> 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/twap.md).

# TWAP

## **什么是 TWAP？**

**TWAP（Time-Weighted Average Price，时间加权平均价）** 是 Backpack 内置的一种下单类型，适用于 **现货** 与 **杠杆** 交易。它会把一笔大单自动拆分为若干小单，并按固定时间间隔依次下单，直到总数量成交完毕。\
这么做有助于降低滑点，避免一次性大单引发的剧烈价格波动。

***

## **为何使用 TWAP？**

* **降低滑点**\
  通过把订单拆成更小的部分来避免大幅度价格波动。
* **降低市场冲击**\
  成交对市场的可见度更低——对大额交易尤其有用。
* **可用于现货或杠杆**\
  无论是直接交易还是使用杠杆，TWAP 都适用。

***

## **如何使用 TWAP？**

#### **Overview（概览）**

| 项目        | 说明                                       |
| --------- | ---------------------------------------- |
| **总数量**   | 在整个策略期间计划交易的资产总量                         |
| **子订单数量** | 在每个时间间隔执行的单笔切片订单的规模                      |
| **运行时间**  | 策略执行全部子订单的总时长                            |
| **执行频率**  | 在运行时长内下子订单的频次。注意：频率越高，执行越平滑，但对市场流动性的要求更高 |
| **随机化**   | 每笔子订单数量会在原始数量上下 **最多 ±20%** 的范围内自动调整     |
| **仅减仓**   | 订单只允许减少现有持仓规模                            |
| **保证金**   | 该订单是否使用杠杆持仓                              |


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