Iceberg order

What it does: hides the true order size by only displaying and executing a smaller “visible” portion at a time.

Typical use: reducing signaling when you need to trade size without advertising full intent.

Key parameters: total quantity, displayed (clip) size, and refresh behavior (where available).

Tradeoff: improves discretion, but can take longer to complete and may face partial fills in thin books.

Example: sell 10 btc as an iceberg with 0.5 btc visible; as each clip fills, the next clip is posted until completion.