POV (% of volume)

What it does: executes as a fixed percentage of market volume, speeding up in high liquidity and slowing down when liquidity drops.

Typical use: liquidity-aware execution that adapts to changing conditions.

Key parameters: participation rate (%), total quantity cap, and optional price bounds (where available).

Tradeoff: aligns with liquidity, but completion time becomes uncertain and can extend in quiet markets.

Example: buy with pov at 8% participation until 10 btc is completed; if volume spikes, fills accelerate; if volume dries up, execution slows.