Hyperliquid launches trailing stop orders on testnet

Trailing stops are a standard risk-management tool on centralized venues, so their arrival on Hyperliquid's testnet signals the perp DEX is closing a functional gap with its centralized competitors rather than adding a novel feature. For active traders, the practical effect is tighter exit control without manual monitoring, which matters most in fast-moving or thinly traded markets. The open question is whether the mechanism performs reliably under the volatile conditions that define on-chain perp trading — and when it moves from testnet to production.