FTX offers Stop-loss limit, Stop-loss market, and Trailing stop orders. These orders do not enter the orderbook until the market price reaches a trigger price, at which point they are sent as orders on the market.
You can send these orders by changing the Order Type on Trade pages:
The only difference between Stop-loss and Trailing stop orders is how the trigger price is determined.
Stop-Loss (Limit and Market)
When creating a stop-loss order, you directly input the desired trigger price. If you are buying, the order will get sent when the market price exceeds your trigger price. If you are selling, the order will get sent when the market price drops below your trigger price.
Example: BTC-PERP is trading at $10,000. You enter a buy stop-loss order with a trigger price of $10,500 and size 5. When the market moves up to $10,500, your stop-loss order will get triggered, and FTX will turn it into a 5 BTC-PERP buy order.
It will be sent as a market order if you selected Stop Market. Otherwise, it will be sent as a limit order at the limit price.
The trigger price of a trailing stop order moves with market price. Instead of directly supplying the trigger price, you give a trail value.
Suppose you are buying. If the market price moves up by the trail value, your order will trigger. If the market price moves down past the lowest point seen since you entered your order, then it'll only trigger if the price moves up by trail value from that new lowest point.
If you are selling, the trail value must be negative.
Example: BTC-PERP is trading at $10,000. You enter a buy stop loss order with trail value 10 and size 5. As long as the market price never dips below $10,000, the order's trigger price is $10,010. If BTC-PERP dips down to $9,998, then the trigger price will follow it down to $10,008. If BTC-PERP moves up to $10,008, your order will trigger and a market order buy for size 5 will be sent.