Bitget spot: Iceberg orders

The iceberg order is a trading strategy designed to execute large trades while effectively mitigating market impact and slippage. By breaking down large orders into smaller sub-orders, this strategy allows for quicker market entry and minimizing slippage.

Iceberg orders enable users to reduce market impact without revealing the full size of their position, making them an ideal tool for market makers. Their automatic order-splitting feature helps conceal trading intentions, making iceberg orders perfect for traders who wish to keep their strategies private.

Currently, iceberg orders are available for spot, perpetual futures, and delivery futures (for both regular accounts and multi-asset accounts).

Iceberg orders do not freeze account assets. When an iceberg order is triggered, if any sub-order exceeds the maximum buy/sell quantity, the order will fail, and the iceberg order will be terminated due to insufficient balance.

Key features of iceberg orders

• Hide order size: Iceberg orders conceal the total order size, with only a small portion being filled at a time.

• Limit price support: Users can set upper and lower price limits for better control over order execution in dynamic market conditions.

• Reduce market impact: Iceberg orders help prevent significant price fluctuations and front-running, making them ideal for large traders.

How does the iceberg order work?

When placing an iceberg order, traders first set the total order quantity, split settings, order preferences, and price limits. Once submitted, the first sub-order enters the order book. As each sub-order is executed, the system automatically places the next one until the entire iceberg order is filled.

Split settings:

• Quantity per order: Set the quantity for each sub-order.

• Number of split orders: Define how many sub-orders the iceberg order will be divided into.

Order preferences:

• Faster execution: Ensures each order is placed at the best price, adjusting continuously with market changes for optimal execution.

• Fixed distance: The distance between the buy and sell prices is maintained at a fixed gap from the best bid and ask prices. The order price adjusts dynamically with market changes to ensure execution at a better price.

  • Supports ratio-based settings.

  • Supports spread-based settings.

• Fixed price: Each sub-order is placed at a fixed price as specified.

Additional notes

1. Both the main account and sub-accounts support iceberg orders.

2. Each account can place up to 10 iceberg orders.

3. Only one iceberg order can be placed per spot trading pair.

4. Iceberg orders remain valid for seven days after placement. After this period, the order will be terminated, and all unfilled sub-orders will be canceled.

Reasons for cancellation and termination of iceberg orders

An iceberg order may be canceled or terminated for the following reasons:

1. Insufficient balance

2. Order quantity is below the minimum for a trading pair

3. Minimum order value limit has been triggered

4. Maximum order quantity for a trading pair has exceeded

5. Manual termination by the user

6. The bot has expired

7. Order placement failed due to risk control restrictions

8. Account is abnormal or frozen

How to place an iceberg order?

Step 1: Navigate to the spot trading page and select Iceberg order in the order placement section.

Step 2: Set and enter the order parameters.

• Total quantity

• Split settings: Quantity per order or number of split orders.

• Order preferences: Faster execution, fixed distance, or fixed price.

• Set price limit

• Finally, click the Buy or Sell button to place the order.

Step 3: View current or historical orders. Use the Open orders or Order history button, and select Iceberg order to view the main order details along with any completed or terminated sub-orders. You can then choose Limit price or Market price to view the details of the iceberg sub-orders.

Note:

• TP/SL is not supported for iceberg sub-orders.

• If any sub-orders are canceled, the main order will also be canceled and terminated.

See futures iceberg orders

Introduction: Futures iceberg order