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Iceberg shows one clip of your order at your limit price and refills it from the hidden remainder each time it fills, until the whole order is done or you stop it. The objective is to work large size at a fixed price without showing the full order on the book. Iceberg works on both perps and spot markets, subaccounts included.
Animated candle chart: one clip of a larger order rests at its limit; each time it fills, the next clip takes its place until the order is done.

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How it places orders

  • Splits your total size into your chosen number of clips and places one clip at a time as a good-til-canceled limit order at your limit price. Only that clip is visible on the book.
  • When a clip fills, the next clip goes out at the same limit right away, sized from what remains. The rest of the order stays off the book.
  • Clips are never chased or repriced. If your limit is marketable when a clip is placed, that clip takes liquidity at your limit or better, then the iceberg goes back to resting.
  • Your limit is snapped to the nearest valid tick on the passive side (down for buys, up for sells), so no clip trades past it.
  • With Randomize on, each clip varies by up to 20% either way from the base clip size, so the refills look less uniform.
  • Clips pause while one of your own opposite orders rests at or inside your limit, since self-trade prevention would cancel the clip. They resume once that order is gone.
  • One iceberg runs at a time per account and market.

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When to use it

  • Buy or sell large size at a fixed price without showing a wall on the book.
  • Accumulate or distribute patiently at a level you are happy with, rather than over a set time like a TWAP.
  • Exit a position at a target price in pieces: enable Reduce Only.

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Parameters

Iceberg has no post-only or expiry setting: it runs until it fills or you stop it. On spot markets the minimums are 12 units of the quote token instead of $12.

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Managing an iceberg

  • Algos tab: a running iceberg shows in the Algos tab, not in Open Orders. The row shows filled of total, average price, the limit, the visible clip and its state (resting, refilling or paused), clips filled and the hidden remainder. Terminate stops it and cancels the resting clip.
  • Chart: the iceberg draws one line at its limit. Drag the line to move the limit: the resting clip is canceled and the next clip goes out at the new price a few seconds later.
  • History: finished icebergs move to the Algos tab’s History view with their limit, clips, run time and status.
An iceberg finishes when the full size fills, when you terminate it, or, with Reduce Only, once the position is closed. It also ends if you cancel or modify its clip directly instead of using Terminate. A modified clip then stays on the book as a normal order. On a connected wallet, an iceberg expires one hour before the wallet’s API key approval lapses.

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Example

You want to buy 2,000 HYPE at $44.50 without showing the full order. With Clips at 10, the book shows a single 200 HYPE bid at $44.50, about $8,900. Each time that clip fills, the next 200 HYPE bid appears at the same price, until all 2,000 HYPE is bought. With Randomize on, each clip would be between 160 and 240 HYPE instead of a uniform 200.
The form warns you when your limit is more than 5% away from the market (it may not fill for a long time), when one clip shows more than a quarter of your order, when a clip would be a wall on the current book, when one of your own orders would pause the clips, and when a Hyperliquid TWAP of yours is running on the same market (self-trade prevention can cancel a clip that trades against it).