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A trailing stop is a type of stop order that will move with the market when the market is moving away from the stop, but stay in place when the market is moving towards the stop. The maximum distance from the current price is set with the trigger offset value.
The stop can be triggered by the same triggers as other order types (index price, mark price or last price).
Note: Trailing orders are only available on futures and perpetual products. This type of order is not available on crypto options.
Example
For example, bitcoin is trading at $120,000 and you have a current long position. A trailing stop order is then entered with a trigger offset value of $5000. This would initially place the trailing stop order at a price of $115,000 ($5,000 lower than the current price). As the price of bitcoin increases to $125,000, the trailing stop order moves up with it to $120,000, maintaining a maximum distance of the trigger offset value of $5,000. If the price then decreases from $125,000 to $120,000, the trailing stop order will remain at $120,000 and the order will trigger when the selected reference price reaches or crosses the trailing-stop level of $120,000. The execution price may differ.
Trailing stop order fields
Order amount: The size of the order,
Offset: The distance used to calculate the trailing-stop level from the selected price reference.
Trigger: Choose Mark, Last or Index as the price reference.
Reduce only: Restricts the order to reduce an existing position. It cannot increase a position or open a new one. For take profit and stop loss setup and behavior, see Take profit/stop loss orders.