Order Types

Choose An Order

HeyTraders presents one set of order concepts across connected exchanges. An exchange may execute an order natively or HeyTraders may manage it, but the requested trigger, price, quantity, and protection are not silently changed. Availability still depends on the selected account, exchange, and market.

For Polymarket, prices are shown in cents in the interface. A 55-cent trigger is equivalent to a price of 0.55. Market BUY orders use a USDC budget; market SELL and limit-shaped orders use a share quantity.

Market And Limit Orders

A market order seeks immediate execution against available liquidity. It is appropriate when getting in or out matters more than a specific price. The quoted price is an estimate, not a guaranteed fill price.

A limit order sets the worst acceptable price. A buy can fill at the limit or lower, and a sell can fill at the limit or higher. Any unfilled quantity may remain open when the selected time in force allows it.

Post-only is a limit-order option on supported markets. It rejects or cancels an order that would immediately take liquidity, so it should not be used when an immediate fill is required.

Chase Orders

Chase is a price-following limit order, not a market order or a trailing stop. HeyTraders manages it on its servers, so closing the browser does not stop it.

As of September 15, 2026, Chase is available through the HeyTraders-managed Polymarket Perp route. This is separate from Polymarket prediction markets. Do not assume that Hyperliquid or another connected exchange supports Chase: check orders.chase in GET /v1/order-capabilities for the selected account and market. The order panel shows Chase only when its capability permits it.

How The Price Follows The Book

• A buy follows the best bid; a sell follows the best ask.
• The current managed route submits post-only limit orders. It does not cross the spread intentionally or turn into a market order to force a fill.
• When the target price changes, HeyTraders cancels/replaces the outstanding child. Multiple book updates can be coalesced into the latest target; this is not a promise to submit an order for every quote update.
• Partial fills count toward the original total quantity. For example, after 4 of 10 units fill, only the remaining 6 units are chased. If cancellation and a late fill overlap, replacement waits for the fill quantity to be confirmed rather than resubmitting the original total.

A quote can move before the exchange receives a replacement. Post-only may then prevent immediate execution, and cancel/replacement can lose queue priority. Chase does not guarantee maker fills, continuous presence at the best price, or completion of the requested quantity.

Max Chase Distance

Max Chase Distance is optional. It is an absolute price difference in the market's quote currency, not a percentage, basis-point value, or tick count. The anchor is the first valid, tick-normalized Chase target price, not the latest replacement price.

• Buy: limits how far the target can rise above the anchor.
• Sell: limits how far the target can fall below the anchor.
• A favorable move does not reset the anchor.
• If the distance is exceeded, Chase stops and cancels its remaining live child. A target exactly at the distance is still within the limit.

For a buy anchored at 100 with a distance of 5, a best bid of 105 is within the limit; 106 exceeds it. A move down to 99 does not reset the upper boundary of 105. Leaving the setting empty means no user-defined distance limit, not a zero-distance limit.

Place, Monitor, And Stop Chase

In the order panel, select Chase, choose side and quantity, and optionally set Max Chase Distance. You do not enter a fixed limit price or select GTC/IOC for Chase; the current managed route owns the post-only child execution.

Follow the Chase working order to see its total filled and remaining quantity. Individual venue child IDs can change when it reprices. To stop chasing, cancel the managed parent, not just one venue child. Cancellation does not reverse completed fills or close the resulting position. To change the Chase instruction, first confirm that it has stopped, then create a new order for the quantity you still intend to trade.

If market data becomes unavailable, repricing pauses. A prolonged unresolved gap can end Chase and cancel its outstanding child; it does not trigger a market-order fallback. Check the working-order status instead of assuming an accepted request is already filled or that cancellation is instantaneous.

See the Chase API example for the request shape and parent cancellation.

Stop And Take-Profit Orders

Stop and take-profit orders separate the trigger from the action that follows it:

• Stop Market and Take Profit submit a market action when the trigger is met.
• Stop Limit and Take Profit Limit submit a limit action when the trigger is met.

The trigger comparison is inclusive. If a newly placed trigger is already satisfied, it can fire immediately. Broker-managed triggers observe mark price for derivatives and last traded price for spot and prediction markets; bid and ask changes alone do not fire them. Exchange-native trigger references can differ; check the selected exchange's documentation when the order is routed natively.

A triggered limit order is not a fill. In a fast market, price can move through both the trigger and limit before the limit order reaches the venue.

How Managed Triggers Work

An exchange-native trigger is held and evaluated by the exchange. A HeyTraders-managed trigger is different: HeyTraders stores the instruction, monitors the canonical market-data stream on its servers, and submits the selected child order only after the trigger condition is satisfied. Closing the browser does not turn off a working managed trigger.

The trigger reference depends on the market type:

Best bid, best ask, and midpoint changes do not fire a managed trigger. This avoids firing from a quote that was posted or pulled without a trade. If the required mark or last-trade source is unavailable, invalid, or the prediction market has resolved, HeyTraders waits; it does not invent a trigger price or fall back to the order book.

The comparison is inclusive. A <= trigger fires when the reference price is equal to or below the trigger, and a >= trigger fires when it is equal to or above it. A trigger already satisfied when admitted can therefore fire without waiting for another crossing.

After a managed trigger fires:

1. HeyTraders records the trigger transition and sends the configured action through the connected account.
2. A market action executes against liquidity available when it reaches the venue. It can fill at a different price, fill partially, or fail to fill.
3. A limit action is submitted at its configured limit. It may fill, partially fill, rest on the book, expire, or remain unfilled according to its time in force.

The trigger price is never a promised execution price. Market-data delivery, trigger processing, order submission, and venue matching happen in sequence, so the market can move between the observed trigger event and execution. A working managed trigger also depends on HeyTraders market data, the managed order service, and the connected exchange account remaining available.

Polymarket prediction markets do not provide a derivative mark price for this purpose. HeyTraders-managed Stop, Take Profit, OCO trigger legs, and Trailing Stop orders for Polymarket use the last traded outcome-token price. These instructions are not resting Stop orders on Polymarket before they fire. Polymarket Market, IOC/FAK, FOK, and ordinary Limit orders remain venue-native orders and are submitted directly rather than evaluated by this managed trigger logic.

Thin Polymarket books make the distinction especially important. A managed Stop Market prioritizes submitting a marketable exit after the trigger but cannot guarantee the quantity or price filled. A managed Stop Limit controls the limit price but can leave the position partly or entirely open if liquidity is not available at that price.

Trailing Protection

A trailing stop moves only in the favorable direction. For a long position it tracks the highest observed price; for a short position it tracks the lowest. When price reverses by the configured trail distance, the protection action is submitted.

Optional activation settings can delay trailing until price reaches a chosen level or moves favorably by a chosen percentage. An initial stop can protect the position before activation. Only one activation method can be used at a time.

HeyTraders-managed trailing protection reacts to market events. It does not use a fixed one-second trigger schedule, and it does not place a resting exchange stop while it is still tracking.

Bracket And OCO Orders

A bracket combines an entry with one or more protective exits. Take-profit, stop-loss, and trailing legs remain linked to the entry and become active according to the selected fill policy.

Protection can activate in three ways:

Use proportional fill when partially filled entries must be protected without creating an exit larger than the filled position. Scaled take-profit or stop-loss levels can divide the protected quantity by percentage or explicit quantity.

OCO links two orders so completion of one cancels the other. Bracket protection uses the same cancellation relationship between incompatible exits. A fill can race with cancellation at the exchange, so final order and position state remains authoritative.

Protection can also be attached to an existing position, a live venue order, or an existing HeyTraders-managed order. Attached legs remain part of the same managed order instead of appearing as unrelated parent orders.

TWAP, VWAP, And Iceberg

TWAP and VWAP divide a larger order into smaller slices:

• TWAP spaces slices over the selected duration.
• VWAP sizes each slice using the configured volume weights and schedule.

HeyTraders can manage TWAP and VWAP even when the exchange does not expose them as native order types. Each slice still follows the connected market's normal precision, balance, and execution rules. Protection attached to the parent tracks cumulative slice fills and resizes according to the selected activation policy.

Iceberg is available only where the selected exchange reports native iceberg support. The visible quantity is replenished by the venue until the total order is filled or cancelled; HeyTraders does not label a simulated sliced order as a native iceberg.

Time In Force

Time in force determines how long an order may remain active:

Not every setting is valid for every order or exchange. The order panel shows the choices supported by the selected account and market. GTT requires an explicit expiration; HeyTraders does not add a short expiry to an otherwise GTC limit order.

Order State

Accepted means HeyTraders has admitted the request for processing. It does not yet prove exchange submission, a resting order, or a fill. Working orders expose the current entry and protection legs while HeyTraders is managing them.

Partial fills increase the filled quantity without implying that the remaining quantity is complete. On Polymarket, Matched is provisional while the exchange confirms settlement; the interface can show this as Settling. Confirmed or settled state is the final source for completed execution.

Cancelling a parent managed order tears down its remaining workflow but does not undo fills. Cancelling one protection leg leaves compatible sibling legs in place. Editing a live venue order can change its venue order ID or queue priority, so refresh the order after a change.

Availability

The order panel uses the connected account and selected market to determine which order types, time-in-force values, protection modes, and edit operations are available. A feature can be provided by the exchange or managed by HeyTraders; lack of exchange-native support alone does not mean the feature is unavailable.

For request fields, endpoint behavior, examples, and response schemas, use the Orders API topic and GET /v1/openapi.json.