Hyperliquid Adds Trailing Stop Orders to Perpetual Markets

Unlike fixed stop-loss orders, this feature tracks the mark price in real time. For long positions, the trigger follows the highest mark price reached after activation; for short positions, it tracks the lowest. Traders can define the exit threshold by either a fixed distance or a percentage, with the option to set an activation price to delay tracking until the market hits a specific level. Once the price pulls back from its peak or trough by the chosen margin, the system executes a market order.

This update arrives as Hyperliquid scales its infrastructure through the HIP 3 framework, which allows independent teams to deploy permissioned perpetual markets. The platform has seen significant growth in recent months, bolstered by high-profile integrations and expanded asset offerings. According to CoinGecko, Hyperliquid generated $429.04 million in revenue between January and mid-September 2026, capturing over 12% of the sector's total revenue pool. As trading volume climbs, the exchange continues to refine its order types, which currently include TWAP, scale, and various limit and market execution tools.