An iceberg order is a large limit order that displays only a small 'tip' on the public book at any time. As the visible slice fills, the next slice automatically replenishes from the hidden inventory. The full size is never visible to other participants.
Iceberg orders are used to execute size without telegraphing the trade — a visible 100 BTC bid would move the book; ten replenishing slices of 10 BTC look like normal flow. Most institutional venues offer them natively; on smaller crypto exchanges they are sometimes implemented client-side.
Trade-off: by hiding size you give up time priority on the hidden portion. The visible slice keeps its place in the queue, but each replenishment re-enters the back of the queue at that price level.
Come Noon Barbari usa Iceberg order
Ogni concetto qui è implementato nella piattaforma. Apri la documentazione o lo strumento corrispondente per vederlo all'opera.
Order types in the designer →Termini correlati
- Tipi di ordine
Limit order
An order to buy at or below / sell at or above a chosen price. May not fill.
- Tipi di ordine
Market order
An order to fill immediately at the best available price. Pays the spread.
- Backtesting
Slippage
Difference between the price a strategy assumed and the price it actually got.
- Tipi di ordine
Stop order
An order that converts to a market order once a trigger price is reached.