Take Profit/Stop Loss
Automated exit orders on RISEx
Overview
RISEx supports Take Profit (TP) and Stop Loss (SL) orders as conditional close orders. When a monitored price crosses the configured trigger level, the order is automatically executed on-chain as a reduce-only close.
The order is always reduce-only: it can only reduce an existing position and can never increase it.
Order Types
Take Profit (TP) triggers when price moves favorably past a target level, locking in gains. Stop Loss (SL) triggers when price moves unfavorably past a threshold, capping a loss.
Trigger direction depends on the position side:
| Position | Type | Trigger Condition |
|---|---|---|
| Long (SELL side) | Take Profit | |
| Long (SELL side) | Stop Loss | |
| Short (BUY side) | Take Profit | |
| Short (BUY side) | Stop Loss |
The side of the TP/SL order must always be opposite to the position side (SELL to close a long, BUY to close a short).
Trigger Price Source
Each TP/SL order is tagged to one of two price feeds:
- Last Traded Price: triggers when a real trade on the orderbook crosses the stop price.
- Mark Price: triggers when the Stork oracle mark price crosses the stop price.
A mark-price order is only evaluated against oracle updates. A last-price order is only evaluated against real trades. They do not cross-trigger.
Sizing Modes
Full Size
The order always closes 100% of the current position. As the position changes, the order size adjusts automatically to match the full position at all times. This is the simplest and most beginner-friendly mode, and thus enabled by default on the UI.
Fixed Size
The order closes a specific quantity of the position.
- The order size must not exceed the current position size at placement time.
- If the position partially closes and falls below the order size, the order is automatically clamped down to the remaining position size.
- The order size never increases even if the position grows.
Proportional Size
The order closes a fixed fraction of the position and automatically tracks the position as it changes. On every position change (trade, partial fill, or any event that modifies the position), the new TP/SL order size is recalculated proportionally.
Full Size is a special case of Proportional Size with 100% proportion. Proportional Size mode is currently available only via APIs.
Position Reconciliation
As positions change, active TP/SL orders are automatically reconciled to remain valid.
Full Close or Position Flip
All active TP/SL orders (both ACCEPTED and TRIGGERED) are cancelled immediately. A reduce-only order placed against a closed or flipped position would revert on-chain, so cancellation happens proactively.
Partial Close or Position Change (same direction)
-
For fixed-size orders: any order whose size exceeds the remaining position is clamped down to the remaining size. The order stays active.
-
For proportional orders: the order is re-sized proportionally to reflect the position change, in both directions (growth and reduction). For example, if the position grows (from an additional trade), proportional orders grow with it.
Expiry
Orders placed with a time-in-force of GTT (Good Till Time) are automatically cancelled when they expire.
Execution Type
When a TP/SL order is triggered, it is submitted to the orderbook as either a market order or a limit order configured by the user.
Market Order
The order executes at whatever price is available at the time of trigger. It fills immediately at the best available price and there is no price guarantee: in fast-moving markets, the actual execution price may differ from the trigger price.
Limit Order
The order executes only at the configured or better. This is the mechanism for controlling worst-case execution price (i.e., slippage protection).
If the market price is on the wrong side of at execution time, fill behavior depends on the time-in-force:
- IOC: unfilled remainder is cancelled immediately. The order may partially fill or not fill at all.
- FOK: the entire order must fill at once or it is cancelled entirely.
- GTC: the order rests on the book until it can fill at or better, or until cancelled.
There is no separate maximum slippage parameter. Slippage is controlled entirely by choosing a limit order and setting to the worst acceptable fill level.
Delegation
TP/SL orders are executed automatically by RISEx when the trigger condition is met. For this to work, RISEx needs permission to submit a close order on the user's behalf without requiring the user to be online.
This permission is granted once, upfront, by signing a delegation message with the account wallet. The signed message authorizes a specific RISEx executor address to act on behalf of the account. RISEx registers this authorization on-chain, so it is verifiable and cannot be forged.