What is a TWAP order on Hyperliquid?

An order that splits a large trade into small parts executed evenly over a set time, to reduce price impact.

TWAP stands for time-weighted average price. Instead of one large market order that would suffer heavy slippage, the exchange sends small sub-orders at regular intervals.

On Hyperliquid TWAP is a built-in order type: it executes on-chain, so it is visible that a wallet is buying or selling a coin slowly and how much is still left to execute.

On HyperScan

HyperScan tracks active TWAP orders of $100K and more, their progress and the remaining size — the pressure still to come.