Iceberg-Order

Eine Iceberg-Order, auch bekannt als versteckte Order, ist ein strategisches Instrument im Trade, mit dem große Limit-Orders platziert werden können, ohne den Markt zu beeinflussen. Dieser Ordertyp ist besonders nützlich für Trader, die große Trades ausführen möchten, ohne dem Markt den vollen Orderumfang mitzuteilen, um so einen stabilen Marktpreis zu erhalten.

Um diesen Ordertyp zu verwenden, müssen neben einem Limit-Preis zwei weitere Parameter festgelegt werden:

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    Anzeigemenge: Dies ist der Teil der Order, der für den Markt sichtbar ist. Die Anzeigegröße wird von dir festgelegt und stellt den Betrag deiner Order dar, der im Orderbuch angezeigt wird.

    Die Menge kann nicht kleiner als die Mindestorder für das Trading-Paar oder kleiner als 1/15 des Gesamtordervolumens sein.

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    Order-Menge: Dies ist der Gesamtbetrag der Order, einschließlich des angezeigten und des verdeckten Teils. Der verdeckte Anteil ist die Menge abzüglich der Anzeigegröße und stellt den Restbetrag deiner Order dar, der nicht im Orderbuch angezeigt wird.

Placing an Iceberg Order

When an Iceberg order is placed, only the display size is shown in the order book snapshot. As the display size gets filled, more of the hidden portion is revealed in increments of the display size. This process continues until the entire order is filled, allowing for large trades to be executed without exposing the entire quantity of the order.

Iceberg orders are especially useful in markets where large orders can significantly impact the price. They allow traders to execute large trades without revealing the full order size, which can help to prevent substantial price movements caused by being visible on the order book.

For instance, if you want to buy a large amount of a cryptocurrency, you could use an Iceberg order to gradually execute your order without causing a sharp price increase. This allows you to acquire the cryptocurrency at a more stable price than if you were to place the entire order at once.

It is important to note that your Iceberg order is not directly tied to a position (not reduce only) but is an independent order and if you exit a position in an alternate way the Iceberg order must also be manually canceled.

Iceberg orders that execute immediately are treated as taker orders and will incur taker fees.


In conclusion, the purpose of an Iceberg order is to execute large trades without causing significant market impact. This strategy is a key part of risk management in trading, particularly for those dealing with large order sizes.

Let's say the current price of ETH is $2000 and you want to buy 10 ETH. However, you don’t want to impact the price by placing such a large order all at once. So, you set an Iceberg order with a display size of 1 ETH and a total quantity of 10 ETH. The remaining 9 ETH is your hidden portion.

In the order book, only your display size of 1 ETH at $2000 is visible to the market. Other traders can see and interact with this order, but they cannot see the remaining 9 ETH of your order.

As your display size of 1 ETH gets filled, another 1 ETH from your hidden portion is revealed in the order book at the same price of $2000. This process continues, with 1 ETH from your hidden portion being revealed each time your display size is filled.

However, if a trader decides to buy 10 ETH at the listed price of $2000, your entire order, including the hidden portion, will be filled in one trade. In this case, the trader who placed the large order will have inadvertently consumed your entire iceberg order, even if they weren't aware of its total size.

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