is a post-only order, which means it will never cross the spread. If the market moves in a way that would cause your order to cross the spread, the order will simply adjust to the new best bid or ask.Do Chase Orders guarantee immediate execution?
No, Chase Orders do not guarantee immediate execution. They will only execute when the market moves in your favor. If the market is moving against you, your order will simply adjust to the new best bid or ask, waiting for the market to reverse.How do Chase Orders compare to standard limit orders?
Unlike standard limit orders, which require you to set a specific price, Chase Orders continuously adjust to the best bid or ask. This makes them much more efficient for traders who want to provide liquidity without the risk of their orders getting stuck on the outside of the book.Are there fees associated with Chase Orders?
Yes, Chase Orders are subject to Hyperliquid's maker fees. However, because they are post-only orders, you will pay maker fees rather than taker fees, which are typically higher.Continue with Hyperliquid
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Official reference: Hyperliquid documentation.
Fee context: the referral link on this page applies a 4% fee discount to the first $25M of eligible volume under Hyperliquid's current referral rules. The discount does not apply to Vaults or sub-accounts, which the clearinghouse treats separately.