Stop Loss/Take Profit Orders

You can set SL/TP (stop-loss/take-profit) orders through the position request accounts on the Vela Trade.

Stop-Loss (SL) and Take-Profit (TP) Orders:

• Stop-Loss: This order is designed to minimize your losses by automatically closing your position at the designated price level.

• Take-Profit: This order is used to lock in profits by closing your position at a specified price.

Once you create a SL/TP order, it will be visible under the "Orders" tab in the trader interface. From here, you can edit the order and modify the price trigger if needed. Both SL and TP orders are designed to execute and return the native backing asset for your position (e.g., BTC for a BTC long or USDC for an BTC short). Currently, only full position closures are supported.

Key Notes:

• Execution: SL/TP orders are not guaranteed to trigger at the exact price. In times of high volatility or congestion, liquidations may take priority, and SL/TP orders could take longer to execute.

• Price Trigger: For a bot to execute SL/TP orders, the price must cross the trigger price and stay above it for 8–10 seconds.

• Asset Types: On Vela Trade, when a SL/TP order is executed for positions backed by assets such as Bitcoin, users will receive Wrapped Bitcoin (wBTC) for optimization purposes.

Additional Information:

• You can have a maximum of 5 SL orders and 5 TP orders active per trading account.

• After closing a position (either manually or through SL/TP), all associated SL/TP orders will be automatically canceled.