BULK Exchange Conditional Orders: Stop-Loss, Take-Profit, Trailing Stop, and On-Fill

BULK Exchange’s conditional order system automates the full trade lifecycle. Stop-losses, take-profits, trailing stops, OCO brackets, and on-fill triggers all work without requiring manual monitoring.

Conditional orders are triggered on mark price — the oracle-derived price used for margin — not last-traded price. This prevents low-volume trades from manipulating trigger levels.

How Conditional Orders Work

Conditional orders are stored off-exchange until the trigger condition is met. When mark price reaches the trigger level, the order is submitted to the BULK order book as a standard order.

Trigger types:

• Mark price reaches or crosses a level (above or below)
• Parent order fills (on-fill orders)

All conditional orders are reduce-only by default — they can only close positions, not open new ones. This prevents conditional orders from accidentally doubling your exposure.

Stop-Loss

What it does: Closes your position when mark price reaches a level that represents your maximum acceptable loss.

Order type when triggered: Market order (executes at next available price).

Setting a stop-loss:

• For a long position: stop price is below your entry
• For a short position: stop price is above your entry

Best practice: Set your stop-loss at order entry. Use an on-fill stop-loss attached to your entry order so it activates automatically the moment your position opens.

Mark vs. last price: The stop triggers on mark price — the composite oracle price, not the last trade price. A large taker that moves last price 2% without moving the oracle won’t trigger your stop. This protects against stop hunting via thin book manipulation.

Take-Profit

What it does: Closes your position when mark price reaches your profit target.

Order type when triggered: Usually a limit order at the target price (for guaranteed price), or a market order (for guaranteed exit).

Best practice:

• Limit take-profit: set the limit price exactly at your target. Fills at exactly that price or better.
• Market take-profit: guaranteed fill, but may have slippage in illiquid conditions.

For most traders, limit take-profits at the target price are preferable — you get the exact price you planned.

Range Order (OCO — One-Cancels-Other)

What it does: Sets a stop-loss and take-profit simultaneously. Whichever triggers first executes; the other cancels automatically.

Use case: Every time you open a position, immediately set a range order. You define:

• Downside: the maximum loss (stop-loss level)
• Upside: the target gain (take-profit level)

The position is now automated from entry to exit. You can step away without monitoring.

Risk/reward calculation:

• Entry: $65,000 BTC long
• Stop-loss: $62,000 (−4.6% loss)
• Take-profit: $71,500 (+10% gain)
• Risk/reward ratio: 1:2.17

Set this range order at entry. The position runs itself within your defined parameters.

Trailing Stop

What it does: A stop-loss that moves dynamically upward (for longs) as price increases. If price reverses by more than the trailing amount, the stop triggers.

Set in: Basis points from current mark price.

Mechanics:

• You’re long BTC at $65,000
• Set trailing stop at 300 bps (3%)
• Initial stop level: $63,050 ($65,000 × 0.97)
• BTC rises to $70,000 → stop moves to $67,900 ($70,000 × 0.97)
• BTC reverses to $67,800 → trailing stop triggers, position closes

Key property: The trailing stop only moves in the direction of your profit. It locks in gains as price moves in your favor and executes if price pulls back more than your threshold.

Best use case: Trending markets where you want to let winners run but protect accumulated profits from a reversal.

Limitation: In choppy markets, trailing stops can trigger prematurely on normal volatility swings. Wide trailing stops reduce this but increase your maximum potential loss from the high.

On-Fill Orders

What it does: An order that becomes active only after its parent order fills.

Why it matters: Without on-fill orders, you need to:

1. Submit your entry order
2. Wait for it to fill
3. Manually set stop-loss and take-profit

With on-fill orders, you:

1. Submit your entry order
2. Attach on-fill stop-loss at $X and on-fill take-profit at $Y
3. When the entry fills, both conditionals activate automatically

The complete automated workflow:

Entry order: Buy BTC @ $64,000 (limit)
  → On-fill: Stop-loss @ $61,800 (reduce-only market)
  → On-fill: Take-profit @ $68,000 (reduce-only limit)

This three-order sequence creates a complete position management system. Your entry executes, your risk management activates immediately, and you don’t need to monitor.

Practical Workflows

Workflow 1: Safe Entry

Use ALO entry (maker, 0 bps during Genesis) with on-fill OCO bracket:

1. ALO limit buy at $64,000
2. On-fill stop-loss at $61,800 (−3.4%)
3. On-fill take-profit at $69,000 (+7.8%)
4. OCO: first trigger cancels the other

Result: Zero-fee entry (ALO maker), automated risk management, hands-off position.

Workflow 2: Trend Riding

Use market entry with trailing stop:

1. Market buy BTC (entering a confirmed trend)
2. Trailing stop at 400 bps
3. Let the trend run; stop locks in gains as price moves up

Result: Participates fully in the trend. Exits automatically if the trend reverses by 4%.

Workflow 3: Scheduled Exit

Use take-profit for a long-term planned exit:

1. Hold a BTC position
2. Set take-profit at your target price (e.g., $80,000)
3. Also set stop-loss at your maximum acceptable drawdown

Result: The position closes at your predetermined price or loss level without needing to watch the screen.

Set up conditional orders → early.bulk.trade

Last updated: June 5, 2026