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 TWAP Order: Trigger & Max/Min Price, Hyperliquid Limit Order Maker/Taker Fees). The most-repeated reader question across that Hyperliquid archive is exactly how to access and use the new Chase Order type for perp markets, which is why I'm publishing this standardized guide instead of answering one-off.
Hyperliquid has officially introduced Chase Orders for perpetual markets on its desktop interface, marking a significant expansion of order type flexibility for crypto traders. Until now, traders on Hyperliquid had to rely on standard limit, market, and TWAP orders, or manually manage stop-loss and take-profit brackets. Chase Orders bridge the gap by allowing traders to set a conditional order that "chases" the market until it hits a specific trigger price, at which point it executes at the best available price.
This new order type is currently available for perpetual markets on the desktop platform. In this guide, we will break down exactly what Chase Orders are, how they differ from existing order types, and when you should use them to optimize your trading execution on Hyperliquid.
What Are Hyperliquid Chase Orders?
Chase Orders are a conditional order type designed to execute a trade only when the market reaches a specific trigger price. Unlike a standard limit order, which sits in the order book and waits to be filled at a predetermined price, a Chase Order remains dormant until the market price "chases" it. Once the trigger condition is met, the Chase Order converts into a market order and executes immediately at the best available price.
According to the official Hyperliquid announcement, Chase Orders are now available for perpetual markets on the desktop trading interface. This means that if you are trading BTC-PERP or ETH-PERP, you can set a Chase Order to enter or exit a position only when the price reaches your desired level.
For example, imagine you are bearish on Bitcoin and want to open a short position only if the price breaks above $65,000. Instead of placing a limit order at $65,000 (which might not fill if the price spikes past it), you can place a Chase Order with a trigger at $65,000. If the price hits $65,000, the order executes instantly, ensuring you don't miss the breakout.
Chase Orders vs. Standard Limit Orders
The real value of Chase Orders becomes obvious when you compare them to standard limit orders. A limit order only fills at your exact price—if the market gaps past it, you miss the trade entirely. Chase Orders solve this by decoupling the trigger from the execution.
A Chase Order solves this by decoupling the trigger price from the execution price. The trigger price is the condition that activates the order, but the execution happens at the market price at that exact moment. This guarantees execution if the trigger is hit, but it also means you might pay a slightly higher price than your trigger if the market is moving fast.
Here is a quick comparison:
| Feature | Limit Order | Chase Order |
|---|---|---|
| Execution Guarantee | No (only fills at set price) | Yes (fills at market once triggered) |
| Price Control | High (exact price specified) | Moderate (trigger price, market execution) |
| Best For | Accumulating positions in sideways markets | Catching breakouts or breakouts in trending markets |
| Slippage Risk | None (but risk of non-execution) | Yes (if market moves fast post-trigger) |
When to Use Chase Orders on Hyperliquid
Chase Orders aren't a replacement for limit orders—they're a specialized tool for when you absolutely cannot miss a move. Here is where they shine:
1. Breakout Trading
Breakout trading involves entering a position when the price moves above a resistance level or below a support level. In fast-moving markets, prices can gap through these levels, leaving limit orders behind. Chase Orders ensure you are in the trade the moment the breakout occurs.2. Stop-Loss Entries for Reversals
If you are trading a reversal, you might want to enter a position only if the price drops to a certain level. A Chase Order can act as a dynamic entry point, ensuring you only buy the dip if the dip actually happens, without having to watch the screen constantly.3. Avoiding Partial Fills
In highly volatile markets, limit orders can suffer from partial fills. If you want to buy 1 BTC at $60,000, but the price only touches $60,000 briefly, your limit order might only fill 0.5 BTC. A Chase Order will fill the entire 1 BTC as soon as the trigger is hit, assuming there is sufficient liquidity.How to Place a Chase Order on Hyperliquid Desktop
Placing a Chase Order on Hyperliquid is straightforward, though you must be on the desktop platform as this feature is not yet available on mobile.
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Sign up on Hyperliquid →First, navigate to the perpetual market you want to trade, such as BTC-PERP. On the order panel, you will see the order type dropdown. Select "Chase Order" from the list.
Next, you will need to input your trigger price. This is the price at which you want the order to activate. You can also set the size of your position and the leverage you want to use. Once you are satisfied with your parameters, click the buy or sell button. The order will now sit in your open orders until the market price reaches your trigger.
Keep in mind: Chase Orders are currently perp-only. Spot traders will need to stick to standard order types for now.
If you are new to Hyperliquid, you can Sign up on Hyperliquid using our referral link to get a 4% fee discount on your first $25M of trading volume.
Risks and Considerations with Chase Orders
While Chase Orders offer execution certainty, they come with inherent risks that traders must understand before deploying them.
Slippage
Because Chase Orders execute at the market price once triggered, you are exposed to slippage. If the market is moving rapidly, the price at which your order fills might be significantly worse than your trigger price. For example, if you set a Chase Order to buy BTC at $60,000, but the price is rallying hard, your order might fill at $60,100 or higher. Always consider the liquidity of the market and the current volatility when setting your trigger price.False Breakouts
Chase Orders are excellent for catching breakouts, but they are also vulnerable to false breakouts. If the price briefly hits your trigger price and then reverses, your Chase Order will still execute, and you will be left holding a losing position. This is why it is crucial to have a solid trading strategy and risk management plan in place before using Chase Orders.Margin Requirements
Just like any other order on Hyperliquid, Chase Orders require you to have sufficient margin in your account. If you do not have enough margin, your order will not be activated even if the trigger price is hit. Make sure you have allocated enough funds to cover the position and potential liquidation risks.Chase Orders and Hyperliquid's Order Type Ecosystem
Hyperliquid has been steadily expanding its order type ecosystem. Before Chase Orders, traders had limit orders for patient accumulation, market orders for immediate execution, and TWAP orders to minimize market impact. Chase Orders add a conditional execution layer to this mix, letting you automate entries and exits based on price action.
If you are interested in learning more about the other order types available on Hyperliquid, check out our comprehensive guide on Hyperliquid Order Types Explained.
FAQ
Are Chase Orders available on the Hyperliquid mobile app?
No, Chase Orders are currently only available on the Hyperliquid desktop platform. The mobile app does not yet support this order type.Can I use Chase Orders for spot trading on Hyperliquid?
Currently, Chase Orders are only available for perpetual markets. You cannot use them for spot trading.What happens if the market price never reaches my Chase Order trigger?
If the market price never reaches your trigger price, the Chase Order will remain unfilled. You can cancel it at any time from your open orders panel.Do Chase Orders incur higher fees on Hyperliquid?
Chase Orders execute as market orders once triggered, so they will incur taker fees. The standard Hyperliquid fee schedule applies.Can I set a take-profit and stop-loss with a Chase Order?
Yes, you can set take-profit and stop-loss orders in conjunction with a Chase Order. Once your Chase Order fills, you can attach a TP/SL bracket to manage your risk. For more details, read our guide on Hyperliquid Take Profit & Stop Loss Orders.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.
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Official reference: Hyperliquid documentation.
Fee context (as of 2026-08): 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.