> For the complete documentation index, see [llms.txt](https://hyperpnl.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hyperpnl.gitbook.io/docs/trading/orders.md).

# Orders

**Market Order:** A market order is executed immediately at the best available price in the order book. It is used when you want to enter or exit a position without waiting.

**Limit Order:**A limit order is placed at a specific price. The order will only be executed if the market reaches that price.

**Take Profit (TP):** A take profit order automatically closes your position when a predefined price is reached. It is used to secure profits without manual action.

**Stop Loss (SL):** A stop loss order automatically closes your position if the market moves against you. It is used to limit downside risk.

**Reduce-Only:** Reduce-only ensures that an order can only reduce or close an existing position. It will never increase your position size or open a new position.

#### <mark style="color:$warning;">**Order Duration**</mark>

All orders on HYPERPNL are Good Till Cancel (GTC).

This means orders remain active until:

* They are fully executed, or
* You cancel them manually

There are no time-based expirations.

### <mark style="color:$warning;">**Order Book**</mark>

The order book used on HYPERPNL comes directly from Hyperliquid. Price levels and liquidity are sourced from Hyperliquid’s live orderbook and order matching follows real market conditions.

Even during simulated trading, orders are matched against the actual Hyperliquid order book.

This design ensures that:

* Demo traders and funded traders trade under the same market conditions
* Trading behavior reflects real execution, pricing, and liquidity
* All traders experience the market as if they were trading in a live environment

The goal is to provide a realistic trading experience without giving any group an artificial advantage.