- What are take profit and stop loss?
Take profit (TP) and stop loss (SL) are predefined price limits. When the limit is reached, the position will be automatically closed to lock in profits/prevent further losses.
You can set TP/SL for all kinds of orders (limit, market, stop and trailing stop). It is applied to the entire positions (whether you increase or reduce your position). After the position is closed, the take-profit/stop-loss order will be automatically cancelled.
TP/SL can be set when you initiate trades. You can also follow the steps below to set TP/SL:
1. Click the Edit icon under [Position TP/SL] on Perpetual trading page.
2. Choose Mark Price or Last Price as the trigger price to set take-profit/stop-loss targets.
- What are Mark Price and Last Price?
As implied in its name, Last Price refers to the latest transaction price of your selected contract. On the other hand, Mark Price is more complicated, its calculation is intricately linked to the Funding Rate. The detailed introduction can be found in this article Mark Price & Index Price.
3. You can fill in the price directly or enter/select a percentage to set take-profit/stop-loss ratio.
4. Click [Confirm] to complete the setting.