How to Set the Public Quantity for OKX Iceberg Orders
There is no fixed parameter for "how many public orders to set"—in OKX's iceberg strategy, the parameter that controls your exposed quantity is called single order quantity. It determines the size of each small order you place on the order book, not the number of public orders. How much exposure you actually see on the order book depends on the number of orders per batch. These two parameters work together to form the actual "visible quantity." Below is how they coordinate and what counts as a sensible settings.
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First, understand the four core parameters of the iceberg strategy
The single order quantity defined in the official documentation is not a fixed order quantity but the maximum order quantity—the system multiplies it by a random number between 0.5 and 1 when actually placing the order, so the size of each placed order is not exactly the same.
| Parameter | Meaning | Description |
|---|---|---|
| Single order quantity | Maximum quantity per individual order | Actual order quantity = this value × (a random number between 0.5 and 1) |
| Number of orders per batch | Number of orders simultaneously placed on the order book | Determines how many "slices" of the iceberg are visible |
| Total order quantity | Total target execution size | The strategy stops automatically once this quantity is reached |
| Limit price | The price boundary that triggers/pauses the strategy | For buying, the strategy pauses when the market price is higher than this price; for selling, pauses when market price is lower |
What is the right "single order quantity" setting?
Core principle: Single order quantity × Number of orders per batch should not exceed 5%–10% of the current order book depth at the same price level, otherwise the "hidden" effect disappears.
The official tutorial gives an example: single order quantity 0.1 BTC, number of orders per batch 5, total order quantity 5 BTC. That means you only place an order of 0.05–0.1 BTC each time (after applying the random multiplier), with 5 orders sitting on the book simultaneously, so the total exposed quantity is about 0.5 BTC, and the remaining 4.5 BTC stays "underwater."
The exact value depends on two things:
Your trading pair: BTC/USDT has good liquidity, so the single order quantity can be slightly larger; for low-liquidity altcoins, it must be smaller.
Your total order quantity: The larger the total, the more conservative the ratio between single order quantity and number of orders per batch should be.
Some platforms use the concept of "disclosed quantity" and require the single order quantity not to exceed 20% of the total order quantity. OKX does not state this hard ratio in its official documentation, but it serves as an empirical reference line for judging whether your setting is reasonable.
What is the right "number of orders per batch" setting?
The official documentation uses 5 in its example, but this number is not fixed. If you set it too high, your orders will fill the book and make you easier to identify; if too low, execution speed will slow down.
Suggested range: 3–10 orders.
High-liquidity coins (BTC, ETH): you can set 5–10 orders, with a relatively larger single order quantity.
Low-liquidity coins: set 3–5 orders, and reduce the single order quantity accordingly.
"Order preference" affects how you tune these three parameters
OKX's upgraded iceberg strategy offers three order preference modes:
| Mode | Characteristic | Impact on parameters |
|---|---|---|
| Faster execution | Places orders at more aggressive prices, fills faster | You can moderately increase single order quantity and number of orders per batch |
| Balanced speed | A middle ground | Standard parameter configuration |
| Better price | Places orders at more conservative prices, lower slippage | Single order quantity should be smaller, number of orders per batch also lower |
Prerequisites
Account must complete KYC verification. Some third-party materials suggest that iceberg orders may require Level 2 verification. Although the OKX official help center does not explicitly state this threshold, it is recommended to complete at least basic verification before operating.
The iceberg strategy only supports limit orders, not market orders.
Common reasons for failure
Single order quantity set too high: Far exceeds the order book depth, each placed order eats through several price levels, failing to hide the order and possibly causing the system to frequently cancel and resubmit due to "price deviation."
Limit price set too aggressively: For buying, the limit price is too high (or too low for selling), keeping the strategy always in a triggered state and losing the purpose of "waiting for a good price."
Too many orders per batch: Placing a dozen small orders around the same price level makes the iceberg strategy even easier to identify than placing one large order.
Risk warning
May not fully execute during sharp price fluctuations: If market volatility pushes the price beyond your set limit price, the strategy will pause and only resume when the price returns within the limit. This means the price may never come back, and you only end up with a partial fill.
Frequent order cancellations can cause slippage: When the order book depth changes, the iceberg strategy automatically cancels orders and resubmits them. In highly volatile markets, this "cancel and resubmit" loop can cause the final execution price to deviate from your expectation.
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How to confirm your setup is working properly
After setting up, you can check the running strategy under [Strategies] - [Iceberg Order]. Observe a few rounds of order placement: if each small order gets filled within a reasonable timeframe and your orders do not pile up heavily on the book, the parameters are reasonably set. If orders remain unfilled for long periods, consider lowering the limit price (for buying) or raising it (for selling), or switching to the "Faster execution" mode.
