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

# TWAP

> Spread an order over 1 minute to 24 hours using smaller market orders placed over time.

A TWAP (time-weighted average price) order splits your amount into smaller market orders, called slices. Use it to spread execution over time. Your average fill price depends on the prices and liquidity available when each slice executes.

<Frame caption="BTC TWAP form with running time and max slippage per slice.">
  <img src="https://mintcdn.com/pacifica-fi-docs-migrate-92/VCAzZXadRgTcpglq/images/order-types/twap.png?fit=max&auto=format&n=VCAzZXadRgTcpglq&q=85&s=c3cc73d766a31861bf18c38a68183505" alt="TWAP order form with amount, running time, Price Limit, Randomize Slices and Reduce Only" width="360" data-path="images/order-types/twap.png" />
</Frame>

## How it works

1. Enter the total **Amount** and the **Running Time**, from 1 minute to 24 hours.
2. Choose your **Max Slippage**. It applies to each market order individually.
3. Submit the TWAP. Pacifica places slices over the running time, subject to the schedule and settings below.
4. Check the filled amount and status. A TWAP can finish with part of the amount unfilled.

## Slice schedule

TWAPs plan between 2 and 100 slices across the running time, subject to lot-size and minimum-order requirements. The slices are scheduled from the start to the end of the window. Longer TWAPs therefore have wider gaps between slices. Slice sizes are fixed when you submit, so an unfilled amount is not redistributed to later slices. The running time sets the planned spacing; it is not an automatic cancellation deadline.

## Settings

| Setting              | What it does                                                                                                                                                                        |
| -------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Running Time**     | Sets the planned execution time, from 1 minute to 24 hours.                                                                                                                         |
| **Price Limit**      | Pauses a buy while the mark price is at or above the limit, or a sell while it is at or below the limit. Execution can resume when the price returns inside the boundary.           |
| **Randomize Slices** | Varies slice sizes and intervals. Sizes are roughly 50% to 150% of the average, subject to lot-size and minimum-order requirements. Gaps range from 0.5× to 1.5× the base interval. |
| **Reduce Only**      | Restricts each slice to reducing an existing position.                                                                                                                              |
| **Max Slippage**     | Limits slippage on each market order. It does not set a fixed execution price for the whole TWAP.                                                                                   |

## Example

You want to sell 1 BTC over 90 minutes:

* Set **Amount** to 1 BTC and **Running Time** to 1 hour 30 minutes.
* With **Randomize Slices** off, the schedule plans 100 slices of 0.01 BTC about 54.5 seconds apart. These planned amounts do not increase to make up for partial fills.

## Good to know

* Market-order fills pay taker fees and appear in **Trade History**.
* Manage TWAPs in **Strategies**, under **TWAP**. The shared limit of 100 open strategies per account applies.
* Cancelling stops further execution. Trades already filled remain in your account.
* Pauses and randomized timing can change the actual duration. If you need execution to stop, cancel the strategy and check its status.