Stop orders

Pick Stop on the ticket, then Stop market or Stop limit. A stop waits on the exchange, so it fires while Mirrorlane is closed. To protect a position you hold, TP / SL sets a take profit and stop loss that follow it.

A stop watches the mark price. When the mark reaches your trigger, the exchange sends the stop’s order: a market order for Stop market, or a limit order at your Limit price for Stop limit.

The exchange has two kinds of trigger order, stop loss and take profit, which differ only in the way the mark has to move. The ticket picks the kind from where your trigger sits against the mark when you send:

Side	Trigger	Goes as	Fires when
Buy	Above the mark	Stop loss	The mark rises to the trigger or above
Buy	Below the mark	Take profit	The mark falls to the trigger or below
Sell	Below the mark	Stop loss	The mark falls to the trigger or below
Sell	Above the mark	Take profit	The mark rises to the trigger or above

The order details show the kind as Sends as, such as “Stop loss, market”, with Distance to trigger beside it.

• Stop market fills at once when it fires, with a worst price set by Max TP and SL slippage in Settings, Trading: 1% past the trigger by default, up to 10%. Whatever the book can’t fill by that price is cancelled.
• Stop limit places a limit order at your Limit price when it fires. It never fills past that price, so in a fast move it may not fill at all. What doesn’t fill at once rests on the book.

Setting	What it does
Stop type	Stop market by default, or Stop limit.
Trigger price	The mark price that sets the stop off. A line under it shows its distance from the mark.
Limit price	Stop limit only: the worst price its order fills at.
Size	The amount to buy or sell, in the market’s asset by default or in dollars, with the slider and the % box.
Reduce only	Off by default. The order can only make your position smaller. Perpetuals only.

The Stop tab has no TP / SL and no time in force. A stop waits up to 28 days for its trigger; then the exchange cancels it.

• Pending orders. Until it fires, a stop counts as a pending order. Plus accounts hold up to 500 and Premium up to 1,000, with at most 100 in one market.
• Limit price near the trigger. The exchange checks a stop limit’s Limit price as it checks any limit price, with the trigger in the mark price’s place: a sell’s must be at least 95% of the higher of the trigger and the best bid, and a buy’s at most 105% of the lower of the trigger and the best ask.
• Minimum size. A stop limit must be at least the market’s minimum at its Limit price, as a resting limit order must.
• The exchange’s own cap. The exchange limits how many conditional orders it holds in all. At that cap a new stop is refused: “Too many conditional orders are open on the exchange right now. Try again later.”

When it fires, a stop market pays the taker fee, and a stop limit pays taker or maker as any limit order does. The Fees row estimates it at the taker rate. See The fee.

• The price jumps past your trigger. A stop market fills only as far as its worst price, and the rest is cancelled. A stop limit may not fill at all.
• The last price passes your trigger and the mark doesn’t. Stops fire on the mark price, so a quick trade past your trigger doesn’t set it off unless the mark gets there too.
• Your margin has changed by the time it fires. The exchange checks every trade, and cancels one that would leave a healthy account unhealthy.
• Reduce only with nothing to close. The ticket won’t send a reduce-only stop unless its side closes a position you hold: “Reduce only needs the side that closes your position.”
• It expires. After 28 days without firing, the exchange cancels it.

Open orders lists a stop with its kind in Type (Stop market, Stop limit, Take profit market or Take profit limit) and its trigger in Trigger: “≥ 3,100” fires when the mark reaches 3,100 or above.

• Edit changes its trigger, its Limit price and its size, while nothing has filled.
• On the chart, drag its line to move the trigger. A stop limit’s Limit price moves by the same amount, and a stop market’s worst price follows the new trigger.
• Cancel on its row, or the cancel button on its chart line, cancels it at once.