> For the complete documentation index, see [llms.txt](https://docs.tryliquid.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tryliquid.xyz/trading/twap.md).

# TWAP Orders

Minimize price slippage with TWAP (time-weighted average price) orders on Liquid. Split large trades into smaller chunks executed over time.

**Minimize price slippage with TWAP orders on Liquid.**

TWAP (Time-Weighted Average Price) lets you execute large trades over time by splitting them into smaller chunks and sending them at regular intervals. This reduces market impact and helps you get a better average price than a single large market order.

### Why Use TWAP on Liquid?

* **Low fees.** Liquid offers some of the lowest taker fees in the market, so working an order over time does not cost you more.
* **Smart execution.** Orders can be randomized in time to prevent front-running and execution manipulation.
* **Smoother fills.** Avoid large, sudden trades that can move the market against you.

### How to Place a TWAP Order

1. Open the order form for any perpetual market.
2. Select **TWAP** as the order type.
3. Enter the total size, the duration over which to execute, and (optionally) randomization.
4. Confirm. Liquid sends child orders at regular intervals until the full size is filled, and you can cancel the remainder at any time.

### What is Slippage?

**Slippage** is the difference between the price you intended to trade at and the price you actually get. It is largest for big orders in thin markets. TWAP helps minimize slippage by spreading your order over time and reducing price impact on each fill.