TWAP Orders

TL;DR

TWAP splits a large buy or sell into slices executed over time, from an on-chain escrow. Auto mode sizes slices for you; Manual lets you pick counts and intervals. Optional price bounds skip unfavorable windows.

Split large buys or sells into smaller slices executed over time. TWAP (Time-Weighted Average Price) orders reduce price impact and help you enter or exit positions gradually.

What Is a TWAP Order?

A TWAP order breaks a single buy or sell into multiple smaller trades (slices) spread over a chosen time period. Instead of buying 10 AVAX worth of a token in one transaction, you can spread it across 10 slices over several hours. Each slice executes at the current market price.

This is useful for large orders where buying or selling all at once would move the price significantly. It also helps average out your entry or exit price over time.

Auto vs Manual Mode

TWAP orders support two execution modes:

Auto — you specify the total amount and duration (e.g. 10 AVAX over 4 hours). The system automatically calculates the optimal number of slices and interval, targeting roughly 1 AVAX per slice with a minimum 60-second gap between executions.
Manual — you choose the exact number of slices (2, 5, 10, 20, or 50) and the interval between them (1m, 5m, 15m, 1h, 4h, or 24h). A warning is shown if the per-slice amount would cause more than 5% price impact.

How It Works

TWAP orders use an escrow model. When you create a TWAP buy order, your AVAX is deposited into the TwapBuyEscrow contract. For sell orders, your tokens go into the TwapSellEscrow contract. The executor then draws slices from the escrow at each interval.

Choose buy or sell, set the total amount, and pick Auto or Manual mode.
Optionally set price bounds to skip slices when the price is outside your range.
Approve the deposit. For buys, AVAX is escrowed. For sells, tokens are escrowed along with a small AVAX deposit fee.
The system executes each slice at the scheduled interval, buying or selling at the current market price.
When all slices complete (or the balance runs out in Auto mode), the order is marked as completed.

Price Bounds

You can set optional minimum and maximum price thresholds for your TWAP order. If the token price is outside your bounds when a slice is due, that slice is skipped rather than executed at an unfavorable price.

Price bounds can be set in USD or market cap and are toggled on independently. For example, you could set a "buy below" ceiling to only accumulate when the price is under a certain level.

Slippage

Each slice is executed with a slippage tolerance that you set when creating the order. Available options are 1%, 3%, 5%, 10%, and 25%. If a slice would exceed this slippage, it fails and is retried at the next interval.

Managing Orders

Active TWAP orders appear in the Orders panel on the trading page alongside your limit orders. From here you can:

Pause an active order to temporarily stop slice execution
Resume a paused order to continue from where it left off
Cancel an order to stop execution and refund remaining balance from escrow

You can also expand an order to see the execution history of each individual slice, including the price, amount, and transaction hash.

Auto-Pause on Failures

If 3 consecutive slices fail (e.g. due to slippage or insufficient liquidity), the order is automatically paused to protect your remaining funds. You can review what went wrong and resume when ready.

Order Statuses

TWAP orders move through the following statuses:

Status	Description
Active	Order is live and slices are being executed at each interval.
Paused	You manually paused the order. No slices will execute until you resume.
Completed	All slices have been executed or the balance has been fully used.
Cancelled	You cancelled the order. Any remaining balance is refunded from escrow.
Expired	The order reached its expiration time before all slices executed.

Fees

TWAP orders charge the same fee structure as limit orders:

Deposit fee — a flat AVAX amount paid when you create the order. Non-refundable.
Execution fee — 0.5% deducted from each slice. For buy orders, this comes from the escrowed AVAX. For sell orders, this comes from the AVAX proceeds of the sell.

See the Fees page for full details. Standard bonding curve or SnowDex trading fees also apply to each slice.