Order Types

Perpl supports the following order types:

• Market Order: Executes immediately for the best available price

• Limit Order: Executes at the specified price or better

• Stop Market Order: Becomes a market order when the trigger price is reached

• Stop Limit Order: Becomes a limit order when a trigger price is reached

• Take Profit Order: Closes a position when a profit target is reached

• TWAP (coming soon): Time weighted average price, executes large orders over some time, breaking them into smaller, more frequent trades, to minimize the impact on the market price.

On-chain vs SDK order types: The smart contract supports 7 fundamental order types: OpenLong, OpenShort, CloseLong, CloseShort, Cancel, IncreasePositionCollateral, and Change (modify price/size/expiry of a resting order). Advanced order types like Stop Market, Stop Limit, Take Profit, and TWAP are abstractions built on top of these on-chain primitives via the SDK and keeper layer — they are not native contract operations.

Order Options:

• Good Til Cancel (GTC): An order that rests on the order book until it is filled or canceled

• Immediate or Cancel (IOC): An order that will be canceled if it is not immediately filled

• Fill or Kill (FOK): If the full quantity of the order cannot be filled instantly, the order is automatically canceled, preventing any partial or delayed execution

• Reduce Only: An order that reduces a current position as opposed to opening a new position in the opposite direction. A Reduce Only order can only be placed if there is an existing position.

• Post Only: An order that is added to the book only; it will revert if it would immediately cross the spread and match against an existing order.

• Max Matches: Caps the number of book matches per operation, helping control gas costs for large orders.

• Threshold Price: Maximum slippage protection, up to 65,535 bps from the reference price.

• Expiry Block: Time-in-force expressed as a block number. Expired orders can be cleared by anyone (with a recycle-fee incentive enabled when configured).

• Minimum Size: Every order must be for at least one size unit of the market (for example 0.00001 BTC, 0.001 ETH, 1 MON). There is no dollar minimum to place an order today, and closing your entire position is always allowed. See Minimum Orders.

Change Orders: Resting limit orders on the book can be modified in-place (price, size, or expiry) using a single Change operation. This reuses the existing order's storage slot, saving approximately 15,000 gas compared to canceling and re-placing an order.

To learn more about order types, read our blog on perp exchange order types.