# 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.

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