How to Close a Position on Hyperliquid (Market, Limit & TP/SL)

To close a position on Hyperliquid: click the position row in the Positions panel, hit Close, choose Market or Limit, and confirm. The position closes immediately (market) or when the price is reached (limit). You can also automate exits with take-profit and stop-loss orders.

Method 1: Market Close (Instant Exit)

A market close sells your entire position at the best available price in the order book. It is the fastest way to exit a trade and guarantees your position is closed, though you pay the taker fee (0.045%) and accept whatever price the book offers.

When to use a market close:

• You need to exit right now — the trade is going against you
• A news event is moving the market and you want certainty over price
• The position is small enough that slippage is negligible

Method 2: Limit Close (Set Your Exit Price)

A limit close lets you specify the exact price at which you want to exit. Your order rests on the book as a maker order and only fills when the market reaches your price. You pay the lower maker fee (0.015%) and avoid slippage — but the trade-off is that the order may never fill if the price does not reach your level.

How to Place a Limit Close

1. In the Positions panel, click Close on your position.
2. Select Limit as the close type.
3. Enter your desired exit price. For a long position, this is typically above your entry. For a short, below your entry.
4. Confirm the order. It appears in your Open Orders tab until filled or cancelled.

The Reduce-Only Flag

Reduce only is available as a toggle in the order entry panel. It works with all order types — limit, stop-market, and stop-limit.

When to use a limit close:

• You have a specific profit target and are not in a rush
• You want the lowest possible fees (maker rate)
• You are scaling out of a position at predetermined levels

Method 3: Take-Profit and Stop-Loss (Automated Exits)

Take-profit (TP) and stop-loss (SL) orders automate your exit so you do not need to watch the chart. They are the backbone of disciplined risk management — set them once and let the system execute.

Setting a Take-Profit

A take-profit order closes your position when the price reaches a target in your favor:

• Long position: TP triggers when the price rises to your target
• Short position: TP triggers when the price falls to your target

Set it in the TP/SL panel below the order form, or attach it when opening the position. Choose between market execution (guaranteed fill) or limit execution (guaranteed price). For most traders, market TP is the safer default — it ensures you actually capture the profit.

Setting a Stop-Loss

A stop-loss closes your position when the price moves against you past a threshold you define:

• Long position: SL triggers when the price falls to your floor
• Short position: SL triggers when the price rises to your ceiling

Using Both Together

Hyperliquid supports simultaneous TP and SL on the same position — often called a bracket order or OCO (one-cancels-other). When one triggers, the other cancels automatically.

Example: BTC long at $85,000 with 5x leverage

• Take-profit: $88,000 (targeting $3,000 per BTC profit)
• Stop-loss: $83,500 (risking $1,500 per BTC)
• Risk/reward ratio: 1:2

This structure means you define your maximum loss and target gain before the trade even moves. Over time, a 1:2 risk-reward ratio is profitable even with a win rate below 50%. For the full range of order types including stop-market vs stop-limit, see the order types guide.

Mark Price vs Last Price

Hyperliquid triggers TP/SL orders based on the oracle mark price, not the last traded price. This protects you from thin-liquidity wicks — a single aberrant trade cannot trigger your stop. The mark price is an aggregate from multiple external exchanges. This is the same mechanism used for liquidation calculations.

Partial Closes: Reducing Position Size

You do not have to close an entire position at once. Partial closes let you take profits on part of a trade while letting the rest run — a common strategy for managing winning positions.

How to Partially Close

1. Click Close on your position in the Positions panel.
2. Instead of closing the full size, enter a smaller quantity (e.g., close 0.5 of your 1.0 ETH long).
3. Choose Market or Limit and confirm.

The remaining portion stays open with the same entry price and margin mode. If you have TP/SL orders attached, Hyperliquid automatically adjusts their quantities to match the reduced position size.

Practical Scaling-Out Strategy

A disciplined approach used by many perpetual futures traders:

1. Close 50% at your first profit target
2. Move the stop-loss to breakeven on the remaining 50%
3. Close the rest at a more ambitious second target — or let the stop at breakeven take you out for a "free trade"

This locks in partial profit while giving the remaining position room to capture a larger move, all with zero downside risk on the second half.

Related Guides

• Order Types Guide — Full breakdown of market, limit, stop-loss, take-profit, TWAP, and scale orders
• Leverage Guide — Max leverage by asset, cross vs isolated margin, and risk management
• Liquidation Explained — How liquidation works and five strategies to avoid it
• Perpetuals Explained — What perps are and how they work on Hyperliquid
• Fee Structure Explained — Taker and maker fees, VIP tiers, and how to reduce costs