TWAP

What are TWAP (Time-Weighted Average Price) orders?

TWAP (Time-Weighted Average Price) is an algorithmic trade execution strategy that aims to achieve an average execution price close to the time-weighted average price of the user-specified period. A TWAP strategy is often used to minimize a large order’s impact on the market by dispersing the large order into smaller quantities and executing them at regular intervals over time.

TWAP is favored to provide a better execution price in the following scenarios:

• Order size larger than the available liquidity on the order book.

• Anticipation of a high price volatility period with no clear up or downward trend.

How to Set Up a TWAP Strategy

• Go to Aster Perps, open [Order Type], and select [TWAP].

• Select your symbol and configure your trade details:

  • Direction: Buy or Sell

  • Trade Size: The total quantity you want to buy or sell. The strategy will aim to fill up to this target size.

  • Total Time: How long the strategy should run. Minimum is 1 minute, maximum is 7 days.

• Click [Buy/Long] or [Sell/Short] to place your order.

• Review your order details and click [Confirm].

Note: If you're new to TWAP, review the guidelines before creating your first strategy.

Margin Requirements

Your Perpetual Account must have sufficient margin for the duration of the strategy. If any sub-order fails a margin check, the entire TWAP strategy will be terminated.

Margin checks work as follows:

• Reduce-only orders are not subject to margin checks.

• Order Cost = (Total Order Size × Asset Last Price) ÷ Leverage

• The order proceeds if: Order Cost < Available for Order

Available for Order is the available margin for opening a position.

Viewing and Managing TWAP Orders

Running strategies are visible in the Strategy Overview panel under the [Running] tab. From here you can monitor:

• Average filled price

• Strategy duration and status

• Total order size

• Filled % — the current executed amount as a percentage of your target size

To manually stop a running strategy, click [Stop] in the [Action] column.

Transaction details are only shown once all sub-orders are fully filled. For partially completed orders, you can view transaction quantity, average transaction price, and trading fee.

Notes

• TWAP supports Multi-Assets Mode.

• A maximum of 30 TWAP strategies can run simultaneously per account.

• TWAP orders do not guarantee execution. Orders are filled on a best-effort basis, subject to market liquidity and volatility. Slippage may occur depending on market conditions.