How take-profit and stop-loss orders work on Binance, OKX, Bybit and Hyperliquid

A take-profit order and a stop-loss order look the same in most trading screens. Underneath, the four venues use different order objects, different endpoints and different cleanup rules. These differences decide whether a protective order survives a partial close, reverses your position, or stays behind after the trade ends.

How do the venues compare?

	Binance USD-M	OKX swaps	Bybit linear	Hyperliquid
Object	Algo order	Algo order	Position setting, or conditional order	Trigger order
Endpoint	POST /fapi/v1/algoOrder	POST /api/v5/trade/order-algo	POST /v5/position/trading-stop or /v5/order/create	order action, t.trigger
Order types	STOP_MARKET, TAKE_PROFIT_MARKET, STOP, TAKE_PROFIT	conditional, oco, trigger	triggerPrice on the order, or takeProfit / stopLoss	tpsl: tp or sl
Trigger price	MARK_PRICE or CONTRACT_PRICE	last, mark or index	LastPrice, MarkPrice, IndexPrice	Mark price
Market on trigger	Yes, for *_MARKET types	tpOrdPx or slOrdPx of -1	Market order type	isMarket: true

How does Binance handle TP/SL?

Binance moved conditional orders to its Algo Service on 2025-12-09. Sending STOP_MARKET, TAKE_PROFIT_MARKET, STOP, TAKE_PROFIT or TRAILING_STOP_MARKET to POST /fapi/v1/order now returns error -4120 (STOP_ORDER_SWITCH_ALGO). The replacement is POST /fapi/v1/algoOrder with algoType=CONDITIONAL.

Points to know:

• closePosition=true closes the whole position when triggered. It works with STOP_MARKET and TAKE_PROFIT_MARKET, and it cannot be combined with quantity or reduceOnly.
• In hedge mode positionSide is required. See hedge mode vs one-way mode.
• There is no margin check before a conditional order triggers, and an untriggered conditional order cannot be modified. Cancel and place it again.
• The user data stream reports these orders as ALGO_UPDATE events, not as normal order updates. The triggered child order arrives as a regular order update.
• A close-position order protects whatever position exists when it fires. After the position is gone, Binance cancels leftover close-position orders, which appear with an expired status. Confirm in open orders after a close, because the public API reference does not describe this rule.

How does OKX handle TP/SL?

OKX places standalone TP/SL at POST /api/v5/trade/order-algo. Use ordType=conditional for a single take-profit or stop-loss, and oco when you want both legs to cancel each other. The OKX documentation notes that a net-mode conditional request with both take-profit and stop-loss fields only runs the stop-loss logic.

Key fields: tpTriggerPx and tpOrdPx, slTriggerPx and slOrdPx, and a trigger type of last, mark or index. An order price of -1 means market.

What causes OKX error 51000 on a TP/SL close?

Error 51000 is OKX’s generic “Parameter error”. On close orders there is one pitfall worth checking first. cxlOnClosePos=true ties the TP/SL to the position, so OKX cancels it when the position is fully closed, and it requires reduceOnly=true. In our testing, sending cxlOnClosePos=true together with an explicit sz was rejected with 51000.

A safe pattern for net mode:

1. Send reduceOnly: true with sz. A triggered leg can then only reduce the position and never flips it.
2. Leave out cxlOnClosePos when you pass sz.
3. For a full close you can instead use closeFraction: "1". The docs say this is the only accepted value, and in net mode reduceOnly must be true.
4. In long/short mode send posSide and do not send reduceOnly.

Always read the sMsg field of the response. It names the field OKX rejected.

How does Bybit handle TP/SL?

Bybit has two designs:

• Position TP/SL. POST /v5/position/trading-stop sets takeProfit and stopLoss on the position. With tpslMode=Full the order covers the whole position, and the docs say the system cancels these orders if the position is closed. Set a value to 0 to cancel it.
• Conditional orders. POST /v5/order/create with triggerPrice, triggerDirection (1 rise, 2 fall) and triggerBy. On spot, use orderFilter=StopOrder and no direction.

A conditional order moves from Untriggered to Triggered almost instantly, then to New, PartiallyFilled and Filled, with the same orderId. The stopOrderType stays set, so only status Untriggered means “still waiting”. A spot conditional order cancelled before it triggers shows as Deactivated.

How does Hyperliquid handle TP/SL?

Hyperliquid has no separate TP/SL endpoint. It uses trigger orders inside the normal order action: t: { trigger: { isMarket, triggerPx, tpsl } }. The tpsl value is tp or sl. The grouping field can be na, normalTpsl or positionTpsl.

The documentation states that mark price triggers TP/SL orders, that market TP/SL orders have a slippage tolerance of 10%, and that a configured size is fixed and does not resize with the position. The documentation does not say what happens to them when the position closes, so check open orders after you flatten.

How Ninja Terminal handles this

• Binance: TP and SL go out as algo orders with closePosition=true, so no quantity is sent.
• OKX: net-mode accounts send a conditional order with reduceOnly and sz, and no cxlOnClosePos. Hedge accounts send posSide. The error message includes OKX’s sMsg so the rejected field is visible.
• Bybit: TP/SL is set on the position through trading-stop in Full mode, so Bybit removes it when the position closes.
• Hyperliquid: TP/SL goes out as trigger orders grouped as positionTpsl.

Protective orders reduce risk but do not remove it. Fast markets can fill a stop far from its trigger. This guide is not investment advice.