Iceberg Orders
What It Does
Hides a large order behind small randomized slices. Only a fraction of the total order is visible at any time, preventing frontrunners and other participants from seeing the true size.
How It Works
- You specify the total order size and direction (buy/sell)
- The engine splits it into slices (default: 25% of total per slice)
- Each slice is randomized in size (+/-10%) for stealth
- Between slices, the engine waits 2-8 seconds (randomized)
- Slices are placed as limit orders at your specified price
- Process repeats until the full size is executed
Slice Calculation
For a $1,000 iceberg order:
- Base slice: $250 (25% of total)
- With randomization: $225-$275 per slice
- Expected 4 slices, 2-8 seconds apart
- Total execution time: ~8-32 seconds
Size Bounds
Slices are bounded by configurable min/max:
- Min slice: $10 (won't create slices smaller than this)
- Max slice: $100 (caps individual slice even for large orders)
- If the order is smaller than the min slice threshold ($200 default), iceberg is skipped and a normal order is placed
Parameters
| Parameter | Default | Description |
|---|---|---|
| Slice size % | 25% | Percentage of total order per visible slice |
| Min slice | $10 | Minimum slice size in USD |
| Max slice | $100 | Maximum slice size in USD |
| Delay min | 2s | Minimum seconds between slices |
| Delay max | 8s | Maximum seconds between slices |
| Randomize size | On | Vary slice sizes by +/-10% |
| Randomize timing | On | Vary delays within the min-max range |
| Min order for iceberg | $200 | Orders below this use normal execution |
When to Use
- Large orders on thin DEX books where your size would eat through multiple levels
- Any market where frontrunners or sandwich bots are active
- When you want to accumulate or exit without signaling your intent
- Paired with limit prices to ensure you don't get filled at bad prices
When Not to Use
- Fast-moving markets where 8-32 seconds of delay could mean missing the move
- When the total order is small enough ($50-100) that splitting adds overhead with no benefit
- On venues with native iceberg support (some CEXs) — use their built-in feature instead