What are trigger orders?

A trigger order is an order that allows the trader to set a target price that must be reached before a limit or market order will be executed.

For perpetual swaps and futures contracts, you'll be able to choose to trigger using either the last, mark or index price.

• Last price: The most recent transaction price.

• Mark price: The reference price of a derivative that is calculated from the underlying index, often calculated as a weighted index spot price of an asset across multiple exchanges. This avoids price manipulation by a single exchange.

• Index price: The average price across major spot exchanges.

Trigger order example: If the current market price is $100, a trigger order with a trigger price at $110 will be triggered when the market price rises to $110, placing the corresponding market or limit order.