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How does a TWAP order work?

A TWAP ('Time-Weighted Average Price') order splits a larger trade into smaller portions that are executed evenly over a set period of time. Instead of filling your entire order at once, Revolut X spreads it across the duration you choose.

This helps you achieve an average price over the period and reduces the impact a single large order can have on the market.

When placing a TWAP order, you can choose between two order types — 'Market' or 'Limit'.

Market TWAP

Each portion of your order executes at the best available market price at the time of that interval.

Limit TWAP

You set a limit price, and each portion will only execute if the market price meets your condition at the time of that interval:

  • For a buy, the portion only executes if the market price is lower than or equal to your limit price
  • For a sell, the portion only executes if the market price is higher than or equal to your limit price

Setting your duration

  • Available durations: 5 minutes, 15 minutes, 30 minutes, 1 hour, 6 hours, 12 hours, 24 hours
  • Keep in mind, portions skipped due to price conditions not being met will not be retried