TWAP spreads execution attempts over time; it does not lock in a price.
Quantity and duration
A TWAP divides a larger instruction into smaller executions over a selected duration. You choose the total size and time window rather than one exact fill price.
This can make the execution pattern less concentrated than sending the whole amount at once. It also leaves the trade exposed to market changes throughout the window.
Track progress, not just the timer
The important measures are executed quantity, average fill, and remaining quantity. Poor liquidity or execution constraints can prevent a schedule from completing all of the requested amount.
Randomized scheduling, where available, changes the pattern of suborders. It does not guarantee better execution or conceal all trading activity.
Cancelling stops what remains
Inspect the TWAP tab to check progress and status. Cancelling a running schedule prevents future execution attempts; it does not reverse fills that have already happened.
Review the resulting position separately. If the intent was to exit, make sure the remainder of the position is actually closed. If the intent was to enter, decide whether the partially acquired exposure still matches the plan.
A moving market
A 60-unit buy spread over an hour may fill early portions at $50 and later portions at $54. The resulting average depends on the actual fills, not the price when the schedule began.
Illustrative figures only. Not a price forecast or trade recommendation.Further reading
Protocol details and market rules can change. Check the current specification before trading.
Educational content, not investment advice. Trading perpetuals can result in substantial loss. Market access is subject to eligibility and location. Product disclosures.