When you open or close a perps position on fomo, you choose how the order executes. Tap the order type on the trade screen or in the close position sheet to pick Market, Limit or TWAP.
TWAP is in the newest version of the mobile app. If tapping the order type only switches between Market and Limit, update fomo from the App Store or Google Play. On the web app, you pick the order type on the trade panel.
Market
A market order fills right away at the best available price. Before you confirm, the screen shows the estimated entry price, the margin set aside as collateral, and the estimated liquidation price.
Limit
A limit order waits for your price. Pick Limit and enter your limit price: in the editor on the mobile app, then tap Save, or in the price field on the web trade panel. The order opens your position when your price target is hit, and a Limit close does the same when you are closing one.
If the price you set is on the market side of the current price, the app warns that the order may fill immediately. A price very far from the current mark is refused with Limit price is too low or Limit price is too high.
A limit order stays open until it fills or you cancel it. There is no expiry.
While a limit order is resting, the margin it needs is reserved from your perps cash balance. Open limit orders are listed under Limits (or Orders) on your Portfolio and on the mobile market page, and in a Limits section on the web market page. You can cancel one or tap Cancel all.
TWAP
A TWAP (time weighted average price) order spreads one order into smaller market orders placed over a duration you choose, so a large position builds or closes gradually instead of in a single fill.
To place one:
Pick TWAP as the order type.
Set the Total duration with the Days, Hours and Minutes wheels, or use Quick select (5m, 4h, 1d or 7d). The range is 5 minutes to 7 days.
Enter your size. The screen shows an estimated Suborder size and the fee as Est. fee.
Confirm.
A few things to know before you start one:
TWAP orders have a higher minimum than market orders. If your amount is under it, the screen shows the minimum for that market. The minimum also applies when closing, so a position below it closes with a market or limit order instead.
You can't start a TWAP in the opposite direction of a position you already hold in that market. Close that position first.
An existing take profit or stop loss won't stop a TWAP. If one of them closes the position, later slices can reopen it.
A take profit or stop loss can be attached to a market order only, not to a limit or TWAP entry. Set it on the position once it opens.
There is no fomo fee on a TWAP. The protocol's trading fee applies to each slice, which is why the fee shown is an estimate.
Watching and cancelling a TWAP
Active TWAP orders are listed under Orders on your Portfolio and on the mobile market page, with the time left, the percentage filled, the average entry so far and the total size. The web market page shows them in their own TWAP section.
On mobile, when you also have limit orders open, the list has a Limit tab and a TWAP tab.
Cancel stops the unfilled suborders only. Trades that already filled stay in your position. Each TWAP is cancelled on its own; there is no Cancel all for TWAPs.
If the app couldn't confirm whether a TWAP started, it asks you to check the order on Hyperliquid before it allows another one, so the same order isn't placed twice.