# Order Types The Perps Bot supports two order types for entering positions. ### Market Orders (default) Execute immediately at the current market price. * Default when using `/long` or `/short` * Slippage: hardcoded 0.5% (50 bps) to ensure fill * Fee: Hyperliquid taker fee applies ### Limit Orders Place an order at a specific price. The order waits until the market reaches your price. #### How to place a limit order: 1. Start a trade with `/long` or `/short` 2. Select the **Limit** tab 3. **Set your target entry price** — the price at which you want the order to fill 4. **Set leverage** (1-100x, default 5x) and margin amount 5. **Confirm** — order is placed on Hyperliquid as GTC #### Key details: * **Expiration:** GTC (Good-Til-Cancelled) — stays active until filled or manually cancelled * **Slippage:** None — executes at exactly your specified price * **Fee:** Hyperliquid maker fee applies (lower than taker fee for market orders) * **No maximum** active orders limit #### Managing open orders: * View pending orders via \`/orders\` * Cancel individual orders * Orders remain active indefinitely until filled or cancelled ### Comparison: Spot vs Perps Limit Orders | Aspect | Spot | Perps | | ------------- | -------------------------------------------------- | --------------------------- | | Slippage | Uses user Buy/Sell Slippage settings (default 20%) | None (exact price) | | Expiration | GTC | GTC | | Fee | 1% Click swap fee | Hyperliquid maker/taker fee | | Partial fills | Supported but not surfaced in Telegram | Supported by Hyperliquid |