TWAP and Iceberg

EXEC is the terminal screen for moving size without showing the book your whole order. It offers two execution styles on one composer. Both run on your own Hyperliquid account under your trade-only agent key, the same way every other terminal strategy does.

EXEC runs in the terminal at terminal.ironflow.sh/exec. There is no public API endpoint that places orders; the data API and MCP tools are read-only. Use the API to review fills after the fact (see below).

Pick an execution style

	TWAP (`OVER TIME`)	Iceberg (`AT MY PRICE`)
What it does	Hands the order to Hyperliquid’s native TWAP, which fills it in roughly 30-second slices across your window	Rests one small slice at a time near the mid; the next slice goes up when one fills
Finishes	Inside the window you pick	When the total fills or the time cap (12 hours by default) is reached
Price	Takes the market on each slice, with Hyperliquid’s own slippage caps	Rests at or behind the mid, or crosses it, depending on style
Minimum	$100 total	$10 per slice
Maximum	$5,000,000 total	$5,000,000 total, at most 500 slices
Ironflow fee	None: Hyperliquid’s native TWAP carries no builder fee	The builder fee on each slice

Either one can be cancelled at any time from MANAGE. You keep whatever already filled.

TWAP

Pick the market, side and total size in USD.
Pick a duration: 15 minutes, 30 minutes, 1 hour or 4 hours.
Pick slice timing: EVEN, or RANDOMIZED so the timing is harder to spot.
Sign once. Hyperliquid runs the slices; the strategy completes when the window ends.

The size is converted from USD to the coin at the mid when the TWAP starts. Hyperliquid’s TWAP pays the taker fee and the spread on each slice.

Iceberg

Pick the market, side, total size and the visible slice size.
Pick a style:
- ADAPTIVE (default in the terminal) starts behind the mid and steps toward the spread only when a slice sits unfilled.
- BALANCED rests at the mid.
- PASSIVE rests behind the mid. It earns the spread but may wait a long time.
- AGGRESSIVE crosses the spread. It fills fast and pays the spread and the taker fee.
Sign once. One slice rests on the book at a time and reprices when the price drifts away.

Slice sizes and timing are randomized by default (slice size by up to 25%) so a fixed pattern is harder to front-run. Resting slices that fill pay Hyperliquid’s maker fee.

An iceberg can stop before the full size fills: when the time cap is reached, or when the market moves away from your price and slices do not fill. A TWAP always runs to the end of its window, but each slice fills at whatever the market offers at that moment. Neither guarantees an average price.

Review how it filled

Every slice is an ordinary fill on your address, so the fills endpoint shows the result:

curl "https://api.ironflow.sh/v1/fills?address=0xYourWallet&market=ETH-PERP&from=1789466400000&to=1789470000000" \
  -H "Authorization: Bearer $IRONFLOW_API_KEY"

fills = page.data
notional = sum(float(f.price) * float(f.size) for f in fills)
size = sum(float(f.size) for f in fills)
print(f"filled {size} at an average of {notional / size:.2f}")

Compare the average against the mid when you started to see what the execution cost you. Automated trading is high-risk and you can lose all of your funds. Nothing here is investment advice. See the Risk Disclosure.

Getting Started

Concepts

Guides

Terminal

SDKs

Pick an execution style

TWAP

Iceberg

Review how it filled

​Pick an execution style

​TWAP

​Iceberg

​Review how it filled

Pick an execution style

TWAP

Iceberg

Review how it filled