TWAP

What it does: splits a large order into multiple smaller orders executed evenly over a chosen time window.

Typical use: reducing market impact and smoothing execution for larger rebalances.

Key parameters: total quantity, duration, and slice frequency (plus optional price bounds where available).

Tradeoff: can improve average execution and reduce footprint, but may underperform if you need immediate exposure.

Example: buy 10 btc over 30 minutes via twap; the order is broken into scheduled slices that execute across the window instead of all at once.