Hyperliquid Announces Perpetual Contracts Market Now Supports Trailing Stop-Loss. The trigger price will move in the favorable direction for the position with the mark price; when the mark price retraces from the highest price during the trailing period (for long positions) or the lowest price during the trailing period (for short positions) by the set distance or percentage, a market order will be triggered. Users can set an activation price; if none is set, the system starts trailing immediately from the current mark price.