Take Profit (TP) and Stop Loss (SL) automatically close your position when the price hits a level you choose — so you don't have to watch the market constantly.
What Take Profit does
Take Profit locks in gains once your target price is hit. You set a price (or a % gain) above your entry for a long, or below your entry for a short. If the market reaches it, Phoenix automatically closes the position for you even if you're not looking at the app, or even asleep.
When to use it: You have a specific price target in mind and want to guarantee you capture it, rather than relying on catching it manually or hoping the price doesn't reverse before you get to your screen.
Example: You open a 3x long on SOL at $100, expecting it to run to $115. You set a Take Profit at $115. A few hours later, while you're away from your phone, SOL hits $115, and your position closes automatically; the profit lands in your Perps balance. Without the TP set, you'd have had no way to capture that move unless you happened to be watching at exactly the right moment.
What Stop Loss does
Stop Loss limits your downside if the trade goes against you. You set a price (or a % loss) below your entry for a long, or above your entry for a short. If the market reaches it, your position closes automatically before losses can run all the way to liquidation.
When to use it: You want a defined, known maximum loss on a trade, instead of leaving it to run all the way down to your liquidation price which typically means losing your full collateral on that position.
Example: You open a 5x short on ETH at $3,000, but you're not certain about the trade, so you set a Stop Loss at $3,090 a level where you'd be comfortable admitting you were wrong. If ETH rallies unexpectedly and hits $3,090, your position closes there automatically. You take a defined, smaller loss instead of riding the position all the way to liquidation, which at 5x leverage would have wiped out your entire collateral on that position.
Note: You don't have to choose one or the other — most traders set both at the same time, capping their downside with a Stop Loss while still aiming for a target with a Take Profit.
How to set it
When opening a position, or from an existing position, toggle Auto close.
Set a Take Profit trigger (price or % gain) and/or a Stop Loss trigger (price or % loss). Setting one field automatically fills in the other.
Click Open long/short.
You can set TP only, SL only, or both — and edit or clear them at any time from the position.
Good to know
The liquidation price and liquidation buffer are shown alongside your TP/SL for reference.
A Stop Loss set at or beyond your liquidation price isn't allowed — liquidation would trigger first.
TP, SL, and liquidation are automatic closes — they execute without you signing anything at the time, and appear in your Trade history.