About this guide: I'm Lawrence, the writer behind supa.is. Between February and May 2026 I've published 150+ articles on supa.is across crypto and brokerage tooling — including 30+ Hyperliquid-specific guides (recent examples: Hyperliquid Order Types Explained, Hyperliquid Maker vs Taker Fees, Hyperliquid Order Not Filling? Slippage Fix). The most-repeated reader question across that Hyperliquid archive is exactly how the new TWAP order settings work, which is why I'm publishing this standardized guide instead of answering one-off.
If you've ever tried to sell a large position on a crypto exchange, you know the pain. You click "sell," the market moves against you, and your massive slippage eats into your profits. This is exactly why Time-Weighted Average Price (TWAP) orders exist.
Hyperliquid recently rolled out significant improvements to its TWAP order execution engine. According to the official announcement, these updates introduce trigger prices, maximum and minimum price limits, and a maximum running time of 7 days. These are game-changing features for anyone looking to move size without moving the market.
In this guide, we'll break down exactly what these new TWAP order parameters mean, how they protect your capital, and when you should use them.
What is a TWAP Order?
A TWAP (Time-Weighted Average Price) order is an algorithmic order type that breaks a large order into smaller chunks and executes them at regular intervals over a specified period.
Instead of hitting the market with your entire 10,000 USDT position at once, a TWAP order might sell 1,000 USDT every 10 minutes over the next 100 minutes. The goal is simple: minimize market impact and slippage by distributing your order over time.
If you're already familiar with Hyperliquid's basic order types, you know that limit orders can sit on the book indefinitely, and market orders execute instantly but with potential slippage. TWAP sits right in the middle—it's an execution strategy designed for large traders who need to enter or exit positions without alerting the market or suffering from front-running.
The New Trigger Price Feature
The most significant addition to Hyperliquid's TWAP engine is the trigger price. Previously, TWAP orders would start executing immediately upon placement. Now, you can set a trigger price that must be reached before the TWAP algorithm kicks in.
How Trigger Prices Work
Imagine you hold a large position in BTC, and you want to sell it, but only if the price drops to a certain level. You can set a TWAP order with a trigger price of $65,000. As long as the market price stays above $65,000, your TWAP order sits dormant. The moment the price touches or breaks below $65,000, the TWAP algorithm activates and begins executing your sell orders in chunks over your specified duration.
It's a clean way to automate a panic exit without actually selling prematurely.
Trigger Price vs. Stop-Loss Orders
It's important to distinguish between a TWAP with a trigger price and a standard stop-loss order. A stop-loss order is designed to liquidate your position immediately once a price level is hit, which can result in severe slippage during volatile markets.
A TWAP with a trigger price, on the other hand, will only *start* the process of selling your position. Once the trigger is hit, the algorithm will still slice your order into smaller pieces and execute them over time. This means even if the market crashes past your trigger price, you won't be the only one dumping your position all at once. You'll still benefit from the slippage reduction that TWAP provides.
Maximum and Minimum Price Limits
The second major update is the introduction of maximum and minimum price limits for TWAP orders. This feature acts as a safety net, ensuring that your order doesn't execute at prices that are completely unacceptable to you.
Setting a Maximum Price (For Buy Orders)
When placing a TWAP buy order, you can set a maximum price. If the market price exceeds this maximum during the execution window, the algorithm will pause or cancel the order rather than buying at an inflated price.
For example, if you want to buy 50 ETH using a TWAP order over 24 hours, but you don't want to pay more than $3,500 per ETH, you set the maximum price at $3,500. If a sudden spike pushes the price to $3,600, the TWAP engine will refuse to execute the buy at that level.
Setting a Minimum Price (For Sell Orders)
Conversely, when placing a TWAP sell order, you can set a minimum price. This is crucial for preventing downside slippage. If you are selling a large position and the market suddenly dumps, you don't want your TWAP order continuing to sell at rock-bottom prices.
If your TWAP sell order has a minimum price of $60,000, and the market crashes to $59,000, the order will halt. You avoid getting caught at the absolute bottom of a wick.
The 7-Day Running Time Limit
Hyperliquid's official documentation confirms that the maximum running time for a TWAP order is 7 days. This means you can set an execution window of up to 168 hours.
Why is this important? In traditional finance, institutional traders often use algorithms that run for weeks or even months. The 7-day limit on Hyperliquid is a compromise between providing enough time to execute large orders and preventing market manipulation or prolonged order book congestion.
For most retail and pro traders, 7 days is more than enough time to execute a substantial position. If you need to move $100,000 worth of assets, spreading that over 168 hours means your average trade size per interval is relatively small, making it nearly invisible to the rest of the market.
How These Features Work Together
The real utility comes when you stack all three features: trigger price, max/min limits, and the 7-day running time.
Let's walk through a practical scenario:
You hold a large position in ETH and want to take profits, but you're worried about a potential market crash. You want to sell 20 ETH, but only if the price drops to a certain level, and you want to ensure you don't sell too cheaply.
Like what you're reading? Try it yourself — this link supports ChartedTrader at no cost to you.
Sign up on Hyperliquid →- Trigger Price: You set the trigger price at $3,200. The TWAP order will remain inactive until the price hits $3,200.
- Minimum Price: You set a minimum price of $3,100. If the price crashes below $3,100 after the trigger is hit, the order will stop executing to protect you from further losses.
- Running Time: You set the running time to 3 days (72 hours). Once the trigger is hit, the algorithm will sell roughly 0.27 ETH every hour over the next 3 days.
Why TWAP Matters for Slippage
Slippage is the difference between the expected price of a trade and the price at which the trade is actually executed. It happens when there isn't enough liquidity at your desired price level, forcing your order to "slip" to the next available price.
When you place a massive market order, you consume all the liquidity at the best bid/ask, and then keep consuming liquidity further down the order book. This is what causes slippage.
TWAP orders mitigate this by only consuming a fraction of the available liquidity at any given time. By the time the next chunk of your order executes, the market has had time to replenish its liquidity.
If you've ever experienced a bad fill on Hyperliquid, you might have read our guide on Hyperliquid Order Not Filling? Slippage Fix. TWAP orders are the ultimate slippage fix for large positions.
When Should You Use TWAP Orders?
TWAP orders aren't for everyone. If you're trading small amounts (e.g., $100 or $1,000), a standard market or limit order will execute instantly with negligible slippage. The overhead of setting up a TWAP order isn't worth it for small trades.
You should use TWAP orders when:
- You are moving significant size: If your order is large enough to move the market, TWAP is essential.
- You want to avoid front-running: On-chain and off-chain bots often detect large pending orders and front-run them. TWAP orders break up your order, making it harder for bots to detect and exploit your strategy.
- You want to average your entry/exit price: If you believe the market is volatile but want a fair average price over a period, TWAP gives you the time-weighted average, which is often better than a single snapshot price.
Common Pitfalls with TWAP Orders
While TWAP orders are powerful, they come with risks that you need to be aware of.
The Risk of Partial Execution
If you set a TWAP order with a minimum or maximum price, there is a chance that the market will hit your limit and the order will stop executing. You might end up with a partially filled position.
For example, if you set a TWAP sell order with a minimum price of $3,100, and the price drops to $3,099, your order halts. You are left holding the remaining ETH, which might continue to drop. You must be prepared for the possibility that your TWAP order will not fill 100% of your position.
The Risk of Missing the Trigger
If you set a trigger price for your TWAP order, there is a chance the market never reaches that price. If you set a trigger to sell at $3,200, and the price only dips to $3,201, your order never activates. You miss your exit, and the market might rally to $3,500.
Base your triggers on actual support/resistance levels, not just wishful thinking.
The 7-Day Limit
If you are trying to move an extremely large position, 7 days might not be enough time. If you need to sell $1,000,000 worth of assets, breaking it up over 7 days might still result in noticeable market impact. In this case, you might need to use multiple TWAP orders sequentially, or consider using Hyperliquid's spot order book to place smaller limit orders manually.
How TWAP Compares to Other Order Types
To fully appreciate the value of TWAP, it helps to compare it to other order types available on Hyperliquid. If you're new to the platform, you might want to check out our Hyperliquid Order Types Explained guide.
* Market Orders: Execute instantly, but suffer from high slippage on large sizes. Good for small trades, bad for large ones.
* Limit Orders: Execute at a specific price or better. Good for precision, but if the market moves away from your limit price, your order might never fill. * Stop-Loss Orders: Execute instantly once a trigger price is hit. Good for risk management, but suffers from slippage during high volatility. * TWAP Orders: Execute over time, minimizing slippage and market impact. Good for large trades, but requires patience and carries the risk of partial execution.Understanding Hyperliquid Fees and TWAP
When using TWAP orders, you need to be mindful of the fees. Every time the TWAP algorithm executes a chunk of your order, you pay a fee. If your order is broken into 100 chunks, you pay 100 fees.
However, Hyperliquid's fee structure is designed to reward limit orders (maker fees) over market orders (taker fees). If your TWAP order is set up to execute as a maker (by placing limit orders slightly away from the current market price), you will pay significantly less in fees.
For a deep dive into how Hyperliquid's fee structure works, check out our Hyperliquid Maker vs Taker Fees guide. If you're not already familiar with the maker/taker split, you'll leave money on the table.
Setting Up Your TWAP Order on Hyperliquid
While we don't provide step-by-step screenshots for every interface change, the general process for setting up a TWAP order on Hyperliquid is straightforward.
- Navigate to the Trading Interface: Go to the perpetual or spot trading page for the asset you want to trade.
- Select TWAP: In the order type dropdown, select "TWAP" instead of "Limit" or "Market."
- Enter Your Total Amount: Input the total amount of the asset you want to buy or sell.
- Set the Duration: Choose how long you want the order to run (up to 7 days).
- Configure Trigger Price (Optional): If you want the order to only start after a certain price is hit, enter the trigger price.
- Configure Max/Min Price (Optional): Set your maximum buy price or minimum sell price to protect against extreme slippage.
- Review and Submit: Double-check your settings and submit the order.
Conclusion
The introduction of trigger prices, max/min price limits, and a 7-day running time on Hyperliquid's TWAP order engine is a massive upgrade for traders who need to move size without moving the market. These features provide unprecedented control over execution, allowing you to automate complex strategies that were previously only available to institutional traders.
If you're looking to take your trading to the next level, or if you're just starting out and want to learn how to execute trades efficiently, Hyperliquid provides the tools you need.
Sign up on Hyperliquid today and start using advanced order types to protect your capital and maximize your profits.Risk Warning
Risk Warning: Crypto trading involves substantial risk of loss. Never invest more than you can afford to lose. This is not financial advice.
FAQ
Can I cancel a TWAP order once it's running?
Yes, you can cancel a TWAP order at any time. Any remaining unfilled portion of the order will be canceled, and you will only be charged for the chunks that have already executed.What happens if the market closes during a TWAP order?
Hyperliquid operates 24/7, so there is no "market close." However, if there is a temporary outage or maintenance, the TWAP order may pause and resume once the system is back online.Is there a minimum order size for TWAP?
Hyperliquid does not impose a strict minimum order size for TWAP orders, but it is generally not recommended to use TWAP for very small orders due to the overhead of setting up the parameters.Can I use TWAP orders for leverage trading?
Yes, you can use TWAP orders for both spot and perpetual futures trading on Hyperliquid. Just be mindful of your margin requirements and liquidation risk when using leverage.How does the 7-day running time work exactly?
The 7-day running time is the maximum duration you can set for a TWAP order. You can choose any duration up to 7 days (168 hours). The algorithm will divide your total order size by the number of intervals within that duration.Continue with Hyperliquid
Browse the Hyperliquid guide hub for the complete user journey.
Official reference: Hyperliquid documentation.