Perp Order Types on Blackboard: Market, Limit, TP/SL and Quick SL Explained
How to place market, limit and Pro orders on Blackboard, set take-profit and stop-loss, and use Quick SL to stop out before liquidation.
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Quick answer. Blackboard offers three groups of perp order types: Market, Limit and Pro. Pro holds stop, take-profit, Scale and Chase orders. Tick TP/SL to add exits to an order. Quick SL, ticked by default, adds one more stop just inside your liquidation price.
This guide walks through the Crypto and TradFi order form, one control at a time.
What perp order types does Blackboard offer?
The order form has three tabs: Market, Limit and Pro. Each one fits a different job.
- Market fills now at the best price the book offers.
- Limit waits for your price or better.
- Pro opens six more types: Stop Limit, Stop Market, Take Limit, Take Market, Scale and Chase.
A perp (a futures contract with no expiry date) lets you go long or short with leverage. New to perps? Start with how crypto perpetual futures work.
How do you place a market or limit order?
Open a market under Crypto or TradFi and pick Buy / Long or Sell / Short. Then set the size and, for a limit order, the price.
- Choose Market or Limit.
- Enter Size in the coin or in USD, or use the slider to take a share of Available to Trade.
- For a limit order, type a Price or press Mid. Pick how long it rests: GTC (good till cancel), IOC (immediate or cancel) or ALO (post-only).
- Read Order Details: Liquidation Price, Order Value, Margin Required and Est. Fee.
- Submit and check the result in Positions or Open Orders.
A market order can fill at a worse price than the screen shows. Settings → Trade Setup → Max slippage caps how far from the mid price it may go.
How do leverage and margin mode change your order?
Leverage sets how much margin (the collateral behind a position) an order needs. The docs give an example: a $10,000 position at 10x needs about $1,000 of margin.
Press the leverage button under Buy / Long to change it. The same row shows the margin mode:
- Cross shares your collateral across the account. A loss in one position can hit the others.
- Isolated gives each position its own margin.
Changing leverage moves no money from Cash. Higher leverage brings the liquidation price closer, so check it in Order Details before you submit.
How do you set take-profit and stop-loss (TP/SL)?
Tick TP/SL under the size slider. Two rows appear: Take Profit and Stop Loss.
Fill in each row's Trigger price, or type a percentage and let the app work out the price. By default, each exit goes out as a market order when its trigger is hit. TradFi stops trigger on the mark price, not the last trade.
On a limit order, TP/SL starts once the entry fills completely. A partial fill is not covered until then. A stop is not a guarantee: in a fast market it can fill late, at a worse price or not at all.
What is Quick SL?
Quick SL is one more stop-loss, placed just inside your liquidation price. Liquidation (the venue force-closes your position) can carry a penalty of up to 20% of your margin at extreme leverage. Quick SL tries to close you out first.
- It is ticked by default on market and limit orders.
- On a limit order it rides with the order and starts when the order fills.
- In Cross mode with no liquidation price, it sits just before the position loses its own margin.
- It never changes a stop-loss you set yourself.
Turn the default off in Settings → Trade Setup → Quick SL. For a position you already hold, press Quick SL beside its liquidation price.
When should you use Pro orders like Scale and Chase?
Use Pro orders when one market or limit order is not enough.
- Stop Market and Stop Limit wait for a trigger price, then send a market or limit order. Use them to enter on a breakout or exit on a break.
- Take Market and Take Limit do the same for taking profit.
- Scale splits the size into several limit orders between a Start Price and an End Price. Order Count and Size Skew shape the ladder.
- Chase keeps moving your limit order to stay near the best price. You set a Max Chase Distance, up to 5% of the current price.
!Blackboard's Pro order menu: Stop Limit, Stop Market, Take Limit, Take Market, Scale and Chase
A trigger price is not a fill price. Check each Scale order and every Chase step in Open Orders.
How do you manage open positions on Blackboard?
Everything you hold sits in the tabs under the chart.
- Positions lists each trade with its Liq. Price. Use Set TP/SL to add or change exits, or Quick SL to guard it.
- Open Orders lists resting orders. Cancel All clears them.
- Tick Reduce Only on an order that should only shrink a position, never grow it.
- Close All closes your open positions.
Each order shows its full fee before you confirm. Perp fees step down as your 30-day volume grows; see Status → Fees.
Haven't funded a product yet? The Blackboard app guide covers deposits and transfers.
FAQ
What is the difference between a market and a limit order? A market order fills now at the best available price. A limit order fills only at your price or better, so it may wait or never fill.
What is the difference between stop limit and stop market? Both wait for a trigger price. Stop Market then sends a market order, which fills but at an unknown price. Stop Limit sends a limit order, which protects the price but may not fill.
Does a stop-loss protect me from liquidation? Not always. A stop can trigger late or fail to fill in a fast market. Quick SL places a stop just inside the liquidation price to improve the odds.
What does Reduce Only mean? A Reduce Only order can shrink or close a position but never grow it. Use it for exits, so a stray fill cannot flip you into a new trade.
Can I turn off Quick SL? Yes. Open Settings, then Trade Setup, and switch Quick SL off. You can still add it to a position later with its Quick SL button.