Introduction
Conditional orders (stop-limit and stop-market) are triggers that will automatically place a limit or market order when the mark price hits the trigger price specified by the user. Users use conditional orders to help manage loss or secure profits in case the market goes in the opposite or favourable direction. This actually helps save time by automatically entering or exiting the market, instead of monitoring closely and waiting for the right time.
- If the mark price hits the trigger price, then the conditional order will be triggered and place a market order or a limit order into the decentralised orderbook.
- If the mark price does not reach the trigger price, the order will remain active until it is canceled by the user or triggered by the system.
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How to place a conditional order on Helix?
Where can I check my conditional orders?
Conditional Orders on Helix
To simplify your trading experience on Helix, when placing a conditional order our system will automatically detect the appropriate order type based on whether you are buying or selling, and by comparing the trigger price and the current mark price.
This experience design allows users to focus on the trigger price and at what price they want to buy or sell if the order is triggered. The system will take care of the rest to determine if this is a stop-loss or take-profit order. Once a stop-market or stop-limit order is placed, the user can see if it is a stop-loss or take-profit.
To avoid a conditional order getting triggered instantly, users will not be able to place the order if the trigger price equals the current mark price at the time of order placement.
| Side | Trigger Price During Placement | Order Type |
| Buy | Trigger Price > Current Mark Price | Stop-Loss |
| Trigger Price < Current Mark Price | Take-Profit | |
| Sell | Trigger Price < Current Mark Price | Stop-Loss |
| Trigger Price > Current Mark Price | Take-Profit |
Stop-Market Order
A stop-market order (stop-loss market or take-profit market) will place a market order when the mark price hits the trigger price. ℹ️ For a given derivatives market, only one stop-market order is allowed per side and per trading account.
| Side | Order Type | Trigger Mechanism |
| Buy | Stop-Loss Market |
When the mark price exceeds the trigger price, a buy market order will be placed. |
| Take-Profit Market | When the mark price drops below the trigger price, a buy market order will be placed. | |
| Sell | Stop-Loss Market | When the mark price drops below the trigger price, a sell market order will be placed. |
| Take-Profit Market | When the mark price exceeds the trigger price, a sell market order will be placed. |
Stop-Limit Order
A stop-limit order (stop-loss limit or take-profit limit) will place a limit order when the mark price hits the trigger price.
| Side | Order Type | Trigger Mechanism |
| Buy | Stop-Loss Limit |
When the mark price exceeds the trigger price, a buy limit order with the provided limit price will be placed. |
| Take-Profit Limit | When the mark price drops below the trigger price, a buy limit order with the provided limit price will be placed. | |
| Sell | Stop-Loss Limit | When the mark price drops below the trigger price, a sell limit order with the provided limit price will be placed. |
| Take-Profit Limit | When the mark price exceeds the trigger price, a sell limit order with the provided limit price will be placed. |
How to place a conditional order on Helix?
Let's assume a Helix user, Alice just opened long 1 BTC/USDT PERP at the current mark price 21,406.7 and she believes the price will begin to rise soon.
Under this situation, Alice may want to set a stop-limit sell order to alleviate potential losses if the assumption is wrong and price starts to drop. If she believes that 21,400.0 is a reliable support level, she may set a stop-limit order with a trigger price just right below.
In this example, we will help Alice place a stop-limit order to short 1 BTC/USDT PERP with the trigger price at 21,395.0 and the limit price at 21,390.0.
- Connect wallet on Helix
- Go to Helix derivatives trading page
- Select the derivatives market to trade on (i.e. BTC/USDT PERP)
- Choose the conditional order type (i.e. Stop-Limit)
- Choose the side (i.e. Sell)
- Set the trigger and limit prices, along with the amount to short
- Click the action button (i.e. Sell / Short) to place the conditional order. The system will help detect the appropriate order type (i.e. which is Stop-Loss Limit in this example) based the order side, trigger price and the current mark price.
- Sign the message with the connected wallet to confirm order
- After the conditional order is successfully placed, Alice will see a confirmation message. She can also scroll down to view and manage her open conditional orders via the tab Triggers.
Note: Alice does hold a long position in this example, i.e. long 1 BTC/USDT PERP and hence she could also choose to enable Reduce-Only option for her sell stop-limit order. For reduce-only option, please refer here for more explanations.
Where can I check my conditional orders?
You can access all information related to your trading activities in the panel located at the bottom of the trading interface.
To view your conditional orders:
- Connect wallet on Helix
- Go to Helix derivatives trading page
- Click Triggers to view all your conditional orders that are still active
- Click Order History to view all your trading activities including the placing of conditional order
- You can also find the same information on Activity > Derivatives Orders page
