Hidden Order

A hidden order is a type of order that allows traders to place a limit order without revealing any information about its size or presence to the public order book.

Unlike visible orders, hidden orders are completely concealed from other market participants, ensuring privacy and discretion. They operate within the existing order book, sharing liquidity with other orders, which helps maintain tight spreads and efficient price discovery.

For example, a trader might place a hidden buy order for Bitcoin at $500,000. Nothing appears on the order book about this order — only if another trader sells into this hidden order will it be filled, at which point the trade becomes publicly visible.

Since hidden orders are designed to protect a trader’s intended price point, they often execute faster than iceberg orders and prevent market prices from moving in reaction to the order’s presence.

Why use hidden orders? Compared to traditional orders

	Normal Order	Hidden Order
Shows on order book	Yes	No
Price impact	No	Minimal market price impact

Hidden orders compared to similar order types

	Hidden Order	Iceberg Order	Dark Pools
Invisible	Yes	No (partially visible)	Yes
Anonymous	Yes	Yes	Yes
Minimal market price impact	Yes	No	Yes
Liquid markets	Yes	Yes	No

Traders utilize hidden orders to achieve stealth execution, reduce market impact, and access deep liquidity without revealing their trading intentions. In fast-paced, highly leveraged markets like crypto perpetual futures, they offer a strategic advantage by enabling smooth and discreet trading.

Unlike dark pools, which fragment liquidity, or iceberg orders, which partially reveal intent, hidden orders provide full anonymity while still allowing traders to tap into the liquidity available in the public order book.

Tutorial: How to place a Hidden Order on Aster Pro

1. After connecting your wallet to Aster Pro, select your preferred contract, leverage, and order amount. Click the checkbox [Hidden Order]. Hidden orders are automatically limit orders.

1. Your order will appear under [Open orders] but will not appear in the public order book. You can differentiate a hidden order from a normal order via the not-visible icon.

1. The price and size of your hidden order is only disclosed after the trade is executed. Your trade will then be reflected under [Positions].