Hyperliquid has added trailing-stop functionality to its perpetual futures markets, allowing stop-loss trigger prices to move with the market in a direction favorable to a position. The platform executes a market order when the price reverses from its highest or lowest level by an amount or percentage selected by the user. For long positions, the stop price rises with the highest price recorded after activation; for short positions, it follows the lowest price downward. Users can set a separate price at which tracking begins, or start tracking immediately from the current price.