Iceberg orders are now available on Ouinex derivatives. This guide covers what the order hides and who it hides it from, how to choose your slice size, the difference between the two execution modes, and when a TWAP order is the better tool.
Watch the walkthrough: How to Use Iceberg Orders on Ouinex
What it hides, and who it hides it from
This is worth getting exactly right, because Ouinex does not work like most venues.
Ouinex runs a no-CLOB execution model. There is an order book, and traders can see it, you and the other people trading that instrument see each other's resting orders. What market makers cannot do is read it. On a conventional central limit order book a market maker sees the full ledger of resting orders, which is what lets them position against size and hunt the levels where stops cluster. On Ouinex they do not have that view.
So you are already protected from the harder half of the problem. What an iceberg handles is the half that remains: the other traders who can see the book, and who would otherwise see a 40-lot bid parked at your level and trade accordingly.
That is a real benefit, and it is worth being clear about its limits. An iceberg hides the size of your resting order. It does not make you invisible, and a slice size you repeat identically is still a pattern. Vary it between orders rather than always using the same round number.
How the order works
You set two numbers.
Quantity is the total size of the order, the entire iceberg.
Qty per Order is the size of each slice.
From those two, Ouinex shows you the estimated number of split orders it will take to complete, around 32, for example. That figure is worth reading before you confirm, because it tells you how long the order is realistically going to take and how many separate fills you are signing up for.
When a slice fills, the next is released. The order completes when the total quantity has been worked through.
Choosing your slice size
The slice should look like ordinary flow for that instrument, and it sets the trade-off between speed and slippage.
Too large and each slice is conspicuous in its own right, and takes enough of the available liquidity to move your fill price, which is the thing you used an iceberg to avoid. You have added complexity and kept the cost.
Too small and you generate a long queue of tiny fills. Each one pays the spread, and the order takes much longer to complete, long enough that the market may have moved well away from where you started. A 200-slice iceberg in a fast market will still be working after the opportunity has gone.
The estimated split-order count on the ticket is the fastest sanity check. If it reads 8, the order will complete quickly. If it reads 200, ask whether you actually want an order that will still be running in an hour.
Chase Limit versus Fixed Prices
Two order preferences, and they behave very differently.
Chase Limit (Taker) prioritises completion. It places the next slice as soon as the current one is fully filled, working through your total as fast as conditions allow. You will finish, and you will finish sooner. You pay for that in price, each slice takes what is available rather than waiting for a level you like.
Fixed Prices prioritises the fill price. Each sub-order is submitted at a price you set, exactly like a limit order. You control what you pay, and you accept the standard limit-order risk: if the market moves away from your level, the remaining slices do not fill and the order sits unfinished.
Choose Chase Limit when the position matters more than the basis point. Choose Fixed Prices when you have a price in mind and you would rather end the session partially filled than pay above it.
Iceberg or TWAP?
Both break a large order into smaller ones, and both keep your full size off the book. They differ in what releases the next piece.
- An iceberg is fill-driven. The next slice appears when the last one fills. If nothing fills, nothing progresses, and on Fixed Prices, an iceberg can sit unfinished indefinitely.
- A TWAP is clock-driven. The next slice fires on schedule whether or not the previous one filled well, and the order completes when the window ends.
That difference decides the choice. If your constraint is "work this size through without one large fill", either will do. If your constraint is "this must be done within the hour", use a TWAP, an iceberg makes no promise about time. If your constraint is "I will not pay above this price", use an iceberg on Fixed Prices.
Placing an iceberg order on Ouinex
Iceberg is in the order type menu at the top of the trade form.
- Choose Long or Short.
- Enter your total Quantity, the entire iceberg.
- Set your leverage.
- Set Qty per Order, the size of each slice. Check the estimated number of split orders.
- Choose your Order Preference: Chase Limit (Taker) or Fixed Prices.
- Confirm.
Like every algorithmic order, it lives in the Algo tab at the bottom of the screen rather than in Open Positions. The tab shows the contract, the side, your Qty per Order, the placement type, the limit price, progress as Filled/Total, and the status. You can open the details or cancel the order at any point.
Check that tab. An iceberg on Fixed Prices in a market that has moved on will sit quietly at 12% filled for as long as you let it, and the only way you find out is by looking.
FAQ
What is an iceberg order? A large order that is worked through in fixed-size slices rather than as a single fill. You set a total quantity and a quantity per slice; when one slice fills, the next is released automatically, until the full order is complete.
Who can see my order on Ouinex? Other traders can see the order book and see each other's resting orders. Market makers cannot read it. That is what the no-CLOB execution model means. An iceberg hides the size of your resting order from the traders who can see the book; the execution model already handles the market-maker side.
Are iceberg orders legal? Yes. Iceberg orders are a standard, openly documented order type offered by major exchanges across traditional and crypto markets. They break up a genuine order you intend to execute. That is different from spoofing, which means placing orders you never intend to fill in order to mislead other participants. That is market abuse, and it is not what an iceberg does.
What is the difference between an iceberg order and a TWAP order? An iceberg releases the next slice when the previous one fills, so it is driven by execution and may never complete. A TWAP releases slices on a timetable, so it is driven by the clock and completes when the window ends.
Should I use an iceberg order for a small trade? No. If your order is small enough to fill cleanly in one go, an iceberg adds execution time and complexity for no benefit. It is a tool for size that is large relative to the liquidity available.
The bottom line
An iceberg keeps a large resting order out of sight of the traders who can see the book, while the no-CLOB execution model keeps it out of reach of market makers. Set the slice size so the estimated split count is a number you are happy to wait for, pick Chase Limit if completion matters and Fixed Prices if the level matters, and watch the Algo tab rather than assuming the order is progressing. Used on genuine size, it keeps any single fill from taking an outsized share of available liquidity. Used on a small order, it just makes a simple trade slower. Iceberg orders are live now across Ouinex derivatives.