Pro Order Types

Compare HyperLink Pro order types and learn how to run Scale, TWAP, VWAP, Chase, Chase TWAP, Iceberg, and Swarm in the web app.

Use Pro order types in the HyperLink web app to run advanced algorithms.

Choose a Pro order type

Open the Pro menu in the trade panel, then choose an algorithm based on how you want the order to execute.

Order type	How it executes	Main controls
Scale	Submits 2–20 limit orders at evenly spaced prices between the start and end prices. Size Skew controls how size changes across the range.	Price range, total orders, Size Skew, ALO, GTC, or IOC, and reduce-only for perps.
TWAP	Splits the size into equal slices over 5 minutes to 24 hours.	Runtime, optional size randomization, optional Price Limit, and reduce-only for perps.
VWAP	Splits the size over 5 minutes to 24 hours and sizes each slice from the market's 7-day intraday volume profile. It falls back to equal slices when volume data is insufficient.	Runtime, optional size randomization, optional Price Limit, and reduce-only for perps.
Chase	Places a post-only order near the best available price, then reprices the unfilled size as the market moves.	Optional Max Chase Distance in price or percent, and reduce-only for perps.
Chase TWAP	Works a timed schedule with a repricing post-only order. Attempts market sweeps for any shortfall every 5 clips and at the end.	Runtime, optional size randomization, optional Price Limit, slippage, and reduce-only for perps.
Iceberg	Submits one visible limit-order slice at a time at a fixed price. Submits the next slice only after the current one fully fills.	Price, total size, Tip size, optional size randomization, ALO or GTC, and reduce-only for perps.
Swarm	Splits the size into 2–200 IOC market clips and submits them in concurrent waves.	Clips, Aggression, optional Irregular Clips, slippage, and reduce-only for perps.

Scale submits its full set of orders when you sign. All other Pro order types run in your browser, submitting orders as execution progresses.

Keep browser-run orders active

Keep the app tab open and your wallet connected while a browser-run Pro order is active. Refreshing or closing the tab, switching wallets, connecting the same wallet in another browser, or disconnecting interrupts it. Any resting order stays open until filled or canceled. Cancel it under Open Orders if needed.

Track Pro orders under Open Orders. Use Cancel on an algorithm's row to stop it. For algorithms with a resting order, cancellation also attempts to cancel that order. If cancellation fails, check Open Orders for the remaining order. Recent finished algorithms appear under Order History for the current browser session.

Run a Scale order

Select Pro > Scale to distribute a total order size across a price range.

1. Enter the total size and the Start and End prices. Buy prices must stay at or below the current mid price; sell prices must stay at or above it.

2. Enter Total Orders from 2 to 20.

3. Set Size Skew. 1.00 makes every order equal; 2.00 makes the order at the end price twice the size of the order at the start price.

4. Choose ALO, GTC, or IOC, then review and submit.

HyperLink submits every Scale order together. Each resting order counts separately toward your open order limit.

Run a TWAP

Select Pro > TWAP to divide the total size evenly over time.

1. Enter the total size and a Running time from 5 minutes to 24 hours. The minimum total order value is $100.

2. Optionally enable Randomize to vary individual slice sizes.

3. Optionally enable Price Limit, then choose how execution behaves while price is outside the limit.

4. Review the slice count and interval, then submit.

The app chooses the slice count from the runtime and order size. Slices are at least 30 seconds apart and must meet the minimum order value.

Run a VWAP

Select Pro > VWAP to weight execution toward the market's historically busier periods.

1. Enter the total size and a Running time from 5 minutes to 24 hours. The minimum total order value is $100.

2. Optionally enable Randomize to vary individual slice sizes.

3. Optionally enable Price Limit, then choose how execution behaves while price is outside the limit.

4. Review the slice count and interval, then submit.

VWAP uses the market's 7-day intraday volume profile to size each slice. It falls back to equal slices when volume data is insufficient.

Control out-of-limit execution

Enable Price Limit on TWAP or VWAP to set the worst price a slice may fill at. Set a maximum price for buys or a minimum price for sells.

Choose how the algorithm behaves while price is out of limit (OOL):

• Enable Pause when out of limit to stop submitting slices. Execution resumes when price returns within the limit, and the end time moves by the paused duration.

• Leave it disabled to skip out-of-limit slices and keep the original end time. When price returns, later slices can grow to catch up, up to 3x their planned size.

When Price Limit is enabled, unavailable price data also blocks execution. The limit still applies to each submitted slice.

Run a Chase order

Select Pro > Chase to seek maker fills while following the best available price.

1. Enter the total size.

2. Optionally enable Max Chase Distance and enter the distance as a price or percentage. The maximum distance is 5% of the current price.

3. For perps, optionally enable Reduce Only, then submit.

Chase places a post-only order near the best price and reprices the unfilled size as the market moves. When Max Chase Distance is enabled, the order rests at the boundary instead of moving past it.

Run up to 5 Chase orders at once in the browser, with one per market across both directions. Canceling or modifying the resting order stops its Chase.

Run a Chase TWAP

Select Pro > Chase TWAP to spread execution over time while seeking maker fills before taking liquidity.

1. Enter the total size and a Running time from 5 minutes to 24 hours. The minimum total order value is $100.

2. Optionally enable Randomize to vary the scheduled size increments.

3. Optionally enable Price Limit: a maximum fill price for buys or a minimum for sells. Review your slippage setting for market sweeps.

4. Review the clip count and interval, then submit.

A clip is one interval in the schedule. Clips are at least 1 minute apart; smaller orders use fewer, longer clips to meet the minimum order value. Unfilled size carries forward. Every 5 clips and at the end, the algorithm cancels its resting order and attempts an IOC market sweep for the amount still due. Sweeps can incur taker fees.

Price Limit applies to both the post-only order and market sweeps. Chase TWAP does not have Pause when out of limit: the resting order is capped at the limit and the schedule keeps its original end time. Price limits, slippage, or order rejections can leave part or all of the order unfilled.

For example, a $1,000 order over 10 minutes with Randomize disabled schedules 10 clips. At the end of clip 5, a sweep attempts to fill any shortfall against the first half of the target size. At the end of clip 10, a final sweep attempts the remaining size within your price and slippage limits.

Run up to 5 Chase TWAPs at once in the browser, with one per market across both directions. Canceling or modifying the resting order stops its Chase TWAP.

Run an Iceberg

Select Pro > Iceberg to work a larger limit order while exposing only the current slice to the order book.

1. Enter the limit price and total size.

2. Enter Tip size in the same unit as the total size. The tip must be worth at least $10 at the limit price and cannot exceed the total size.

3. Choose ALO for post-only slices or GTC to allow immediate fills when the price crosses the book. IOC is not available.

4. Optionally enable Randomize to vary slice sizes around the tip, then review the estimated slice count and submit.

The form allows up to 100 slices, accounting for smaller randomized tips. Randomize applies up to ±5% variation before size rounding and minimum-order adjustments. A small remainder can be merged into the preceding slice, so Tip size is not a strict maximum. Each slice uses the same limit price; partially filled slices stay open until fully filled.

For example, a 1 BTC order at a $100,000 limit price with a 0.1 BTC tip and Randomize disabled submits ten 0.1 BTC slices, one after another as each fills.

Run up to 5 Icebergs at once in the browser, with one per market across both directions. Canceling or modifying the visible slice stops its Iceberg.

Run a Swarm order

Select Pro > Swarm to send a burst of small market clips.

1. Enter the total size. The minimum total order value is $20.

2. Enter Clips from 2 to 200. Each clip must be worth at least $10, so the order size can lower the maximum clip count.

3. Set Aggression from 1 to 5. The levels submit up to 1, 2, 5, 10, or 20 clips at a time. Higher levels can fill faster with more market impact.

4. Optionally enable Irregular Clips to vary clip sizes instead of splitting the order evenly.

5. Review the slippage setting. For perps, optionally enable Reduce Only, then submit.

Each clip is an IOC market order priced from the current midpoint and your slippage setting. Unfilled clip size is canceled rather than left on the book. Price movement, slippage limits, or order rejections can leave part or all of the Swarm unfilled.

Run up to 5 Swarm orders at once in the browser, with one per market across both directions. Canceling stops clips that have not been submitted. Clips already in flight can still execute.

Want another execution algorithm or order type? Join HyperLink Discord and post your request in the #feedback channel.

Next steps

• Trading: learn about margining, liquidation, order limits, and portfolio tracking.

• Fees: review maker and taker fees.