# Hyperliquid TWAP Orders: 7-Day Windows, Dynamic Intervals & $100 Minimums > Hyperliquid TWAP orders now run up to 7 days with dynamic suborder intervals and a $100 minimum. Full guide to sizing, slippage caps, trigger prices, and the API. *Source: https://hyperliquidguide.com/guides/trading/twap-orders* ## TWAP Orders Just Got a Lot More Useful A TWAP order splits one large trade into a run of small ones and feeds them into the market over a window you choose. The point is to avoid announcing yourself. Drop $400,000 of a mid-cap perp into the book in one click and you walk the price several levels against yourself before the fill completes. Feed the same size in over four hours and you pay something close to the average market price across that window instead. Hyperliquid shipped TWAP in early 2024 with a fixed 30-second cadence and a 24-hour ceiling. The July 2026 update rewrote all three of the constraints that made it awkward for anything other than same-day execution. > **Key takeaway:** Hyperliquid TWAP orders now run from **5 minutes to 7 days**, the suborder interval is **calculated from your size and duration** rather than fixed at 30 seconds, and the minimum total order size is **$100 notional**. The $10 minimum per suborder is unchanged, which is exactly why the interval has to stretch on longer windows. ![Hyperliquid trading interface with the order entry panel where TWAP orders are configured](/images/trading/shared/hyperliquid-trading-interface.webp) > **Tip:** New to the platform? Set up your account at **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** first and read the [beginner trading walkthrough](/guides/getting-started/how-to-trade-on-hyperliquid). TWAP sits alongside every other [order type Hyperliquid supports](/guides/trading/order-types-guide). --- ## What Changed in the July 2026 Update Three parameters moved. Each one removes a specific reason traders used to give up on TWAP. | Parameter | Before | Now | |---|---|---| | **Maximum running time** | 24 hours | 7 days | | **Suborder interval** | Fixed 30 seconds | Derived from size and duration, 30s floor | | **Minimum total order size** | Effectively $600+ on a 30-minute window | $100 notional | | **Minimum per suborder** | $10 notional | $10 notional (unchanged) | The old design had an awkward interaction between the fixed interval and the per-suborder minimum. A 30-minute TWAP always produced roughly 60 suborders, so a $500 order tried to send $8.33 slices and got rejected outright. Traders had to reverse-engineer a safe total from the duration, which is a strange thing to ask of an execution tool. Now the exchange solves for the interval instead of the slice size. You give it size and time, it works out a cadence that keeps every suborder above $10. --- ## How the Dynamic Interval Works Hyperliquid divides your total size by the number of suborders it can fit, then spaces those suborders across the window. Thirty seconds is the tightest it will ever go. From there, the spacing widens as the ratio of duration to size grows. The official examples make the mechanic obvious: | Total size | Running time | Suborders | Slice size | Interval | |---|---|---|---|---| | $10,000 | 1 hour | ~121 | ~$83 | 30 seconds | | $10,000 | 4 days | ~1,000 | ~$10 | ~6 minutes | Same notional, wildly different execution shape. The one-hour version runs at the 30-second floor because $10,000 across 120 slices leaves plenty of room above the minimum. The four-day version cannot use 30-second slices, because 4 days at 30-second intervals is 11,520 suborders and each one would be under a dollar. So the interval opens up to about six minutes and the slice size lands on the $10 floor. > **Note:** You do not set the interval directly. It is a consequence of the two inputs you do control. If you want tighter slices, shorten the window or increase the size. If you want a slower drip, lengthen the window. ### Working Out Your Own Cadence Rough arithmetic gets you close enough to plan with: 1. Divide your total notional by $10 to get the maximum number of suborders the size can support 2. Divide your running time in seconds by 30 to get the maximum number of suborders the window can support 3. The smaller of the two is roughly what you will get, and your interval is running time divided by that number A $2,000 TWAP over 6 hours: size supports 200 slices, the window supports 720. Size is the binding constraint, so expect around 200 suborders of $10 spaced roughly 108 seconds apart. --- ## The $100 Minimum and Why It Matters A $100 floor on total size is low enough that TWAP stops being an institutional-only tool. On a $100 order over a five-minute window you get ten suborders of $10 each, thirty seconds apart. That is not going to save you much on a liquid market like BTC where the book absorbs $100 without blinking. Where it does earn its keep is on thin markets. Newly listed perps, small-cap spot pairs, and some of the [equity and commodity markets on trade.xyz](/guides/trading/hyperliquid-xyz-explained) have books where a few hundred dollars genuinely moves the price. A retail-sized TWAP on a thin book can beat a market order by more than the fee difference. **Trade with a 4% Lifetime Fee Discount** — TWAP suborders pay taker fees, so the discount compounds across every slice. Sign up through our referral link and lock in 4% off for life. [Claim Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Slippage Cap, Catch-Up, and Incomplete Fills Each suborder carries a **maximum slippage of 3%**. It will not chase the price beyond that band to complete a slice. When a suborder underfills, the TWAP falls behind its target pace and tries to make up the shortfall on later slices. That catch-up is capped at **3 times the normal suborder size**, which stops a stalled TWAP from dumping a huge block the moment liquidity returns. If liquidity stays thin for long enough, the window closes with the order partially filled. There is no automatic extension. > **Warning:** Always check filled size against your intended size when the window ends. A TWAP is not a guarantee of execution. On illiquid markets it is entirely normal to finish at 70% or 80% of target, and if you are using the TWAP to exit a position, an unfilled remainder means you are still exposed. See the [guide to closing positions](/guides/trading/how-to-close-position) for what to do with the leftovers. There is one more edge case worth knowing: **TWAP suborders do not fill during the post-only period of a network upgrade**. Upgrades are scheduled and announced, but a 7-day TWAP has a much higher chance of straddling one than a 2-hour TWAP ever did. Budget for a gap in execution. --- ## Trigger Price and Max/Min Price Two price parameters turn TWAP from a passive drip into something you can arm and leave alone. Both read the **mark price**, not the last trade. **Trigger price** holds the TWAP dormant until the mark reaches your level, then starts the clock. Combined with a 7-day window, this is how you queue an accumulation plan for a level you expect the market to reach sometime next week without babysitting the screen. **Max price** on a buy, or **min price** on a sell, kills the TWAP mid-execution if the mark crosses your level. Use it to abandon an entry that has run away from you, or to stop feeding sell size into a collapse. **A worked example.** You want 150,000 USDC of ETH accumulated, but only below $3,200, and you want out of the plan entirely if ETH breaks $2,900. Set a buy TWAP with a $3,200 trigger, a $2,900 min price, and a 5-day running time. Nothing executes until ETH touches $3,200. From that moment the TWAP drips across the remaining window until either the size completes or ETH loses $2,900. > **Note:** Mark price rather than last trade matters most on thin books, where the last print can lag the mark by a meaningful amount. Your trigger fires the instant the mark crosses, even if nothing has traded at that level. Read the [slippage guide](/guides/trading/slippage-explained) for how the mark and the book diverge under stress. ### Randomize An optional **randomize** setting varies each suborder by up to 20% either side of the standard slice. The average duration and total size stay the same, but the pattern gets harder to fingerprint. Anyone running a 7-day TWAP on a market where other participants watch the tape should have this on. --- ## Picking a Running Time The longer the window, the closer your average fill tracks the market average and the less impact you have. You also carry more exposure to the market simply moving while you execute. That tradeoff is the whole decision. | Window | Good for | Watch out for | |---|---|---| | **5 to 30 minutes** | Getting a mid-size position on quickly without eating the book | Barely different from a market order on liquid pairs | | **1 to 6 hours** | Standard large-order execution on majors | Session drift if you start into a trend | | **12 to 24 hours** | Size that is large relative to daily volume | Funding accrues on the filled portion | | **2 to 7 days** | Accumulation and distribution programs, DCA-style entries | Funding, upgrade windows, and multi-day trend risk | > **Tip:** A rough rule for perps: if your order is more than about 1% of the market's 24-hour volume, use a TWAP. Below that, the book usually absorbs you and the extra complexity is not buying anything. ### What Multi-Day TWAPs Add to Your Risk The 7-day window is the headline feature, and it introduces a few things a 2-hour TWAP never had to think about. - **Funding accrues on filled size.** Every hour, the portion already filled pays or receives [funding](/guides/trading/funding-rates-explained). A week-long buy TWAP on a market with persistently positive funding is paying the long side rate on a growing position for days. Price the funding into the plan, not just the slippage. - **Margin moves under you.** As the position builds, so does the margin requirement and the liquidation level. If you are running the TWAP near your collateral limit, a move against you mid-window can put the filled portion at risk. The [liquidation guide](/guides/trading/liquidation-explained) covers the mechanics, and running [isolated margin](/guides/trading/isolated-vs-cross-margin) keeps the exposure ringfenced. - **Trend risk dominates slippage savings.** Over seven days, market direction swamps the few basis points a TWAP saves on impact. A max/min price is not optional on long windows. It is the thing that stops a good execution plan from becoming a bad position. - **Upgrade windows.** Scheduled network upgrades pause suborder fills. On a 7-day order this is more likely than not. --- ## TWAP vs Scale Orders vs Manual Laddering Hyperliquid gives you three ways to break up a large trade, and they solve different problems. | | TWAP | Scale order | Manual limit ladder | |---|---|---|---| | **Splits across** | Time | Price | Price, on your schedule | | **Fill certainty** | High, if liquidity exists | Only if price reaches your levels | Only if price reaches your levels | | **Fee side** | Taker | Maker if resting | Maker if resting | | **Effort** | Set and forget | Set and forget | Ongoing | | **Best when** | You need the position on within a window | You have a price view and can wait | You want full control of each level | The clean way to think about it: a TWAP is time-certain and price-uncertain, a scale order is price-certain and fill-uncertain. If you must be in the market by Friday, use the TWAP. If you only want the position at your price and are content to miss it, ladder limits and collect the [maker rebate](/guides/fees/fees-explained) instead. > **Key takeaway:** TWAP costs you the taker rate on every slice in exchange for near-certain execution and low market impact. Scale orders cost you fill certainty in exchange for maker fees. Neither is strictly better. Match the tool to whether time or price is your binding constraint. --- ## Fees on TWAP Orders Suborders cross the book, so they pay the **taker rate**: 0.045% on perps and 0.070% on spot at the base tier, before any discounts. HIP-3 builder markets charge 0.09% taker. Two things reduce that. A [referral code](/guides/getting-started/hyperliquid-referral-program-guide) takes 4% off for life, and HYPE staking tiers stack on top, from 5% at Wood up to 40% at Diamond. Every suborder in a 1,000-slice TWAP gets the same discount, so the effect compounds across the whole order. Full breakdown in the [fee tiers guide](/guides/fees/fee-tiers). --- ## Placing a TWAP via the API Bot operators place TWAPs through the `twapOrder` action rather than the standard order endpoint. The fields: | Field | Meaning | |---|---| | `a` | Asset index | | `b` | `true` for buy, `false` for sell | | `s` | Total size | | `m` | Running time in minutes | | `t` | Randomize on or off | | `r` | Reduce-only flag | The `m` field is the one the update touched. It used to top out at 1440. With the 7-day ceiling it accepts values up to a full week, so check your SDK version enforces the new bound rather than the old one before you send a multi-day order and get a rejection. Cancellation uses a separate `twapCancel` action referencing the TWAP id returned on placement. See the [Hyperliquid API guide](/guides/trading/hyperliquid-api-guide) for authentication and signing, and the [trading bot setup guide](/guides/trading/trading-bot-setup-guide) for a working harness. > **Warning:** Do not assume a partially filled TWAP has been cancelled just because you stopped polling. An active TWAP keeps sending suborders until the window closes, the size completes, or you cancel it explicitly. Track the TWAP id. --- ## Common Mistakes - **Treating TWAP as a fee saver.** It is an impact tool. You still pay taker on every slice. - **Running a long TWAP with no max/min price.** Over days, direction matters more than execution quality. - **Ignoring the fill report.** Partial fills are normal on thin books and leave you with a position you did not plan. - **Forgetting funding on multi-day windows.** The filled portion accrues from the moment it fills, not when the window ends. - **Using a TWAP to exit in a fast market.** A liquidation cascade is exactly when the 3% slippage cap stops your suborders from filling. If you need out now, take the market order and the slippage. > **Tip:** If you are exiting because the trade is wrong rather than because you are rebalancing, size and speed beat execution quality. TWAP is for planned flow, not emergencies. **Start Trading on Hyperliquid** — Perps, spot, and RWA markets with TWAP execution across every book. Sign up with our referral link for a 4% lifetime discount on taker and maker fees alike. [Get 4% Off for Life](https://app.hyperliquid.xyz/join/Concept211) > **Note:** This article is for educational purposes only and is not financial advice. Perpetual futures carry substantial risk, including total loss of collateral. TWAP execution reduces market impact but does not reduce directional risk and does not guarantee a complete fill. Never trade with more than you can afford to lose.