Learn ›
TWAP orders
Buying or selling a set size spread over time, in small pieces, instead of all at once.
A TWAP (time-weighted average price) order trades a set size over a set time, in small suborders.
On Hyperliquid a suborder goes out every 30 seconds: $10,000 over an hour becomes about 121 suborders of about $83 (Hyperliquid's own example). Each may slip at most 3%. If one does not fill, later ones are larger to catch up, but at most 3 times the normal size, so the order can end short of its full size. Runs last from 5 minutes to 7 days, from $100; longer runs send suborders less often (documentation, read 2026-10-05).
Each small piece meets only the front of the book, so it costs less than one large order would. The price can move while the order runs, though, so the total cost is not known in advance.
Live
The perp with the most open interest right now: an hour-long TWAP against one market order, both against the book as it is now.