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What Is a “Hidden Order” and How Is It Used in Large Derivatives Trades?

A large order with only a small portion visible in the order book, used to minimize market impact and slippage.
Greeks.Live22.11.25

What Is a “Hidden Order” and How Is It Used in Large Derivatives Trades?

A hidden order, or iceberg order, is a large order that is only partially visible in the order book. Traders use them to execute large volumes without revealing their full size, which could cause the market to move against them.

The visible portion is filled, and then a new visible portion appears, minimizing market impact and potential slippage.

How Do ‘Iceberg Orders’ Attempt to Minimize Market Impact on Public Exchanges?
What Is a Common Method for a Trader to Minimize Slippage When Executing a Large Crypto Trade?
What Is “Slippage” in Cryptocurrency Trading and How Do Iceberg Orders Attempt to Minimize It?
What Is a ‘Hidden Limit Order’ and Is It Compatible with Stop-Limit Functionality?

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