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Time-Weighted Average Price Algorithm (TWAP) Disclaimer

Binance
2021-10-13 08:54
The execution risk associated with the use of the Time-Weighted Average Price Algorithm (TWAP) resides with the client, not Binance. If the market price moves considerably or liquidity is insufficient during the execution of the order, the algorithm may not achieve full completion. Execution will ultimately always be liquidity-dependent and no guarantee for best price execution, e.g. if the market becomes distressed, the algorithm may fail to complete the order before the specified end time.
Binance maintains various risk mitigants, including manual and automated circuit breakers & kill-switch controls. In various scenarios, including market disruption and/or systems failure these controls may result in us canceling your TWAP order early in a non-fully filled state.
No representation is being made nor implied that the use of the TWAP trade execution will generate income or guarantee a better execution price than a regular market order. You understand the risks associated with using TWAP trade execution and will conduct appropriate due diligence to ensure that this feature is suitable for you.

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