TWAP

TWAP = time-weighted average price

The TWAP order is an advanced algorithmic order type that breaks larger trade orders into smaller trade fills executed over time to reduce price impact and slippage. As the most highly requested feature among our traders, the TWAP order allows whale traders to deploy capital in size while limiting their price impact and minimizing their presence in the market. Just like the Limit and Market orders, the TWAP order type is available to trade between any two assets.

Here's how it works: Example: TWAP trading $AERO for $MORPHO over 3 days.

1. Sign in/Sign Up & Connect your wallet.

1. If using Definitive for the first time, select "Deposit Tokens to Trade" and deposit $AERO. If logging back in, click the yellow Deposit button on the right side of the trading terminal below the trading chart.

3. On the order ticket on the left side of the trading terminal, select "Buy" and the select "TWAP" as the trade order type.

4. Search for the $MORPHO token by pasting the token address in the asset selector. Select $AERO as the token you are buying with.

• If you wish, you can customize your TWAP order with. • Limit Price • Duration (10 minutes to 30 days) & Start Time • Segment - how many “swaps” you want to do within the duration • Max Price Impact / Segment - price protection

• Order preview details will be calculated before you make the trade.

Note that if Segments and Max Price Impact fields are left blank, Definitive's trading algorithm will automatically determine the optimal values to deliver the best execution prices. For most traders, it may be best to let Definitive's algorithm determine these fields.

1. Authenticate your wallet (if needed) and click the green button to submit your trade order. Now you are DONE! Your live TWAP order will automatically execute with no manual intervention needed. If you'd like to monitor the progress of your TWAP in real-time, click on "Orders" tab under the trading chart and then on the chart icon: