Duration Orders

What They'll Do

Duration Orders will solve the patience-versus-urgency tradeoff in trade execution. A Duration Order starts patient (tight limit, best price) and gradually becomes more aggressive as a deadline approaches.

Planned execution modes include:

• Passive-to-Aggressive — starts as a limit order and widens acceptable prices over time, converting to market at deadline if needed
• TWAP (Time-Weighted Average Price) — splits a large order into smaller child orders executed evenly over a time period, minimizing market impact
• VWAP (Volume-Weighted Average Price) — executes more aggressively during high-volume periods and patiently during low-volume, matching natural market rhythm

These will be useful for scheduled event entries, large position accumulation, and any situation where you need to be positioned by a specific time.

The Problem They Solve

Traders face a constant tradeoff: patient orders get better prices but miss windows. Urgent orders fill fast but at poor prices. Standard limit orders are static, they don't adapt as time runs out.

Duration Orders eliminate this tradeoff. Start patient. Gradually become aggressive. Hit your deadline with the best possible fill.

Real-World Scenarios

Scenario 1: Fed Announcement Entry (Duration: 45 min)

• Starts as limit at support: $42,100
• At 30 min: expands to $42,300
• At 20 min: expands to $42,800
• At announcement time (0 min): market order if still unfilled
• Result: Best possible fill, always positioned by announcement time

Scenario 2: Exit Before Market Close (Duration: 30 min)

• Current position: 10 BTC long
• Goal: Close by 4 PM
• Duration Order starts as limit at resistance: $43,500
• Gradually widens acceptable prices as 4 PM approaches
• At 3:58 PM: becomes market order to guarantee close
• Result: Captured upside if it came, guaranteed exit before cutoff

How Agents Use Duration Orders

Koda automatically selects Duration Orders when:

• Riven specifies a time-bound entry (e.g., "Enter before Fed decision")
• Market conditions call for patient accumulation over time (TWAP)
• Vanta detects a regime shift scheduled for a specific time
• Meridian flags a macro event with known timing

Brix monitors the Duration Order's aggression curve and ensures slippage doesn't violate risk limits.

Lucid tracks whether early (patient) fills outperform late (aggressive) fills, optimizing curve selection over time.