Kraken Pro Introduces Time-Weighted Average Price Orders
Kraken Pro has introduced time-weighted average price (TWAP) orders on its web, desktop, and mobile platforms. This feature allows users to divide a large trade into smaller orders over a chosen period, with a window ranging from one minute to seven days.
According to Kraken's product announcement, customers can set a market, direction, total size, and execution window for the parent order. The exchange then breaks this instruction into smaller child orders distributed through the selected period, using immediate-or-cancel execution at the best available bid or ask.
The TWAP release follows other changes aimed at more active Kraken Pro users, including an increase in ETH/USD spot-margin leverage to 20x for eligible accounts in selected markets. However, Kraken cautioned that TWAP does not guarantee a complete fill and can leave part of an order unfilled due to limit settings and available liquidity.
Kraken also exposed the function through its REST and WebSocket interfaces, allowing customers to submit, amend, cancel, and monitor TWAP orders through an application programming interface rather than relying only on the trading screen.