Advanced Order Types

Last updated: May 8, 2026

Advanced order types provide additional control over execution, pricing and timing compared to standard order types.

These order types are designed for traders who want to:

• reduce market impact
• automate entries and exits
• manage risk more precisely

Advanced order types can be selected from the order type dropdown in the trading panel.

To learn more about standard order types, see Order Types.

Overview

TWAP (Time-Weighted Average Price)

TWAP orders split a larger order into smaller orders that execute gradually over a selected period of time.

This helps reduce:

• market impact
• slippage
• visibility of large orders

TWAP orders are commonly used when:

• the order size is large relative to available liquidity
• traders want smoother execution over time
• markets are expected to be volatile

Example

Instead of submitting a single large market order, a TWAP order can divide the total size into smaller intervals that execute automatically over time.

This can help achieve a more consistent average execution price.

Scaled Orders

Scaled Orders automatically place multiple limit orders across a selected price range.

This allows traders to:

• scale into positions gradually
• scale out of positions incrementally
• distribute entries or exits across different prices

Scaled Orders are commonly used when:

• traders expect price movement within a range
• entering a full position at one price is undesirable
• reducing market impact is important

Example

A trader wanting to buy over a wider range can distribute multiple buy orders between two selected prices instead of relying on a single limit order.

Stop Orders

Stop Orders automatically trigger once a selected stop price is reached.

Execution prices may differ depending on market conditions and liquidity.

Synthetix supports:

• Stop Market Orders
• Stop Limit Orders

These order types are commonly used for:

• risk management
• stop losses
• breakout entries
• automated exits

Stop Market

A Stop Market order submits a market order once the stop price is triggered.

This prioritises execution speed and increases the likelihood of a quick execution.

Example

A trader holding a long position may place a Stop Market order below the current market price to automatically exit if the market moves against them.

Stop Limit

A Stop Limit order submits a limit order once the stop price is triggered.

This provides more control over execution price but does not guarantee the order will fully execute.

Example

A trader may use a Stop Limit order to avoid executing outside an acceptable price range during volatile market conditions.

Stop Order Differences

Important Considerations

• Market volatility may affect execution prices
• Limit orders are not guaranteed to fill
• Large orders may impact execution price in lower liquidity markets
• Advanced order types should be reviewed carefully before submission