What is a TWAP order on Hyperliquid
TWAP (time-weighted average price) is a way to buy or sell a large amount gradually. Instead of one big market order that moves the price, Hyperliquid splits the TWAP into small market orders and sends one every 30 seconds for the whole chosen duration — from a few minutes to several days. Large traders use TWAP to build or unwind a position without paying for slippage all at once.
Why TWAP orders matter
A market order is something that has already happened. A TWAP is a plan: it shows what will be bought or sold over the next hours. That is why this page shows how much each active TWAP has left to execute and sums it up by coin — the net TWAP pressure. A large TWAP buying a coin with little volume is steady demand that will keep coming until the TWAP ends or is cancelled.
How HyperScan finds TWAP orders
We read the stream of all trades on Hyperliquid. TWAP slices are marked in it, and every trade carries the address of its owner. As soon as an address starts executing TWAP slices, we read the parameters of its TWAP from the public Hyperliquid API: full size, duration and whether it is reduce-only. Only TWAP orders of $100K+ are shown. Progress is counted from the slices we see; when a TWAP ends, the exact executed amount and the result come from Hyperliquid. Finished TWAP orders stay on the page for 24 hours.
How to read the table
- Size and % of 24h volume — the full TWAP at the price when it was found, and how large it is for this coin. The same $1M is noise for BTC and a lot for a small coin.
- Executed and Left — how far the TWAP has gone and how much is still to come.
- Reduce-only — the TWAP can only reduce or close a position. Such a sell is often taking profit on a long rather than a bet on a fall; check the trader’s positions on their page.
- Result of finished TWAPs: completed, or cancelled before the end — a change of plans is a signal too.
Alerts
A new TWAP of $100K+ that equals 1.5%+ of the coin’s daily volume, or any TWAP of $5M+, appears on the notifications page and as a marker on the coin’s price chart. You can also get these alerts in Telegram — free, like everything on HyperScan. Large single market orders are on the large orders page.
Nothing here is investment advice: a TWAP can be cancelled at any moment.