ORDER TYPES · EXECUTION

What is an iceberg order?

An iceberg order is a large limit order that only displays a small part of its size in the order book. Each time the visible clip fills, the next clip is placed at the same price until the full size is done, so other traders never see the total you are working.

Find levels on the liquidation map
Best forLarge passive orders at one level
Trade-offSlow; price can leave without you
ControlsDisplayed size, randomness, fixed price
Fee sideMaker (post-only)

How an iceberg order works

You choose a total size, a price, and how much of the size to display, usually as a percentage. The terminal places one post-only limit order for the displayed amount. When it fills, a fresh clip of the same size goes to the back of the queue at the same price. Randomness varies each clip by a few percent so the refills do not look identical in the tape.

On most crypto venues the iceberg is managed by the terminal rather than the exchange, so the refill happens on the next update after a fill and the terminal has to stay connected while the order is working. Only the current clip is live on the exchange at any moment.

When to use one

Icebergs are for resting size at a level you actually want, without advertising it. A 200 ETH bid sitting in the book is information: it invites front-running above it and tells sellers exactly how much they can hit. Twenty visible ETH that keep refilling gives away much less.

They work best at levels that get traded through repeatedly: a support zone, a round number, or a price where the liquidation map shows clusters that will bring forced sellers to you. They are a poor fit for fast entries. If price never returns to your level, nothing fills, and if it runs through the level in one sweep only the visible clip gets done. A chase order is the alternative when you want to be filled soon; a scale order when you want to spread across a range.

Example: bidding 150 SOL at a support level

WORKED EXAMPLE

SOL is chopping around $100.20 and a trader wants 150 SOL of long exposure if it revisits $99.50, a level the liquidation map shows as a long cluster.

Total size
150 SOL
Price
$99.50, post-only
Displayed
10% (15 SOL) ± 15% randomness
Book at $99.50
About 40 SOL visible from others
Outcome
Ten clips filled over 25 minutes as price tested the level twice
Average fill
$99.50, all maker

A single visible 150 SOL bid would have been the largest order at the level and a target for anyone reading the book. Ten clips of 15 SOL disappeared into normal flow.

EXECUTION IN TERMINAL

Run it on every exchange
from one order form.

Proliquid works icebergs on Hyperliquid and every connected exchange with displayed size, randomness, and live clip tracking in the Open icebergs panel.

  • Same order form on seven exchanges
  • Live fills and remaining size per order
  • No subscription; your keys stay with you
Open the terminalFree to use. Connect your exchange to trade.
ORDER TYPES

Iceberg order: common questions

Short answers to the questions traders ask most about this term. For the rest of the glossary, start from the Learn index.

All glossary terms Find levels on the liquidation map
Can other traders detect an iceberg?

Sometimes. Repeated fills at one price with a refilling order of the same size is a recognizable pattern, which is why the displayed size is randomized. Smaller clips with more variation are harder to spot but take longer to fill.

Does the iceberg keep working if I close the terminal?

In Proliquid the current clip stays on the exchange, but new clips are placed by the terminal, so refills pause while you are offline and resume when you reconnect. Stop the iceberg if you do not want the remaining size worked later.

Can an iceberg follow the price?

No, an iceberg works one fixed price. To stay near the best bid or ask while hiding size, run a chase order with smaller total size, or split the size across a scale ladder.

What fees does an iceberg pay?

Every clip is post-only, so all fills are maker fills. If a clip would cross the spread the exchange rejects it and the terminal retries at the fixed price.