Methods and apparatus to manage hedge orders are disclosed. An example disclosed method includes communicating a multi-legged trading strategy to an electronic exchange for execution, the multi-legged trading strategy including a target trading strategy price, a quoting leg having a target leg price, a first hedge leg, and a second hedge leg. The example method further includes, in response to the quoting leg being filled at a first price that is better than the target leg price by a threshold amount: calculating a first cross-market price for the first hedge leg and a second cross-market price for the second hedge leg, calculating an actual trading strategy price as a function of the first price and the first and second cross-market prices, and, if the calculated actual trading strategy price is equal to or better than the target trading strategy price, communicating a trade action update to the electronic exchange.