Phemex simplifies this process with its integrated TP/SL function, enhancing user experience and facilitating efficient trade management. SL/TP can be triggered by the Last Price or Mark Price, it depends on the users. (%) is based on the initial margin.
You have options to select the trigger condition by either the Last Price or Mark Price.
Trigger condition by "Last Price":
- You can have a slightly better estimate of the final order execution price.
- You need to be aware of the risk of your stop losses not executing before the position is liquidated. The main reason is that by adopting a dual price mechanism, liquidation is triggered by the Mark Price and not the Last Price.
Trigger condition by "Mark Price":
- You can ensure that your stop-loss orders will always trigger before the liquidation of your position.
- You need to be aware of the risk that the final executed price of your stop loss may experience price slippages due to price differences between the Mark Price and the Last Price at the point of trigger.
In addition to that, Phemex also offers flexible TP/SL price settings, allowing users to:
- Set trigger price based on estimated ROI%
- Set trigger price based on estimated PnL
- Set trigger price based on Price Change %.
If you wish to set Take Profit or Stop Loss conditions to positions that you have already opened, please refer to the detailed instructions on how to do so: How do I set a Take Profit or Stop Loss order?
