Piacok
Kereskedés
Square

Ez a cikk nem támogatja a nyelved.

What Is a Spot TWAP Order and How to Use It?

Közzététel időpontja: 2025-12-13 20:53

This page is for general information and educational purposes only. It does not constitute legal terms or any form of legal agreement between you and Binance. It should not be construed as financial, legal or other professional advice. The information on this page may be outdated. For legal terms applicable to Spot Trading Services, please refer to the Terms of Use, the Exchange Rules and the Clearing Rules. Additional terms and conditions will also be set out in the Spot Copy Trading Services Terms (as applicable to Spot Copy Trading Services).

Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here. 

What is a Spot TWAP order?

A Spot TWAP (Time-Weighted Average Price) order is a trading strategy used in spot markets to execute large orders gradually over a specified time period. Instead of placing a single large order that could significantly impact the market price, a TWAP order breaks the total quantity into smaller, evenly distributed trades executed at regular intervals. This approach helps achieve an average execution price close to the market’s average price over the time window, minimizing market impact and reducing the risk of price slippage. Spot TWAP orders are particularly useful for traders who want to buy or sell large amounts of cryptocurrency on the spot market without causing sudden price fluctuations.

When to use a TWAP order?

  • 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.
  • Adjusting positions gradually over hours or a day with minimal manual effort.

TWAP order limitations regarding optional parameters

  • The delay start time range needs to be greater than 5 minutes and less than 7 days.
  • The limit sell price needs to be less than the market price * 1.2.
  • The limit buy price needs to be greater than the market price * 0.8.

How to set up a TWAP order?

On the Binance website

1. Log in to your Binance account and go to the Spot trading page. 

2. Choose [TWAP] in the order type section, enter the order details, or select [Optional Parameters] to set additional conditions before placing your order.

image
image

3. After placing your order, review the order details carefully before confirming the execution. Please note that TWAP charges a TWAP fee together with the normal Spot trading fee.

image

4. Once the order is placed successfully, you will be directed to the [TWAP] - [Running] page. From there, you can view the order details, pause the TWAP order, or end it. Please note that the TWAP order amount will be divided into smaller limit orders according to the specified parameters.

image
image

5. You can also view TWAP order records on the [TWAP] - [History] page. Click [View] to see more details.

image
image
On the Binance app

1. Log in to your Binance account, tap [Trade] and select [Spot].

2. Choose [TWAP] in the order type section, enter the order details, or select [Optional Parameters] to set additional conditions before placing your order.

image

3. After placing your order, review the order details carefully before confirming the execution. Please note that TWAP charges a TWAP fee together with the normal Spot trading fee.

image

4. Once the order is placed successfully, you will be directed to the [TWAP] - [Running Detail] page. From there, you can view the order details, pause the TWAP order, or end it. Please note that the TWAP order amount will be divided into smaller limit orders according to the specified parameters.

image
image

5. You can also tap [View] to see TWAP history details.

image

Frequently Asked Questions

1. Can a TWAP order be cancelled?

Yes, you can still cancel before its sub-orders are executed. Moreover, you can also pause the order.

2. How are the number, timing, and size of TWAP sub-orders determined?
  • The number of TWAP sub-orders is calculated by dividing the execution duration (in seconds) by the basic interval (typically 60 seconds). For example, a 30-minute duration equals 1,800 seconds, resulting in 30 sub-orders (1,800 ÷ 60 = 30).
  • The time interval between each sub-order is evenly spaced based on this calculation, so with 30 sub-orders over 30 minutes, one order executes every 1 minute. If the execution duration is very short (e.g., 5 minutes), the number of sub-orders should be at least equal to the number of minutes to ensure effective order splitting.
  • The order size for each sub-order is allocated evenly by dividing the total order quantity by the number of sub-orders. The last sub-order may be slightly adjusted to account for rounding differences, ensuring the entire order quantity is fulfilled.
3. How is a TWAP order triggered?
  • If no delay start time is set, the first sub-order starts right after the user confirms the order.
  • If a delay start time is set, the order starts at the set time and waits for the delay start time before placing the first sub-order.
  • After that, the following sub-orders are placed automatically at regular time intervals, no matter how the market price changes.
  • If a previous sub-order is not fully completed (for example, a limit order doesn’t get filled), the leftover amount is added to the next sub-order. This helps make sure the whole order gets completed without missing any part.
4. Which order types support TWAP?

TWAP supports only limit orders.

5. What will happen if I end a TWAP order?

Upon cancellation, the executed portion remains unchanged, while the unexecuted portion will not be processed.

6. Why are the details of my TWAP order delayed?

TWAP order details automatically refresh every 10 seconds.

7. Does the TWAP order support the BNB fee discount?

Transaction fees consist of TWAP fees and limit order fees. The limit order fees support the BNB Fee Deduction feature.

8. After the order is placed, where is the balance held?

The balance remains in the Spot Account after the order is placed.

9. Where can I check the order history?

For TWAP:

For limit orders:

  • Website: Go to [Spot Trade History]
  • App: Go to [Trade] - [Spot] - [Trade History Icon] - [Trades History]
10. Why can't I see this new feature?

The TWAP feature is only accessible on app version 3.8.0 or later and is currently in grayscale mode. It will be rolled out to all users gradually. Please make sure you’ve updated your Binance App to be able to see it.

 

 

Regisztrálj most – akár 100 USDT kereskedési díjkedvezményt is kaphatsz (ellenőrzött felhasználók számára)

kapcsolódó cikkek

Different Order Types in Spot Trading

What are Market Order and Limit Order, and How to Place Them

What is The Stop-Limit Function and How to Use It?

What Is an OCO (One-Cancels-the-Other) Order and How to Use It?

What Are Maker (Post Only) Order, Time in Force Order, and Iceberg Order?