Example: Placing Market Orders

This example demonstrates how to open and close a position using market orders.

Full Code (examples/basic_market_order.py)

import time

import example_utils

from hyperliquid.utils import constants

def main():
    address, info, exchange = example_utils.setup(constants.TESTNET_API_URL, skip_ws=True)

    coin = "ETH"
    is_buy = False
    sz = 0.05

    print(f"We try to Market {'Buy' if is_buy else 'Sell'} {sz} {coin}.")

    order_result = exchange.market_open(coin, is_buy, sz, None, 0.01)
    if order_result["status"] == "ok":
        for status in order_result["response"]["data"]["statuses"]:
            try:
                filled = status["filled"]
                print(f'Order #{filled["oid"]} filled {filled["totalSz"]} @{filled["avgPx"]}')
            except KeyError:
                print(f'Error: {status["error"]}')

        print("We wait for 2s before closing")
        time.sleep(2)

        print(f"We try to Market Close all {coin}.")
        order_result = exchange.market_close(coin)
        if order_result["status"] == "ok":
            for status in order_result["response"]["data"]["statuses"]:
                try:
                    filled = status["filled"]
                    print(f'Order #{filled["oid"]} filled {filled["totalSz"]} @{filled["avgPx"]}')
                except KeyError:
                    print(f'Error: {status["error"]}')


if __name__ == "__main__":
    main()

Step-by-Step Explanation

1. Setup: As usual, example_utils.setup() initializes the clients.
2. Market Open:
   • exchange.market_open(coin, is_buy, sz, None, 0.01) is a convenience function for opening a position.
   • It places an aggressive limit order with a Time-in-Force of Ioc (Immediate or Cancel) to ensure it fills immediately against the order book.
   • The last argument, 0.01, represents a 1% slippage tolerance. The SDK calculates a limit price 1% away from the current mid-price to ensure the market order is filled.
3. Handling the Response: The response may contain multiple filled statuses if the order was filled against several resting orders. The code iterates through them and prints the details of each fill.
4. Market Close:
   • After a 2-second pause, exchange.market_close(coin) is called.
   • This function automatically detects the existing position for the given coin, determines the required side (buy to close a short, sell to close a long) and size, and executes a market order to close the entire position.