Bot Orders (TWAP)

1. Sign in to Kraken Pro.
2. Open the Trade page, then select the market you want to trade (for example, BTC/USD).
3. In the order form, choose Buy or Sell.
4. In the order type row (Limit, Market, TWAP), select TWAP.
5. Choose Market or Limit:
   • Market fills at the best available price at each interval.
   • Limit lets you cap your price. Enter it in the Max price field, which sets your highest buy price or lowest sell price.
6. Enter the total amount you want to trade, or use the slider to set a percentage of your available balance.
7. Set the Total run time. Enter a number and choose the unit, for example 8 hours. This is the window the trade runs over, anywhere from 1 minute up to 30 days.
8. Select Buy or Sell for your pair.
9. Review the order confirmation, which shows the total, the estimated trading fee, and the run time, then select Confirm. Once submitted, you can open the Bot Order to track its progress.

1. Sign in to the Kraken Pro app.
2. Open the Trade page, then select the market you want to trade (for example, BTC/USD).
3. Choose Buy or Sell.
4. Open the order type dropdown and select TWAP.
5. Choose Market or Limit. For Limit, enter your price in the Limit price field.
6. Enter the quantity you want to trade, or use the slider to set a percentage of your available balance.
7. Set the Total run time and unit, for example 8 hours, anywhere from 1 minute up to 30 days.
8. Tap Buy or Sell for your pair.
9. Review the confirmation, then tap Confirm.

Running Bot Orders appear under the Bots tab on the Trade page.

On the website:

1. On the Trade page, find the panel below the order form and chart, then open the Bots tab.
2. Use the Live and Stopped filters to switch between running and finished Bot Orders.
3. Each row shows the side, quantity, limit price, start and end time, filled quantity, progress, and average fill price. Select a row to open its full details, including status and Bot ID.
4. To stop a running Bot Order, select the X on its row, or open it and choose Cancel bot, then confirm. Any orders still pending are cancelled. Anything already filled stays in your account.

In the app:

1. On the Trade page, open the activity panel and select the Bots tab.
2. Switch between Live and Stopped to see running or finished Bot Orders.
3. Tap a Bot Order to see its details and progress.
4. To stop it, tap Cancel bot and confirm.

The individual orders placed by a Bot Order also appear in your Orders and Closed orders, tagged TWAP.

What it is

TWAP, short for Time-Weighted Average Price, breaks one large order into a series of smaller orders and places them at regular intervals across a time window you choose. The aim is an average fill price close to the market's average price over that period, rather than having everything execute at a single moment.

Why you might use it

Placing a large order all at once can move the market against you and leave you with a worse price. TWAP helps you reduce that market impact by spreading the trade out over time, avoid having to time the market perfectly, and aim for a fair, benchmark-style average price, all without having to manage each order yourself.

How it works

You choose the total amount and a Total run time, anywhere from 1 minute up to 30 days. Kraken then splits your order into smaller slices and places them at regular intervals across that window until the full amount is filled or the window ends. Slice sizes are randomized, which makes the Bot Order harder for the market to anticipate.

You can run TWAP in market or limit mode:

• Market: each slice fills at the best available price at the time it is placed.
• Limit: you set a price cap for buys or a price floor for sells. Slices only fill at your limit price or better. If the market moves beyond your limit at a given interval, that slice is skipped, and any amount still unfilled when the window ends is cancelled.

TWAP is available for spot trades.

Good to know

• The Total run time can be set from 1 minute to 30 days.
• While a TWAP Bot Order is running, you can track its progress in the Bots tab, including the amount filled and the average fill price, and cancel at any time to stop the remaining orders.
• TWAP reduces market impact but does not remove it entirely, and it does not guarantee a specific final price. Your result depends on market conditions during the window.