> ## Documentation Index
> Fetch the complete documentation index at: https://docs.dyxy.io/llms.txt
> Use this file to discover all available pages before exploring further.

# TWAP orders

> Split a large swap into smaller trades executed at regular intervals.

TWAP stands for **time-weighted average price**. A TWAP order breaks one large swap into a series of smaller swaps, executed one after another at a fixed interval. Your final price is the average across all of them.

TWAP orders are available on Ethereum, BNB Chain, Solana, Arbitrum, Base and Robinhood Chain.

## Why use TWAP

A single large swap in a thin market moves the price against you. Each smaller trade has much less price impact, and the market has time to refill liquidity between trades. TWAP also smooths out short-term volatility: you are not betting everything on one moment's price.

| | One market order | TWAP order |
| - | - | - |
| Price impact | Paid in full at once | Spread across many small trades |
| Exposure to a single moment's price | Full | Averaged over time |
| Speed | Instant | Takes the whole duration |
| Best for | Small and medium trades | Large trades, illiquid tokens, gradual entries and exits |

## Order settings

| Setting | What it does |
| - | - |
| **Total amount** | How much you want to sell in total |
| **Number of trades** | How many parts the total is split into |
| **Trade interval** | Time between two consecutive trades |
| **Duration** | Total time the order runs. Equals the number of trades multiplied by the interval |
| **Price limit** (optional) | The worst price you accept. If the market is beyond this price when a trade is due, that trade is skipped instead of executed |

**Example.** You sell 100,000 USDC for ETH in 20 trades with a 15-minute interval. Every 15 minutes, DYXY swaps 5,000 USDC for ETH at the current market price. The order completes after 5 hours.

## How to place a TWAP order

**1. Switch to TWAP**

In **Trade → Swap**, select the **TWAP** tab.

**2. Choose tokens and the total amount**

Pick the token you sell, the token you buy and the full amount.

**3. Set trades and interval**

Choose how many trades to split into and how far apart they are. DYXY shows the size of each trade and the total duration.

**4. Add a price limit (optional)**

Set the worst price you accept for any single trade.

**5. Place the order**

Approve the token if asked, then confirm in your wallet.

## Tracking and cancelling

Open TWAP orders show their progress: trades completed, amount sold, amount received and average price so far. You can cancel at any time. Trades already executed stay executed, and the unsold remainder returns to your control.

> [!TIP]
>
> Each individual trade should be large enough to be worth its network fee. On Ethereum mainnet, prefer fewer, larger trades. On layer 2 networks and Solana, you can use many small trades.


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