# Iceberg Iceberg orders allow you to execute large trades without revealing your full size to the market.\ Instead of placing one big order that signals your intentions and moves the price, an Iceberg order automatically splits your trade into small slices. Only one slice is visible on the orderbook at any given time. As soon as a slice fills, the next one appears, keeping your real size hidden and minimizing market impact. This is one of the most powerful execution tools for traders who want discretion, efficiency, and reduced slippage. {% embed url="" %} *** ### **How Iceberg Orders Work** An Iceberg order divides your total size into multiple sub-orders. Example:\ You want to buy 10,000 HYPE.\ Instead of showing all 10,000 HYPE on the book, you show only 100 HYPE at a time.\ When the 100 HYPE fills, another 100 HYPE appears automatically. The market never sees your full size, only the small slices. This allows you to: * Enter or exit big positions discreetly * Avoid triggering market reactions * Reduce slippage and spread impact * Prevent front-running or predatory behavior * Make your execution pattern indistinguishable from normal flow *** ## **Configuring an Iceberg Order** Supercexy gives you two ways to configure your Iceberg: #### **1. By Quantity per Order**

You choose the slice size manually. Example:\ “Place 0.1 BTC per sub-order until the full amount is filled.” Ideal if you want full control over how much shows on the orderbook. #### **2. By Number of Orders**

You choose how many slices you want.\ Example:\ “Split this into 100 orders.”\ Supercexy calculates each sub-order size automatically. Perfect when you know the total execution depth you want, but not the exact slice size. *** ## **Execution Strategies** Supercexy offers three pricing modes to fine-tune how aggressive or passive your Iceberg behaves. ### **1. Chase Limit (Most Aggressive)**

Your order: * Always stays at the top of the orderbook * Automatically updates as the price moves * Uses post-only to ensure maker fees * Places the next slice only after the previous one fills This gives you: * Fastest possible maker fills * Minimal spread cost * Zero signaling of your full size Ideal when you need speed but want to avoid using market orders. *** ### **2. Passive (Balanced)**

Your order: * Places a slice at the top of the book * Stays there without chasing * Can optionally use post-only * Only refreshes when a slice fills This mode is useful when: * You want to be patient * You prefer not to chase price movements * You’re aiming for optimal maker behavior with minimal urgency *** ### **3. Fixed Price (Least Aggressive)**

You set a specific limit price, and all sub-orders execute at that exact price level. Your order: * Never moves * Never chases * Waits at your defined price until filled or cancelled Perfect for traders: * With a precise target * Not in a rush * Wanting maximum control with predictable execution *** ## **Price Boundaries (For Chase Limit & Passive)**

To ensure full control over worst-case outcomes, you can set boundaries by clicking on Price Limit: * **Max Price (for Buys):**\ Your Iceberg will never chase above this level. * **Min Price (for Sells):**\ Your Iceberg will never chase below this level. These guardrails ensure: * You never overpay when buying * You never undersell when selling * Your execution stays within acceptable limits *** ## **Why Iceberg Orders Matter** Iceberg orders are essential for traders who want: * Deep execution without moving the market * Discretion and privacy * Reduced slippage * Maker fee optimization * Fills that blend naturally into market flow * Protection against front-running and bots Whether you’re scaling into a large position or exiting quietly, Iceberg orders give you precision, privacy, and efficiency no single regular order type can match. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://supercexy.gitbook.io/supercexy-docs/trading/iceberg.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.