Time-weighed average price (TWAP) orders periodically place individual orders over a period of time. You can place a TWAP order through web or REST APIs.


Each order placed as part of a TWAP will be visible alongside your other orders. 


The total amount to be placed for this TWAP order. You can specify amount in either base or quote units.

Each individual order that runs as part of this TWAP will send an approximately equal-sized order throughout the lifetime of this TWAP to fully fill the amount you specified. 


Enabling margin allows you to place an order using borrowed funds. Also, please note that if your account has margin trading enabled, individual orders for this TWAP may trade on margin even if you have the margin disabled for this TWAP. For example, an individual order for a TWAP may trade on margin if you decrease your funds beyond what is needed to complete this TWAP. 

Randomize Size

If elected, each individual order's size will be randomized within a pre-determined range. Also note that randomized size:

  • may be 50% greater or smaller than the original size calculated for an individual order.
  • will still abide by any other requirement specified at TWAP order creation time. For example, a randomized size will not exceed the max individual order size, if one was specified. 

Hybrid Execution

If elected, individual orders will be initially placed as limit orders. The price of the limit order is set at the best bid price (for buys) and best offer price (for sells) at time of execution. If a limit order is not fully filled when it is the for the next order to be placed, its remaining size will be canceled and placed as a market order.

If not elected, individual orders will be placed as market orders. 


You specify how long a TWAP order runs for, i.e. its expiry. A TWAP will periodically trigger smaller-sized orders throughout its lifetime. TWAP will run until it expires, or when the full order size is filled, whichever comes first. In certain scenarios, a TWAP may expire before it fills its full size.

Advanced Fields

Under Advanced Fields section, you can specify additional requirements for your TWAP order. 

  • Max spread: If specified, an individual order will not be placed if the max spread in the order book is higher than the specified percentage value. 
  • Max individual order size: If specified, all of this TWAP's orders will have base size less than or equal to the size specified.  
  • Max distance through book: If specified, the price for an individual order will be capped at the specified percentage value above or below (for buys and sells, respectively) the mid in the order book.
  • Pause above/below price: If specified, an individual order for this TWAP will not be sent if the price for the order would be above (for buys) or below (for sells) this price bound. 

Please be advised that setting more restrictive values for these advanced fields increase the chances that a TWAP order may expire before its entire size is filled. 

Buy or Sell Immediately

If you're looking to get filled instantly at a fixed price rather than waiting for your TWAP order to execute at different prices, you can use the Buy/Sell Immediately option.

Once you enter an amount in the order placement section, you will automatically receive a quote, which you can accept or ignore. Buy/Sell Immediately orders are executed outside of the orderbook, meaning that they will not incur any slippage no matter the size.

Lastly, keep in mind that this option is only available for spot markets and that spot margin can't be used.