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

# TWAP

> Split a big buy or sell into small trades spread over time, so it moves the price less.

TWAP splits one big order into small trades spread over a duration you choose. Going in, or out, a slice at a time moves the price less than one big trade.

Open a coin, tap **⚙️ Automations**, then **⏲ TWAP**. It works on both sides of the panel: a buy spends dollars, a sell sells a share of what you hold.

## Start one

<Steps>
  <Step title="Pick the amount">
    Buying: one of your dollar buttons, or **\$X** to type your own. Selling: a share of your position, or **X%**.
  </Step>

  <Step title="Pick how long">
    Tap **Duration** and pick **5m · 15m · 30m · 1h · 4h · 12h · 24h**, or type your own, like `45m`, `2h` or `1h30m`. Anything from 5 minutes to 24 hours works. It starts on **30m**.
  </Step>

  <Step title="Choose what to randomize">
    **Random** steps through **Off · Time · Size · Time + Size**.

    | Setting         | What changes                                     |
    | --------------- | ------------------------------------------------ |
    | **Time**        | When each slice goes, a little earlier or later  |
    | **Size**        | How big each slice is — the total stays the same |
    | **Time + Size** | Both                                             |
  </Step>

  <Step title="Start it">
    The line under the buttons shows the plan: how many slices, about how big, and how far apart. Tap **✅ Start TWAP**.
  </Step>
</Steps>

## Following it

Dawn posts a card for the TWAP:

| Title                   | What it means                                               |
| ----------------------- | ----------------------------------------------------------- |
| ⏲ **TWAP buy running**  | Slices are going out. The card says when the next one goes. |
| ✅ **TWAP buy finished** | Every slice is done                                         |
| ⏹ **TWAP buy stopped**  | You stopped it                                              |
| 🔴 **TWAP buy stopped** | Three slices in a row did not go through, so it stopped     |

A sell reads **TWAP sell**. The card counts the **Slices** done, what you have **Spent** and **Bought** — or **Sold** and **Received** on a sell — and names the wallet.

Every slice that fills also sends a short message, like *Slice 3/30 filled* with what it bought or sold. A last message sums the TWAP up when it finishes, or when it stops on its own.

If one slice does not go through, its amount rides on the next.

## Stopping it

Stop a TWAP at any time from any of these. Slices already done stay done.

* **⏹ Stop TWAP** on its card
* **⏹ Stop TWAP · \$TICKER** in `/orders`
* **Stop** beside it under **Running**, on the coin's ⏲ TWAP panel

While TWAPs are running on a coin, its buy-side button shows how many, like **⏲ TWAP (1)**.

## Fees

Each slice pays the 1% [trading fee](/fees) with no \$0.35 minimum.

## Limits

|                 |                                             |
| --------------- | ------------------------------------------- |
| Duration        | 5 minutes to 24 hours                       |
| Smallest slice  | **\$1**                                     |
| Smallest TWAP   | **\$2**, or **\$2.50** with Size randomized |
| Running at once | **5** per wallet                            |

A sell works from what you hold when you start it. At 100%, the last slice sells whatever is left.