What Is a TWAP Order?

A TWAP order is how a whale buys or sells size without slamming the order book. On most venues you never see it. On Hyperliquid you can, and that turns a whale's patience into information.

TWAP in one sentence

TWAP stands for time-weighted average price. A TWAP order splits one large trade into many small suborders executed evenly over a set period, so the trader gets an average price over that time instead of one big fill that moves the market.

How TWAP orders work on Hyperliquid

• Suborders at a fixed interval of at least 30 seconds. A $10,000 order over one hour becomes roughly 121 suborders of about $83.
• Running time from 5 minutes to 7 days, with a $100 minimum order size.
• Max 3% slippage per suborder. If suborders can't fill, the TWAP falls behind and tries to catch up later, with catch-up suborders capped at three times the normal size.
• Optional trigger price: the TWAP only starts when mark price reaches it.
• Optional randomization: each suborder size can vary by up to ±20%, which makes the pattern harder to spot from trades alone.
• Max/min price: a limit beyond which suborders won't fill.

Why whales use TWAPs

• To build or exit a position without moving price against themselves.
• To avoid showing a large resting order on the book.
• To get an execution price close to the market average over the period.

How a TWAP alert looks

How to trade around a whale's TWAP

1. Compare pace with volume. $13K per minute matters on a mid cap and is noise on BTC. Divide total size by the market's normal volume over the same period.
2. Mind the clock. The pressure lasts until the TWAP completes. Many traders avoid standing in front of a large TWAP while it runs.
3. Watch for completion. When a big buy TWAP finishes, the steady bid disappears. That is a moment some traders wait for.
4. Check the wallet. Is this a fund building a position or a trader closing one? History helps.
5. Look at the max/min price. If the TWAP has a limit, price beyond it won't be supported by the whale.