Hyperliquid has launched trailing stop order functionality for its perpetual contract market. The new feature automatically adjusts trigger prices as the mark price moves favorably, executing a market order when the price retraces by a predefined distance or percentage from its peak level. For long positions, the trigger trails the highest mark price reached since activation, while short positions track the lowest mark price. Users can set an optional activation price to determine when trailing begins; without this parameter, the trailing mechanism engages immediately at the current mark price.