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Notional supports the core order types traders expect from a perpetuals exchange.
  • Market: An order that attempts immediate execution using exchange liquidity.
  • Limit: An order that executes at the selected limit price or better.
  • Stop market: A market order that activates when the stop-loss trigger price is reached.
  • Stop limit: A limit order that activates when the stop-loss trigger price is reached.
  • Take market: A market order that activates when the take-profit trigger price is reached.
  • Take limit: A limit order that activates when the take-profit trigger price is reached.
  • TWAP: A larger order divided into smaller suborders over time.
  • Reverse: Closes the current position and opens an equal-size position in the opposite direction.
Notional does not currently support Scale orders.

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TWAP

During execution, a TWAP attempts to stay on pace with its schedule. If earlier suborders do not fully fill because of market conditions, later suborders may be larger as the TWAP tries to catch up. TWAP orders may not fully complete if market conditions do not allow enough suborders to fill by the end of the schedule. Perp TWAPs can be reduce-only. Spot TWAPs execute against HL_SpotPair markets and are not reduce-only; spot buy slices use the protocol spot-prefund flow before reaching the venue.

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Order Options

Traders can mark supported orders as reduce-only. A reduce-only order reduces a current position instead of opening or increasing one in the opposite direction. TP/SL orders are trigger orders. They can be associated with a parent order or attached to an existing position. They are commonly used to set targets, protect profits, or limit losses.