> For the complete documentation index, see [llms.txt](https://support.backpack.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://support.backpack.exchange/support-docs/cn/jiao-yi-suo/jiao-yi/ding-dan-lei-xing/fen-duan-ding-dan/chang-jian-wen-ti-jie-da.md).

# 常见问题解答

### 下分段订单算是市价单还是限价单？

分段订单由多个分布在所选价格区间的限价单组成。它不是市价单。

***

### 分段订单 vs. TWAP

| 项目        | 分段订单                     | TWAP（时间加权平均价格委托）               |
| --------- | ------------------------ | ------------------------------ |
| **执行逻辑**  | 在预设价格区间内的不同价位挂出多个限价单     | 将大额订单拆分为较小的市价单，在固定时间段内均匀执行     |
| **控制因素**  | 由价格水平控制                  | 由时间控制                          |
| **执行保证**  | 不保证全部成交 —— 只有触及的价位订单才会成交 | 通常可完全执行，只要流动性存在                |
| **主要目标**  | 在多个价位进行成本均摊和梯度式进出场       | 最小化市场冲击，在一段时间内取得平均价格           |
| **市场依赖性** | 高度依赖价格走势；只有市场触及到设定价位才会成交 | 对价格走势依赖较小；无论波动如何，订单都会在时间段内持续执行 |


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