Take profit and stop loss
Exits you set in advance, so the position closes at your prices even while you sleep.
Key ideas
- 1A take profit (TP) closes the position when the price reaches your target. A stop loss (SL) closes it when the price moves against you as far as your limit.
- 2You set them as a return on your margin, or as an exact price: at 10x, a +10% take profit is a 1% move in the price.
- 3Both sit on Hyperliquid, not in the bot, so they work even if Telegram, your phone or Lance is offline.
- 4When one fills, the other is cancelled. Your bot tells you when either fills.
What they are
- Closes the position at your target
- Locks in a gain you planned
- Above the price for a long, below for a short
- Closes the position at your limit
- Keeps a loss the size you planned
- Below the price for a long, above for a short
Both sit on Hyperliquid as orders tied to the position, so they work while Telegram, your phone and Lance are all closed. When one fills, the other is cancelled, and your bot tells you.
Levels on your margin
Lance sets levels as a share of your margin: +5%, +10%, +15%, +25% or +50% for a take profit, and the same below for a stop loss, or any price you type. The price each one means depends on your leverage.
- Entry
- 100,000
- Take profit +25%
- 102,500 (+2.5%) → +$25
- Stop loss −10%
- 99,000 (−1%) → −$10
- Reward against risk
- 2.5R
Levels are on your margin: at 10x, +25% is a 2.5% move in the price.
Which one comes first
Made-up price paths. Tight stops get hit more often in choppy markets; far ones lose more when they are.
- Take profit at
- 101,500
- +1.50% price move
- Stop loss at
- 99,000
- −1.00% price move
- Take profit filled
- +$15.00
- Before fees
At 10x, a 15% take profit is a 1.50% move in the price, and a 10% stop loss is 1.00%. The price reached the take profit first, so the position closed and the stop loss was cancelled.
Good practice
- Put the stop where your idea is proven wrong, not where the loss feels comfortable.
- Then size the position so that stop costs what you planned.
- A target further than the stop (2R, 3R) means you can be wrong more often than right and still come out even.
- Once triggered, they fill at market: in a fast move, the fill can be a little worse than the level.
Common mistakes
- Trading without a stop loss. One bad move can take the whole margin.
- Moving the stop further away when the price nears it. That turns a planned loss into a bigger one.
- Expecting the exact price. Once triggered, a TP or SL fills as a market order, so a fast move can fill it a little worse.
- Setting a take profit so close that fees eat most of the gain.
Check yourself
You are long at 5x. What price move does a −10% stop loss mean?
Try it in Lance
Tick TP/SL in the order panel and pick a level. The prices update with your entry and leverage.
Add a TP and SL