DN FIELD GUIDE · INITIAL RELEASE
Time-weighted average price (TWAP)
An execution approach that divides an order across time rather than submitting its entire amount at once.
Trading · Reviewed 2026-10-12
See it in a workflow
A large order is sliced into smaller scheduled orders.
The failure mode
Market movement, outages and shallow liquidity can still produce poor fills.
Illustrative scenario, not a measured execution test.
Connect the concepts
Primary documentation
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