> ## Documentation Index
> Fetch the complete documentation index at: https://docs.liquid.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# TWAP

> Minimize price slippage with TWAP orders on Liquid.

TWAP (Time-Weighted Average Price) is an [order type](/trading/order-types) that executes a large trade over time by splitting them into smaller chunks and sending them at regular intervals. This reduces market impact and helps you get a better average price.

## Why use TWAP?

* **Smart execution:** Orders can be randomized in time to prevent front-running and execution manipulation.
* **Smoother fills:** Avoid large, sudden trades that can move the market against you.

## What is slippage?

**Slippage** is the difference between the price you intended to trade at and the price you actually get. TWAP helps minimize slippage by spreading your order over time and reducing price impact.

<Frame caption="Slippage versus TWAP">
  <video src="https://mintcdn.com/liquidmax/ZpdO2omYJ64poyVN/videos/trading/twap.mp4?fit=max&auto=format&n=ZpdO2omYJ64poyVN&q=85&s=4449b61edfe114a6575ff7dcb04f0318" autoPlay loop muted playsInline aria-label="Two order books with asks stacked at rising prices. On the left, one big market buy eats through several levels and the average fill price jumps up, labeled slippage. On the right, a TWAP fills small slices at the best price and the average price stays low." data-path="videos/trading/twap.mp4" />
</Frame>

## Place a TWAP order

On web, open **Advanced** → **TWAP** in the order panel. On iOS, switch the order form to **Advanced** and pick **TWAP** under **Order Type**.

## Limits

* Running time: 5 minutes to 24 hours.
* One suborder every 30 seconds. Each suborder must be at least \$10.
* Turn on **Randomize** to vary the timing. TWAP has its own **Reduce Only** toggle to only shrink a position.
* TWAP isn't available on spot markets.

Each suborder pays the normal [trading fee](/trading/fees).


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