# TWAP
#### What is TWAP
TWAP is used to buy or sell an asset over a period of time rather than an instant execution.
It divides a large order into smaller, equal-sized orders spread out over a set period to minimize market impact
**When and Why to use TWAP**
* **For large orders**
* **In less liquid tokens**
* **To reduce market impact**
* **Acquiring tokens at avg price to reduce short term price fluctuations**
#### TWAP Market vs TWAP Limit Orders
**TWAP Market Orders**
When placing TWAP orders you can choose to place market orders. Such orders execute at the set frequency at then Market Price of the token. This gurantees the execution at the set frequency
**TWAP Limit Orders**
When placing the TWAP orders, if you select a limit price, then your orders execute at the set frequency only if the market price is at or better than the limit price, which helps you control the buy/sell price.
#### **Important Things to Consider**
* Your trades are not instant but spread over multiple small trades
* When placing market TWAP orders the execution price can be significantly different from order placement time.
* Make sure to use Limit Prices if you want to execute trades only above a certain price.
* A 17 BPS fee is applicable to faciliate your trades and is taken from the output token
* You would also pay a small fee to cover the gas fee paid by takers to execute this swap on your behalf
#### How To Place TWAP Orders
To place TWAP orders navigate to [Swap Page](https://app.kodiak.finance/#/swap?inputCurrency=BERA\&outputCurrency=0xFCBD14DC51f0A4d49d5E53C2E0950e0bC26d0Dce) and select TWAP.
* Enter the tokens to buy and sell with input token amount.
* You will see the output token amount with current best market price
* Toggle between the market price and the limit price. In this example we are placing a TWAP order to execute at market price
* Enter the frequency and total number of trades you want to execute.
* Check the amount of token traded per trade
* Click on Place Order
* You can also set a Limit price for execution by including the gain percentage or the absolute price. In this example we will use Market Price.
* You will see a popup with order summary and a disclaimer you must read and accept to place your order.
* This will popup two transactions that you must sign
* First is the Input Token allowance approval transaction
* Place Order transaction
* You will see your submitted order like this.
* You can also navigate to the Order History section to find the order and manage it.
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