Imagine you want to place a sell order for 8 BTC all at once at 3 PM: the order book would immediately drop 3 price levels, and before the whole order fills, the price already falls by 200 USDT. For large single order scenarios, OKX iceberg order is a practical tool that automatically splits your big order.
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It is not a complicated feature, you can think of it as an auto order-splitting bot: you set the total target trade amount, the single visible order amount on the order book, and your target price. The system will automatically place a new order right after the previous one fills, until your full total amount is traded.
First, understand 2 core values: Total Order Amount and Iceberg Visible Size
On the OKX order placing page, you need to fill in 2 key quantity values for iceberg orders.
The first one is Total Order Amount, which is the full total amount you actually want to trade, for example 10 BTC.
The second one is Iceberg Visible Size, which is the amount of each individual order shown on the public order book that other traders can see, for example 0.5 BTC.
The system will first place a 0.5 BTC limit order, then automatically place another 0.5 BTC order right after it fills. The order book will only ever show 0.5 BTC, never exposing your full 10 BTC order size.
This mechanism directly prevents the market from seeing your full trading intention.
How to set your iceberg visible size, based on your trading needs
There is no universal optimal setting. A too large visible size loses the hiding effect, while a too small size reduces your trade execution efficiency.
New users can follow this reference logic: check the total sum of the top 5 order book levels, then set your iceberg visible size to less than 1/10 of that total. For example, if the top 5 levels add up to 2 BTC, set your iceberg size to around 0.1 BTC, which will barely draw any market attention.
This is only a general experience reference, not a mandatory rule from OKX.
The platform has 2 hard restrictions: the iceberg visible size can not be lower than the minimum order size of the trading pair, and can not be larger than your total order amount. The page will auto-verify your inputs, and block any invalid parameters directly.
What scenarios are iceberg orders suitable for?
The most practical use case for iceberg orders is when you hold a large trade size, and do not want the order book to detect your large abnormal order movement.
There are 3 common applicable scenarios in total:
- Large spot position building or exiting, to avoid huge slippage caused by placing the full order directly.
- Opening or closing large positions in futures trading, to prevent counterparties from easily figuring out your trade defense levels.
- Market making or arbitrage trading, that requires continuous, batch order filling.
Small orders do not need iceberg orders. For orders worth a few thousand US dollars, you can just place a regular limit order directly, no need to sacrifice execution speed just to hide your trading intention.
The table below helps you quickly tell the difference between the two order types:
| Dimension | Regular Limit Order | Iceberg Order |
|---|---|---|
| Order Book Exposure | Full amount visible | Only the iceberg visible size is exposed |
| Execution Rhythm | Placed all at once | New order placed after previous fill, relatively slower execution |
| Price Control | Your specified limit price | Your specified limit price |
| Typical Scenario | Small orders, priority on fast execution | Large orders, priority on hidden execution |
Funds Freeze Note
Some users mistakenly think iceberg orders only freeze funds corresponding to the iceberg visible size. In fact, when you place an iceberg order on OKX, the confirmation page will directly show your available balance change, and rules differ between different spot fund accounts and futures margin accounts.
OKX official help center does not have a separate document explaining the iceberg order freeze logic for now, so always check the available balance change on the confirmation page before submitting, do not rely on past experience.
Risk warning: Iceberg orders keep occupying your funds or margin continuously. If you place a large total buy order with a very small iceberg visible size, you may only fill a tiny part of the order in hours, while your funds stay frozen the whole time. You have to cancel the order on the strategy order page, do not assume your funds are released just because you cannot see the order on the public order book.
Common Order Failure Causes
The most common mistake is setting the iceberg visible size very close to the total order amount, for example total 10 BTC, iceberg size set to 9.5 BTC. This gives no difference from placing a regular limit order, the market can easily see through your full order intention.
The second mistake is setting your limit price far away from the current order book price. If your limit price is too far off the market, even a tiny iceberg size will be very hard to get filled, and your order will stay pending for a very long time.
The third mistake is forgetting to manually cancel the order. Iceberg orders run continuously by default, until the full total amount is filled or you manually cancel it, they will not expire automatically.
New User Guide: Steps to Place a Small Test Order
If you do not have an OKX account yet, you can use referral code 24U2795 when registering. This will not affect your iceberg order parameters or trading fees, it only acts as an account affiliation marker.
Then enter the function page following the path for your device:
App: Tap the Trade tab on the bottom navigation bar, find the "Strategy Order" entry at the top left corner.
Web: Find the "Algorithmic Order" or "Strategy Order" entry near the trade panel.
After entering, select "Iceberg Order", then follow these steps:
- Select the target trading pair, and choose your trade direction (buy / sell).
- Input your limit price, total order amount, and iceberg visible size.
- Submit the order.
To confirm your order is submitted successfully, you do not need a page redirect. Just check if you can see this order record in the "Strategy Order" list, with status showing "Running", and the "Remaining Amount" column equal to the total order amount you entered.
After that, as your order gets filled, the remaining amount will decrease gradually, and the status will change to "Completed" once the full order is filled.
A leading global cryptocurrency platform,suitable for both beginners and experienced traders.
New user benefit: 20% off trading fees upon registration!！
FAQ
Q: Can I modify or cancel a running iceberg order mid-way?
Yes, as long as the strategy order is not fully completed, you can cancel it manually. If you cancel after partial fill, the already filled positions will not be returned.
Q: Does OKX iceberg order support market orders?
No, it only supports limit orders. You have to specify a fixed trade price, and the system will fill the order at that price or a better available price.
After you submit the order, wait for 5 minutes, then open the strategy order page. If the status shows "Running" and the remaining amount is decreasing, your auto split system is working normally. If there is zero fill after 30 minutes, your limit price is most likely too far from the current market, you can directly cancel it and reset a new proper limit price.
