Hyperliquid Adds Trailing Stop Orders to Perpetual Futures

Trailing stops are a standard risk-management primitive on centralized derivatives venues, so their arrival on a decentralized perpetuals platform is less about novelty than about closing a functional gap that has kept some systematic and active traders on the sidelines. The design ties triggers to mark price rather than last trade, which matters on thinner books where wicks can be misleading. The open question is whether this pulls more sophisticated order flow onto the venue and how it changes liquidation dynamics when many trailing stops cluster near the same levels.