0xArchive research · Hyperliquid
A TWAP order splits one big buy or sell into small slices over a set time, so it moves the price less than one market order would. Hyperliquid runs TWAPs as a native order type, and every one is public from the moment it starts: the wallet, the side, the size and how long it will run.
0xArchive records each TWAP. From 5 May to 18 October 2026, TWAPs filled $2.57 billion of HYPE on Hyperliquid spot, one dollar in six of all HYPE spot volume.
Since May, TWAPs bought $300.5M more HYPE than they sold on Hyperliquid spot
3,291 wallets ran 27,179 TWAPs on HYPE-USDC in the window. More of them bought than sold, and the buys were bigger.
| Spot TWAPs, 5 May to 18 Oct 2026 | Orders | Dollars filled |
|---|---|---|
| Buys | 16,485 | $1,433,490,139 |
| Sells | 10,694 | $1,133,030,316 |
| Buys minus sells | $300,459,823 |
Eight wallets account for $297.6M of it, and they start their orders together
Take away eight wallets and everyone else's TWAPs net to $2,854,692 of buying over five and a half months.
The eight wallets behave like one buyer. Each bought between $31.5M and $40.8M. None of them placed a sell or a perp TWAP in the window, and all eight paused through July.
Their orders also start together. 93.1% of their TWAPs started within 10 minutes of a TWAP from another of the eight, and a median TWAP ran 17 hours.
| TWAPs started near one from another wallet in the group | The eight wallets | Eight similar buyers picked at random |
|---|---|---|
| Within 10 minutes | 93.1% | 3.6% |
| Within 1 hour | 95.6% | 14.7% |
The random groups are 50 draws of eight from the 117 other wallets that ran between 20 and 60 spot buy TWAPs, and 3.6% is the median draw. Their wallets: 0x1e7b…b6f8, 0xb0f4…0d9a, 0x681c…ddab, 0x4f83…b26b, 0x3bb3…5396, 0xf493…f382, 0x2570…f3bc and 0x9a91…0455.
One wallet has TWAP-bought HYPE in every month since May, $76.5M across spot and perps
The biggest single TWAP buyer works alone. 0xa445…329d started 288 TWAPs on HYPE from May to October, and 255 of them were buys. Its typical order was about $250,000, run over 30 minutes.
| Where it bought | Net dollars filled by TWAP |
|---|---|
| HYPE spot, since 5 May | $47,077,430 |
| HYPE perp, since 17 Jun | $29,424,634 |
| Both | $76,502,064 |
It bought in each of the six months, with its biggest months in June and September.
Million-dollar TWAPs run to the end less often than smaller ones
Not every TWAP runs its full time. Hyperliquid marks one that stops early as terminated or as an error, and on spot buys the biggest orders stop early most often.
| Spot buy TWAPs by planned size | Ran to the end | Share of planned size filled |
|---|---|---|
| Under $10k | 56.5% | 70.4% |
| $10k to $100k | 62.7% | 75.3% |
| $100k to $1M | 62.1% | 76.0% |
| $1M and up | 45.1% | 68.2% |
Planned size is the order's HYPE amount at the HYPE price in the hour it started.
Common questions
What is a TWAP order on Hyperliquid? A TWAP order splits a buy or sell into small slices over a set time. Hyperliquid runs it natively, and the order is public from the moment it starts.
Can you see who is buying HYPE by TWAP? Yes. Every TWAP on Hyperliquid carries its wallet. From 5 May to 18 October 2026, 3,291 wallets ran TWAPs on HYPE spot.
How much HYPE is bought by TWAP? From 5 May to 18 October 2026, TWAPs filled $1.43 billion of HYPE buys and $1.13 billion of sells on Hyperliquid spot, 16.4% of all HYPE spot volume.
Who is the biggest HYPE TWAP buyer? Over the same window, eight wallets that start their TWAPs together bought $297.6 million of HYPE on spot. The largest single wallet, 0xa445…329d, bought $76.5 million across spot and perps.
Run this analysis from an agent
The TWAP rows behind this study come from two routes, and an agent can pull them through the 0xArchive MCP server and ask the same questions in plain language. There is a Claude Code skill for terminal workflows and an agentic gateway for agents that pay per call. Start with the agent surfaces overview or the guide to replayable market data for MCP, CLI and agent workflows.
Route references
Use the Spot TWAP by pair reference for every TWAP on a spot pair, the Spot TWAP by wallet reference to follow one wallet, the Hyperliquid REST reference for perp TWAPs, and the Spot REST reference for HYPE spot candles and volume. To get a message when a watched wallet starts a TWAP, the alert events reference lists the TWAP events, and the alerts launch post shows how they land in Discord and Telegram. The HYPE perp market page lists what is recorded for HYPE.
For current API availability and plan details, use the Hyperliquid data API, data catalog, pricing, and status.