TP, SL & Stop-Market Orders

Learn how to use take profit, stop loss and stop market orders on Vertex
This tutorial will cover the steps to place and manage trigger orders on Vertex.
The following trigger orders are currently available on Vertex:
  • Take Profit (TP)
  • Stop-Loss (SL)
  • Stop-Market

Take Profit & Stop Loss

Traders can set Take Profit (TP) and / or Stop Loss (SL) orders for open perpetual positions.
  • TP & SL can only be set for the entire notional size of an existing position.
  • TP/SL will auto-cancel if you add / reduce a positions size.

Setting TP/SL Orders

Step 1. Click on + Add to start creating a TP/SL order.

-> Head to any Perp Positions table (on trading pages and portfolio view).
-> Click on the + Add in the TP/SL column on the position you want to create a TP/SL for.
-> A pop-up will open.

Step 2. Enter your TP/SL trigger price (Mark or Last)

-> You can now set the trigger price for your TP/SL.
-> First, select if you wish to base the trigger on the Mark Price or Last Price.
  • Oracle Price: Oracle price from other exchanges.
  • Last Price: Last-traded price on Vertex.
-> Now, enter your desired trigger price.
-> You can also use the % buttons which enter a price based on your desired PnL % (positive for TP and negative for SL).
After entering the price, you will see the estimated PnL based on if the trigger order executes.

Step 3. Place the TP/SL

--> Press on [Place Take Profit] or [Place Stop Loss].
--> Since One-Click trading is required, you won't need to sign any transaction
--> You have successfully placed your TP/SL order.
The pop-up will display your new TP/SL:
You will also be able to see the TP/SL price in the positions table.

Canceling TP/SL Orders

Step 1. Click on the edit in the positions table.

-> If a position has a TP/SL it will be displayed in the TP/SL column.
-> Click on the edit button in this column to open the TP/SL pop-up.

Step 2. Press Cancel

--> Press on the [Cancel] button for the TP/SL you wish to cancel.
--> Since One-Click Trading is required, you won't need to sign anything.
--> You have canceled the TP/SL.
You can now re-create a TP/SL if you want, or exit the pop-up.

TP/SL Auto-Cancel

TP/SL orders will automatically cancel if the position is increased or decreased under the following conditions where:
  • If you have a TP/SL set for a position and place a trade for that market.
  • If you market close any portion of that position.
The app will notify you before doing either of these.
If your TP/SL auto-cancels due to the above, you will need to re-create the orders.

Stop Market Orders

  • A stop-market order is a type of trigger order that lets you to set a specific price (the trigger) that will trigger a market order.
  • Stop-market orders will only be triggered if the Last Price for the market reaches the trigger price and if the order can fully fill (see slippage).
  • Stop-market orders can be used to close existing positions (a manual stop-loss) or to open new positions (stop-entry).
  • Stop-market orders are not reduce-only, meaning that if you place a stop-market for an existing position and close the position before the trigger is reached the stop-market can still execute.

Placing Stop-Market Orders

Step 1. Select Stop Order Type

-> On the trading order form, select 'Stop' as the order type (to the right of 'Limit').
The order form is on the left of the trading page on this screenshot. It can also be switched to the right in settings.

Step 2. Enter Trade Order Details

-> Enter your desired trigger price.
-> Enter the order size.

Step 3. Place Order

-> Press on the [Place Buy] or [Place Sell] buttons below.
-> Since One-Click Trading is required for triggers, you won't need to sign any transactions.
--> You have successfully placed a stop-market order!

Managing & Canceling Stop-Market Orders

To View Stop-Market Orders:

-> Go to the trigger orders table on trading pages and on the Open orders page in your portfolio.

To Cancel a Stop-Market Order:

-> Click on [Cancel] for the stop market order you wish to cancel.

Stop-Market Orders Do NOT Auto-Cancel

Unlike TP/SL orders, a stop-market order will NOT auto-cancel if you add or reduce a position's size for that market.
For example:
  • If you set a stop-market order as a manual stop-loss but reduce the position before the trigger is reached, then the stop-market can still execute and leave you with an unwanted position.
  • If you set a stop-market order as a manual stop-entry but enter the position before the trigger is reached, the stop market can still execute leaving you with an unwanted position.
***REMEMBER to cancel any unwanted stop orders when opening and closing positions.