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Hyperliquid said on X it has introduced a trailing stop feature for its perpetual futures market.
A trailing stop moves the trigger price as the market moves in favor of a position, then automatically submits a market order if the price reverses by a preset amount or percentage. For a long position, the trigger price rises each time the mark price, the exchange reference price used for futures profit and loss calculations and liquidation thresholds, sets a new high. The order is executed if the price later falls by the preset amount or percentage from that peak. For a short position, the trigger price moves lower each time the mark price sets a new low. Users can also set a separate price at which trailing begins; if no such price is set, tracking starts immediately from the current mark price.