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TWAP Orders

Last updated: Jun 3, 2026

TWAP (Time-Weighted Average Price) Orders allow traders to split a larger order into smaller orders executed gradually over a selected period of time.

This order type is designed to help traders distribute execution over time rather than relying on a single large order.

To learn more about other advanced order types, see Advanced Order Types.

Overview

TWAP Orders can help traders reduce market impact when executing larger positions during volatile market conditions.

By distributing execution over time, traders can reduce reliance on a single execution point and minimise slippage when entering or exiting positions.

This may help achieve a more balanced average execution price over the selected duration.

Common Trading Scenarios

Executing larger orders

A trader placing a larger order may want to reduce market impact by spreading execution over time rather than submitting a single large order.

This can help minimise price movement caused by a large immediate execution.

Trading volatile conditions

During periods of short-term volatility, traders may prefer to distribute execution over time instead of entering or exiting at a single market price.

This can help reduce sensitivity to sudden price swings.

Improving execution consistency

Traders may use TWAP Orders to achieve a more balanced average entry or exit price over a selected time period.

Rather than prioritising immediate execution, TWAP can help create more consistent execution outcomes.

How TWAP Orders Work

A TWAP Order divides a larger order into multiple smaller orders executed gradually over a selected period of time.

Instead of placing the entire order immediately, execution is distributed automatically at regular intervals until the full order is completed.

To configure a TWAP Order, traders select:

  • Order Size - The total size to be executed
  • Duration - The total time period over which execution will occur (5 minutes–24 hours)

Orders are automatically submitted every 30 seconds until the selected duration ends.

Each smaller order executes independently and may fill at different prices depending on market conditions and liquidity.

This can provide greater execution control compared to submitting a single large order.

How to Submit a TWAP Order

  1. Open the Trade Panel and select TWAP from the order type menu.
Open the order type dropdown in the trade panel and select TWAP. The panel updates to show run time, frequency, and sub-order details for the TWAP configuration.
  1. Enter the total Value or Quantity for the order.
  1. Select the execution duration between 5 minutes and 24 hours.

    This determines how long the TWAP Order will remain active.
Set the total value or quantity, then choose a run time using the hours and minutes fields or the quick duration buttons. The summary below updates with running time, execution frequency, and sub-order size before you submit.
  1. Review the order details and submit.

The order will automatically submit smaller orders every 30 seconds until the TWAP Order is completed or the selected duration ends.

Important Considerations

  • TWAP Orders prioritise execution over time rather than immediate execution
  • Market conditions may impact execution prices throughout the TWAP duration
  • Smaller orders execute independently and may fill at different prices
  • TWAP Orders may take longer to fully complete depending on the selected duration
  • Orders are automatically executed every 30 seconds
  • Volatile markets may result in different execution outcomes compared to a single order