Perps order-type review with Aaron is tomorrow 2pm and I'm locking the TWAP spec right after. Before I do — how do Binance, Bybit and Hyperliquid actually handle advanced order types? I don't want to ship TWAP that's already table stakes.
Dani · 11:40
DR
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✦ squircle
Right question — the issue isn't whether they have TWAP, it's how they expose it. I'll tear down all three across the order-type dimensions that matter for your spec, reading each venue's live order ticket and docs. Where I can't verify something publicly, I'll flag it rather than guess.
✦ PROPOSEDresearch · perps order types
Tear down Binance, Bybit & Hyperliquid against our TWAP spec
Six dimensions: TWAP, trailing stop, scaled/iceberg, conditional/OCO, funding shown pre-trade, and the advanced-mode ramp — scored for each venue plus us today, so the gap is visible at a glance. Then we turn it into a memo for tomorrow's review.
~ reads web · cross-checks Confluence
✓ Tore down 3 venues × 6 dimensions — 18 competitor data points: 14 observed in-product, 3 docs-only, 1 left unverified.
squircle · 11:40
Run the teardown
Dani · 11:41
DR
✦
✦ squircle
One pattern stands out — and it changes what your spec should optimize for.
✦ FINDINGS3 venues · 6 dimensions · vs us
TWAP is table stakes — how you expose it is the differentiator
Hyperliquid makes TWAP a first-class order-type tab — set size + duration on one screen.
Binance buries it behind an "Advanced" toggle; Bybit only exposes it via API.
None of the three auto-suggest TWAP for large orders relative to book depth — that's the opening for us.
(Hyperliquid is the same venue behind last week's −8% volume dip — worth out-shipping on UX, not just fees.)
Dimension
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·
Tap any cell for the detail and its source.
Confluence · Derivatives / Competitive
✓ Assembled into a memo — opened in Confluence ↓
✦ squircle No memo filed — here's the one-line takeaway for the review:
"TWAP is table stakes; the win is exposure — make it a first-class ticket tab and auto-suggest it for large orders. No competitor does the latter."
Nothing was filed or shared.
squircle · 11:41
squircle cites every claim — and flags what it couldn't verify rather than guessing.
Owned by Dani Reyes· For the perps order-type review, tomorrow 2:00· Feeds DERIV-2030 TWAP spec
✦ squircle — TL;DR
✓
TWAP is table stakes — having it isn't the differentiator. The gap that matters: only Hyperliquid makes TWAP a first-class, one-screen order type; Binance buries it behind "Advanced", Bybit hides it in the API. And none of the three auto-suggest TWAP for orders large relative to book depth — that's our opening. Three recommendations below, each ready to open as a ticket on the TWAP epic.
Comparison — 6 dimensions × 3 venues vs us
Dimension
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✦ row = the dimension that should drive the spec.
What this means for the TWAP spec
How squircle verified this
This memo is private to you until you share it. Competitive teardowns post to #perps-launch & the readout — never outside Crypto.com.