Overview

Compare every order type Borsa exposes — Market, Limit, Scale, TWAP, Burst — and pick the one whose execution model matches your intent.

Borsa exposes five order types, each backed by a different execution model. This page summarises what each type does, what trade-off it makes, and links you to the dedicated technical reference for that type.

If you only want to place a trade, you can stop at the decision matrix below. If you want to understand exactly what hits the exchange when you press Submit — wire format, time-in-force, fee category, abort conditions — open the dedicated page for the type you care about.

At a Glance

Type	Resting?	Crosses?	Fee class	Use when
Market	No	Yes	Taker	You need immediate execution and accept whatever the book offers.
Limit	Yes (GTC / ALO) or no (IOC)	Conditional	Maker if rests, taker if crosses	You care about price, willing to wait, may post or take.
Scale	Yes	Conditional	Per leg, usually maker	You want size distributed across a price range, not one level.
TWAP	Mixed	Mixed	Per slice	You want one total size spread across time.
Burst	No	Yes	Taker	You want immediate execution but with a hard slippage cap and smarter book sweeping than Market.

Decision Matrix

Pick by what you're optimising:

Speed of completion above all else → Market. One IOC limit with a wide slippage cap. Fastest possible single send.
Speed with bounded slippage → Burst. Sweeps the book through a series of small IOC waves with a hard cap on price deviation from the initial best. Stops on its own if the market runs away.
Specific price level → Limit. Rests on the book until filled, cancelled, or expired.
Range of price levels → Scale. One total size, N limit orders, distributed across [start, end].
Across time → TWAP. One total size split into slices over a duration (up to 24 hours on Hyperliquid, up to 30 days when Borsa runs it locally or in the cloud).

Where You Choose

All five live in the right-hand trading panel in Trade. The two simple types, Market and Limit, sit as tabs at the top. The advanced types, Scale, TWAP and Burst, live behind the Pro dropdown. On outcomes the Pro dropdown offers only Scale.

The Pro dropdown also lists Your strategies and New strategy…, so you can run a strategy on the selected market from the same panel. See Strategies.

Order type selector — Order type tabs (Market / Limit) and the Pro dropdown (Scale / TWAP / Burst).

Common Controls

Every order type shares some controls. The dedicated pages describe how each type interprets them — this section just defines the terms.

Side: Long / Short (Buy / Sell)

Direction of the trade. On perps, Long opens an isBuy: true order; Short opens an isBuy: false order. On spot and outcomes, the labels become Buy / Sell but the wire-level mapping is identical.

Size

The base-asset quantity to trade. The size you type is what Borsa formats according to the market's szDecimals and sends to Hyperliquid. Always check the Value label below the input — that's the implied USD notional at the current reference price.

Reduce Only (RO)

When enabled, the order is flagged reduceOnly: true. The exchange will reject any fill that would increase your absolute position size. Use it for exits where you do not want to accidentally flip direction.

Leverage

Perp-only. Sets the margin tier applied to the position. Does not change fees (those are charged on notional) but does change liquidation distance and free margin consumption.

Time-in-Force (TIF)

Where shown, three options exist:

TIF	Wire value	Behaviour
GTC	`{limit: {tif: "Gtc"}}`	Good-til-cancelled. Rests on the book until filled or cancelled.
ALO	`{limit: {tif: "Alo"}}`	Add-liquidity-only. Rejected if it would cross. Maker only.
IOC	`{limit: {tif: "Ioc"}}`	Immediate-or-cancel. Takes whatever is available at or better than the price, cancels the rest. Never rests.

What Happens After Submit

Regardless of type, the post-submit flow is the same:

The order is signed locally with your agent or session key (see Connect Your Wallet).
The signed payload POSTs to Hyperliquid's /exchange endpoint.
Hyperliquid responds with a per-order status. The UI surfaces it as a toast and updates the Trade panels (Positions, Open Orders, History, Fills) via WebSocket. If the request times out, Borsa resends the same signed payload once (Hyperliquid can never execute it twice) and then checks for up to 30 seconds whether the order or TWAP landed. The submit button reads Confirming... meanwhile, and the result is a success, a clear failure, or a prompt to check open orders before retrying.
For multi-leg or client-managed types (Scale, TWAP, Burst), Borsa keeps additional state locally to drive the loop or track child orders.

Common Failure Modes

These apply across types — the dedicated pages flag the type-specific ones.

Insufficient margin. Sizing exceeds available collateral at the requested leverage. Reduce size or switch leverage.
Below minimum order value. Hyperliquid enforces a $10 minimum per child order. Borsa rejects sub-minimum orders before sending.
Tick / lot mismatch. Price not aligned to the market's tick or size not aligned to its szDecimals. Borsa auto-formats on send, but typed values that round to zero will be rejected.
Reject from the exchange. Rate limits, locked accounts, or stale signatures. Surfaced verbatim in the error toast.

For deep mechanics — mark price vs oracle vs last, funding, margin, fees — see Trading Fundamentals.

For per-type technical detail, continue to: