Skip to content
SigSig Docs
Launch App

Iceberg

A limit order that shows only part of its size in the order book.

An Iceberg is a limit order that shows only a part of its size in the order book. When that visible part fills, it is refilled from the hidden rest until the whole order is filled or you cancel it. Use it for larger orders you don’t want the market to see at once.

Example: buy 1 BTC at 60,000 with 0.1 BTC per order: the book shows 0.1 BTC at 60,000; each time it fills, the next 0.1 BTC appears.

When to use it

Section titled “When to use it”
  • You want to buy or sell more than the book usually shows at one price, and don’t want other traders to see your full size and move the price away from you.
  • You want to build or reduce a position at one price without placing and replacing small orders by hand.

For a small order a normal limit order is simpler and cheaper.

Place one

Section titled “Place one”
  1. Under Advanced, choose Iceberg.
  2. Enter the price (your limit price) and the Qty, the total quantity.
  3. Set the split in the two fields below:
    • Left: choose how to split:
      • Qty. per order: the part shown in the book, in the coin, e.g. 0.1 BTC, or in USDC (switch with the menu next to the unit; SigSig converts it at your limit price), or
      • No. of split orders: the number of parts; SigSig divides the total by it, rounded down to the market’s smallest step.
    • Right: enter the number.
  4. The line below shows what the book will show, e.g. In the book: 0.1 BTC (≈ 6,000 USDC) · 10 parts.
  5. Click Buy / Long or Sell / Short.

The order appears in Pending as a limit order with its full quantity and an Iceberg badge. You can edit its price or quantity there like any limit order; the visible part stays the same. It works at the exchange, so it keeps working when SigSig is closed.

Good to know

Section titled “Good to know”
  • Fees: only the visible part that rests in the book counts as maker. The hidden rest pays the taker fee when it fills. For the lowest fees, a normal limit order (fully visible) is cheaper; Iceberg is for hiding your size.
  • Post only, IOC, FOK and Hidden can’t be combined with Iceberg and are hidden while it is selected. So are TP/SL and Risk Mode. Add TP/SL to the position once it is open.
  • With BBO (price set to Counterparty or Queue), the Iceberg is placed as a limit order at the BBO price of the moment you click; it doesn’t move with the book afterwards.
  • Missing split: if you click Buy / Sell without the quantity per order or the number of orders, nothing is sent and the field is outlined in red.
  • The visible part has to be at least the market’s minimum quantity and less than the total.
  • Price in the other side of the book: a buy at or above the best ask, or a sell at or below the best bid, fills right away against the book (at your price or better): nothing stays hidden and it pays the taker fee. SigSig asks first: Place anyway or Change price. This also applies to BBO Counterparty.