Order Types
Order Types on Hyena
Hyena provides a wide range of order types to give traders maximum flexibility and control over their execution. Each order type serves a different trading purpose, from simple entries to advanced automation.
1. Market Order
A Market Order executes immediately at the best available price in the order book.
Best for traders who prioritize speed of execution over exact entry price.
Example: If you place a market buy for ETH/USDe, it fills instantly at the current best ask price.
Note: Market orders can experience slippage in low-liquidity conditions.
2. Limit Order
A Limit Order allows you to set a specific price at which you want to buy or sell. The order only executes if the market reaches your chosen price.
Best for traders who want price precision and are willing to wait.
Example: You place a buy limit order for BTC/USDe at $60,000 — the order only fills once the price drops to that level.
This order type helps avoid slippage but might not execute if the market never reaches your price.
3. Stop Market Order
A Stop Market Order triggers a market order once a specific stop price is hit.
Commonly used for stop-losses or breakout trades.
Example: You hold a long ETH position and set a stop market sell at $2,900 — if ETH falls to $2,900, your sell executes immediately at the best market price to prevent further loss.
Prioritizes execution certainty over price control.
4. Stop Limit Order
A Stop Limit Order combines the logic of a stop order and a limit order. Once the stop price is reached, a limit order (not a market order) is placed.
Best for traders who want to control their exit price even after a trigger condition.
Example: You set a stop at $2,900 and a limit at $2,880. When the stop triggers, your sell limit order is placed at $2,880.
Offers more control but might not fill during fast-moving markets.
5. Scale Order
A Scale Order lets you place multiple limit orders at predefined intervals (price ladder).
Useful for averaging into or out of positions over a range of prices.
Example: You want to buy ETH between $2,900 and $2,700 in increments of $50 — Hyena automatically places limit orders at each step.
Ideal for DCA strategies or liquidity provisioning.
6. TWAP Order (Time-Weighted Average Price)
A TWAP Order breaks a large order into smaller chunks and executes them gradually over time to achieve an average entry or exit price.
Helps minimize market impact and slippage for large trades.
Example: You want to buy $100,000 worth of BTC over 2 hours — TWAP executes smaller orders periodically to blend into market volume.
Perfect for institutional-sized orders or strategic accumulation.
7. Scalp Order
A Scalp Order is optimized for short-term, rapid trades that aim to capture small price movements.
Often used in high-frequency trading or volatile conditions.
Can be combined with tight stop-losses and take-profits for quick, automated execution.
Example: You buy BTC expecting a small move from $60,000 to $60,200, then immediately sell to lock in quick profits.
Designed for speed and efficiency, not long-term holds.
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