TWAP calculator: split an order into timed child orders

Quote currencyA label only; nothing is converted

Total quantityThe whole order; decimals are fine

Reference priceOptional; typed by you, only for notionals. No fill is assumed

Duration (minutes)How long the schedule runs

SplitFix the interval and count the child orders, or the other way round

Interval (seconds)Time between child orders

Child ordersHow many equal parts

Lot stepThe smallest quantity increment on your platform; 8 decimals if empty

Minimum notionalOptional; from your platform's rules for this market

Rate limit window (seconds)Optional; to count order requests in one window

Quantity per child order—

Child orders—

Time between child orders—

Last child order, with the remainder—

Left unplaced, below one lot step—

Notional per child order—

Minimum notional check—

Most child orders that clear the minimum—

Order requests per rate limit window—

All default values are hypothetical and are not a suggested duration, interval or size. The schedule is arithmetic: it assumes nothing about fills, price or cost, and real child orders can fail or fill in part.

How the TWAP calculator splits an order

TWAP means time-weighted average price: one parent order cut into equal child orders sent at equal intervals. VWAP paces an order by expected market volume instead, and the TWAP order guide explains the difference. This page is a slicer, with these rules:

Child orders = duration ÷ interval, rounded down (or the number you type, with interval = duration ÷ child orders)

Quantity per child order = total ÷ child orders, rounded down to the lot step

Last child order = that quantity + the whole lot steps left over

Left unplaced = total − whole lot steps

Notional per child order = quantity × reference price

Order requests per rate limit window = window ÷ interval, rounded up, at most the number of child orders

The first child order starts at zero and each later one an interval after the last, so a 60-minute schedule at 60 seconds has 60 child orders, the last at 59 minutes. Copy the whole schedule as CSV with the button under the table; the table itself shows the first 20 and last 5 rows of a long schedule.

Worked example

TWAP rules on platforms, as documented

Platforms that offer a TWAP order set their own limits, so your schedule has to fit them. These are dated facts from official pages, not a comparison or a recommendation.

Naming these pages implies no affiliation, and nothing here says Fincode has integrated any of them. For readers in Turkey, Article 99/A of Capital Markets Law No. 6362 treats activity by foreign crypto-asset platforms directed at Turkish residents as unauthorized.

What the schedule leaves out

The schedule says when to send what. It does not say what you will get.

• Fills: a child order can fill in part, be rejected or miss a price limit. Decide before the first slice what happens then.
• Price: the reference price gives notionals only. The page estimates no market impact and no saving against a single order.
• Costs: use the crypto trading fee calculator for fees and the slippage calculator for a typed order book.
• Requests: each child order also brings status calls. Add them up in the API rate limit calculator.

Slicing orders to mislead a market, for example by placing orders you mean to cancel, is market abuse. Where software tracks child orders, the state and reconciliation work is in crypto order management system, and building it to your own rules is under custom crypto trading bot development.

Which values to enter

• Total quantity: the whole parent order, in units of the asset.
• Duration and split: fix the interval and let the tool count the child orders, or the other way round.
• Lot step: the smallest quantity increment on your platform for this market; 8 decimals if empty. A lot step too large for the split pushes everything onto the last child order, and the tool says so.
• Reference price and minimum notional: optional, both typed by you. The tool checks the regular child order, since the last one is never smaller.
• Rate limit window: optional, to count order requests in one window.

Frequently asked questions

How do you calculate TWAP order size?

Divide the total by the number of child orders and round down to the lot step; the last child order takes the remainder. A total of 1,000 over 60 child orders at a lot step of 0.01 gives 16.66 each and 17.06 on the last.

What is the difference between TWAP and VWAP?

TWAP splits an order evenly over time. VWAP splits it by expected trading volume, so more goes into busy periods. Neither one promises a price.

How many child orders should a TWAP use?

The calculator recommends no number. It shows what your numbers give and flags limits: the lot step, the minimum notional and the requests per window.

Why is the last child order larger?

Equal sizes are rounded down to the lot step, so a remainder is left over. It goes on the last child order so that the schedule adds up to the total, apart from anything below one lot step.

Does a TWAP get me the average price?

Not necessarily. It sets a schedule, and your average fill depends on where each child order actually fills, which this page does not estimate.

Does this page place orders?

No. It runs in your browser, connects to no exchange and only prints a schedule you can copy as CSV.

Sources

• Binance Futures: What is TWAP (updated 30 January 2026) (opens in a new tab)
• Binance spot: Frequently asked questions on algo orders (updated 30 March 2026) (opens in a new tab)
• Coinbase Prime: Order types, TWAP (read 5 November 2026) (opens in a new tab)
• Hyperliquid: Order types, TWAP details (read 5 November 2026) (opens in a new tab)
• Kraken: Algo trading, TWAP (read 5 November 2026) (opens in a new tab)
• Capital Markets Law No. 6362, consolidated text, Article 99/A (Turkish) (opens in a new tab)

This calculator is general information, not tax, legal or investment advice. Results depend on the values you enter; fees, margin rules and tax rules differ by exchange and country and change over time, so check the official source and ask a licensed adviser about your own situation. Sources, checks and corrections: see the editorial policy.