Iceberg Order
An iceberg order displays only part of a larger order quantity while keeping the remaining quantity hidden from the public order book.
✦ Key Insight
It means visible market depth may not show all actual executable interest.
✕ Common Misconceptions
Priority, fees, hidden-size behavior, and detectability vary by venue.
Detailed Explanation
In Practice
Dig Deeper
Whale
A holder whose position is large enough to move an asset's price when they trade.
Liquidity
Liquidity describes how easily an asset can be bought or sold in meaningful size without causing a large change in price.
Order book
An order book is a list of open buy and sell orders arranged by price on a trading venue.
Limit order
A limit order instructs a trading venue to buy or sell only at a specified price or better.
Market Depth
Market depth describes the quantity of buy and sell orders available at different prices in an order book.