A stop tells the system when to submit an order. It does not promise the price you will\u00a0receive<\/p>\n
A stop price is a trigger. A fill price is an execution result.<\/p>\n
Those two numbers can match, but they do not have\u00a0to.<\/p>\n
The difference matters most in fast markets, thin order books and gaps. A trader can set a stop at one level, see it trigger correctly and still receive a different average\u00a0fill.<\/p>\n
That is not automatically a system error. It is how the order moves from a condition into the\u00a0market.<\/p>\n
A stop order waits for a specified trigger\u00a0price.<\/p>\n
On Hyperliquid, take-profit and stop-loss orders are triggered using the mark price. Once the trigger condition is met, the system submits the chosen order type. The final execution then depends on the order\u00a0book.<\/p>\n
The sequence\u00a0is:<\/p>\n
The mark price reaches the\u00a0trigger.The stop condition activates.A market or limit order is submitted.The order trades against available liquidity.One or more fills create the average execution price.<\/p>\n
The trigger answers \u201cwhen should the order become active?\u201d The fills answer \u201cwhat liquidity was available after it became\u00a0active?\u201d<\/p>\n
A stop-market order prioritises execution.<\/p>\n
Once triggered, it can trade across the available order book. If the market is moving quickly, the order may fill at several prices. The average can be worse than the\u00a0trigger.<\/p>\n
That difference is slippage.<\/p>\n
A stop-limit order gives you more control over the acceptable price.<\/p>\n
Once triggered, it places a limit order. The order will not trade beyond the limit you chose. The trade-off is that it may fill only partly, or not at all, if the market moves through the limit too\u00a0quickly.<\/p>\n
This is a choice between execution certainty and price control. Neither option guarantees both.<\/p>\n
Suppose a long position has a stop trigger at\u00a0$100.<\/p>\n
The mark price reaches $100 and activates a stop-market sell. At that moment, the best bids\u00a0are:<\/p>\n
2 units at\u00a0$99.903 units at\u00a0$99.705 units at\u00a0$99.40<\/p>\n
A 10-unit order can fill across all three levels. The average fill is $99.58, even though the trigger was\u00a0$100.<\/p>\n
Now imagine a stop-limit order with a $99.80 limit. It can sell 2 units at $99.90, but the remaining 8 units cannot trade below $99.80. They stay open unless cancelled or the price\u00a0returns.<\/p>\n
The stop-market exited the full position at a worse average price. The stop-limit protected the price but left exposure\u00a0behind.<\/p>\n
The last traded price is a record of one completed trade.<\/p>\n
It does not show the quantity available for your next order. It also may not be the price used to trigger the\u00a0stop.<\/p>\n
Before blaming a mismatch, compare:<\/p>\n
the mark price at the\u00a0triggerthe order type submitted after the\u00a0triggerthe order\u00a0sizethe bids or asks available at executionthe individual fills, not only the final\u00a0average<\/p>\n
That evidence tells you whether the stop triggered correctly and how the order actually\u00a0traded.<\/p>\n
Do not make this decision while the market is already moving against\u00a0you.<\/p>\n
Before placing the order,\u00a0decide:<\/p>\n
which price should trigger\u00a0itwhether full execution or a price limit matters\u00a0morehow large the order is relative to visible liquiditywhat partial execution would leave in the\u00a0accounthow you will verify the fills afterward<\/p>\n
A stop is a risk tool, not a price guarantee.<\/p>\n
In Fensory, review the live price, order controls and current market conditions before submitting an order. If you later investigate an outcome, use the order and fill records rather than relying on one chart\u00a0marker.<\/p>\n
Review live order\u00a0controls<\/a><\/p>\n Trading involves risk, including the loss of funds. This article is educational and is not financial advice.<\/p>\n Hyperliquid take-profit and stop-loss orders<\/a>Hyperliquid trade outcome\u00a0FAQ<\/a>Hyperliquid order\u00a0types<\/a><\/p>\n Stop price and fill price are not the same number<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":" A stop tells the system when to submit an order. It does not promise the price you will\u00a0receive A stop price is a trigger. A fill price is an execution result. Those two numbers can match, but they do not have\u00a0to. The difference matters most in fast markets, thin order books and gaps. A trader […]<\/p>\n","protected":false},"author":0,"featured_media":250076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-250075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/250075"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=250075"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/250075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/250076"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=250075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=250075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=250075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Sources<\/h3>\n