Order Types
Market Order
A market order is an order to buy or sell an asset immediately at the best available price in the market.
Limit Order
A limit order is an order to buy or sell an asset at a specified price or better. If the orderbook price is better than the limit price, it'll be filled up until the limit price. If the orderbook price doesn't reach the limit price when the order is placed, it remains open until it can be filled or is canceled. If the order is partially filled due to insufficient market liquidity at that price, the unfilled portion stays active until it is either completed or canceled.
Stop-Market
A stop-market order is a market order triggered when a specific price is hit. Hibachi currently uses the mark price as the trigger price.
Stop-Limit
A stop-limit order is a limit order triggered when a specified price is reached, placing a limit order at the limit price.
TWAP
A TWAP order is a large order divided into smaller suborders, executed in 30 second intervals. Enabling the "randomize" option varies the size and timing of these suborders for added execution discretion, and each child order must meet the minimum order size criteria.
Take-Profit / Stop-Loss
Take-profit and stop-loss (TP/SL) order allows you to automatically reduce or close an open position when a specified trigger price is reached. TP/SL orders are reduce-only, meaning they can only decrease an existing position and will never open a new position on the opposite side.
TP/SL orders can be attached to an existing open position or to a new limit or market order.
How TP/SL Orders Work
A TP/SL order has two key components:
Trigger price: the price that activates the TP/SL
Execution order: the order that is created and sent to the order book once the trigger price is reached
When the trigger price is reached, the TP/SL does not immediately execute a trade. Instead, it creates a limit order at the specified price and submits it to the order book.
Once submitted:
If there is available liquidity at better prices, the order may execute immediately by crossing the order book.
If the order is only partially filled, the filled portion will reduce the position and the remaining quantity will rest on the order book at the limit price.
If there is no immediate liquidity, the full order will be placed on the order book and may fill over time.
Once triggered, a TP/SL fires only once and does not re-trigger or submit additional orders. Execution depends entirely on available liquidity at the limit price.
Attaching TP/SLs to Orders or Positions
TP/SL orders can be attached to:
An existing open position
A new limit or market order
When attached to an open position, the TP/SL becomes active immediately and will trigger as soon as the trigger price is reached.
When attached to a new order, the TP/SL will only become active after that order receives its first fill of any size. If the parent order is cancelled before receiving a fill, all attached TP/SLs are automatically cancelled.
If a position is fully closed for any reason, all TP/SLs associated with that position are cancelled.
Liquidity & Fill Behavior
TP/SL orders are not guaranteed to fully close a position immediately.
If the execution order is partially filled, the filled portion will reduce the position and the remaining quantity will remain as an active limit order on the order book until it is filled or cancelled. If the market moves away from the limit price, the remaining portion may not fill.
Users should monitor any remaining open position after a TP/SL triggers, especially during periods of low liquidity or high volatility.
Take-Profit vs Stop-Loss Classification
Whether a TP/SL is classified as a take-profit (TP) or stop-loss (SL) depends on the current mark price at the time the TP/SL is placed, not the original entry price.
For example:
If a long position was entered at 100 and is currently marked at 110, a TP/SL set at 105 will be treated as a stop-loss, even though it would result in a net profit.
If a long position was entered at 100 and is currently marked at 90, a TP/SL set at 95 will be treated as a take-profit, even though it would result in a net loss.
This classification affects how the order is labeled and displayed but does not change how it executes.
Execution Instructions
These options define how a limit order behaves once submitted. You can select one of these modifiers when placing a limit order.
Good-Till-Canceled (GTC)
A GTC order remains active on the order book until it is either fully filled or manually canceled by the user. This is the default behavior for limit orders on Hibachi.
Immediate-Or-Cancel (IOC)
An IOC order will attempt to fill as much of the order as possible immediately at the specified price or better. Any portion that cannot be filled right away is automatically canceled. IOC orders do not rest on the order book.
Post-Only (ALO)
A Post-Only, or Add-Liquidity-Only (ALO), order ensures that your order only adds liquidity to the book and never takes it. If it would match with an existing order immediately, it is automatically canceled instead. Post-Only orders guarantee maker status and qualify for the maker-fee tier.
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