Hyperliquid has launched trailing stops across its perpetual markets, giving traders a way to automatically protect profits as a position moves in their favour. The order follows the mark pri
Hyperliquid has launched trailing stops across its perpetual markets, giving traders a way to automatically protect profits as a position moves in their favour. The order follows the mark price as it reaches new highs for a long position or new lows for a short position, then triggers a market order when the price reverses by a distance or percentage set by the trader.
Traders can also set an activation price to determine when the trailing stop begins tracking the market. Without an activation price, tracking starts immediately from the current mark price. The feature is designed to let traders stay in profitable positions for longer while automatically exiting if the market turns against them.
Trailing stops are now available for perp markets.
A trailing stop’s trigger price follows the mark price as it moves in favor of the position. When the mark price retraces from its best level by the selected distance or percentage, it triggers a market order. For long…
— Hyperliquid (@HyperliquidX) September 21, 2026
Casino said most retail traders could misuse trailing stops by setting them too close to the market, leaving positions vulnerable to normal price wicks.
Sogle took a more positive view, saying the feature gives traders a way to “stop babysitting” their positions. He pointed to the ability to let a stop move automatically as a trade moves in the trader’s favour, removing the need to manually adjust it every few minutes.
DMY also focused on the reduction in manual work, saying Hyperliquid is making the trader’s job smaller. According to DMY, traders can now set a trailing distance and allow the position to manage that part of the trade automatically. The reactions show the main trade-off with trailing stops. They can reduce the need to constantly watch a position, but the distance selected still determines how much room a trade has before a reversal closes it.
Perpetuals were once closely associated with offshore crypto exchanges, but regulators are now creating a path for them to trade alongside conventional derivatives. In May, the CFTC approved Kalshi’s Bitcoin perpetual as a futures contract and said other perpetuals would be reviewed individually. The regulator followed that in June with a framework allowing designated contract markets to convert certain existing digital-commodity futures into true perpetual contracts under customer-protection conditions.
That changes the competitive landscape. The appeal of perpetuals was never that they had no expiry. Traders could use them around the clock, apply leverage and avoid repeatedly rolling futures contracts. The CFTC itself described perpetuals as a foundational tool for crypto risk management and price discovery, while noting that much of this activity had historically taken place offshore.
Now the product is spreading into other markets. Kalshi is preparing to seek approval for a perpetual crude-oil contract and has already filed proposals covering equity indexes, metals, foreign exchange and interest rates. If those products are approved, perpetuals would no longer be primarily a crypto trading product. They would become another way to take leveraged exposure to major financial markets.
Europe is taking a different approach, ESMA warned in February that some products marketed as perpetual futures could fall under existing CFD rules, bringing leverage limits, risk warnings, margin close-out requirements and negative-balance protection.
Hyperliquid’s competition is no longer limited to other crypto-native exchanges. Regulated venues can now take the same basic trading structure into Bitcoin, gold, equities, commodities and eventually other asset classes.
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Hyperliquid’s growth shows that traders are no longer using decentralized derivatives platforms only because they want onchain settlement. The bigger test is whether a DEX can provide the same trading tools and execution standards that keep active traders on centralized exchanges.
That matters because the market is still heavily controlled by centralized venues. Binance and OKX accounted for 33% and 15% of centralized perpetual futures volume respectively in the first four months of 2026, according to CoinGecko. Perp DEXs have grown rapidly, but their share of the market has remained much smaller. The DEX-to-CEX volume ratio peaked at 13% in late 2025 before falling to about 10% in April 2026.
Hyperliquid has been taking share from that much larger market. Its share of global perpetual volume reached 6.63% in May, up from about 3.5% a year earlier, while its monthly volume approached $200 billion. A trailing stop does not create a new market, but it removes one more reason an active trader might prefer a centralized exchange. Once traders can manage entries, exits and risk without constantly watching a position, the difference between a DEX and a CEX becomes less about what traders can do and more about how well the platform does it.
The numbers suggest that this competition is already underway. CoinGecko found that the 12 largest perp DEXs averaged $611.57 billion in monthly volume in 2026, while newer venues such as Pacifica, Extended and Variational were gaining share.
Meanwhile, Hyperliquid launched manual borrowing on its HyperCore infrastructure, allowing users to put up HYPE and BTC as collateral to borrow USDC and USDT. The new feature uses the same underlying infrastructure as Hyperliquid’s portfolio margin system, while giving users direct control over how much they borrow.
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The post Hyperliquid Adds Trailing Stops to Perpetual Markets appeared first on DeFi Planet.
