# Iceberg

Understand the Iceberg order concept and its current availability on Polyester.

An iceberg order displays part of a larger limit instruction and replenishes it from hidden quantity.

## What it would do

In the general market concept, an **iceberg order** exposes only part of a larger limit instruction in the public Order Book. The undisplayed remainder stays hidden under defined replenishment rules.

It is designed for a trader who wants limit-price control without displaying the full intended quantity at once. Repeated displayed fills can still reveal the larger execution over time.

> **Iceberg is not available**
>
> The current public order and trigger contracts have no Iceberg request. The public Pair catalog also has no advanced-order capability flag that enables it.

## How the concept works

| Quantity or rule | What it controls                                                   |
| ---------------- | ------------------------------------------------------------------ |
| Total quantity   | The complete amount managed by the instruction                     |
| Display quantity | The maximum amount shown publicly at one time                      |
| Hidden quantity  | The undisplayed remainder                                          |
| Replenishment    | When another displayed portion enters the book after fills         |
| Priority         | Whether replenished quantity keeps or receives a new time priority |

These fields describe the concept only. Polyester has not published reservation, replenishment, queue-priority, cancellation, or lifecycle rules for an implemented Iceberg order.

## When it would fit

- **Use it when displayed size should stay smaller.** The concept fits a larger limit order that should reveal only part of its intended quantity at once.
- **Avoid it when the instruction must work on Polyester today.** Iceberg is not currently available, and repeated replenishment can still reveal the larger intent over time.

## Example

Let's say Bitcoin is currently trading at **100,000 USDT**. You want to sell **0.01 BTC**, worth about 1,000 USDT, without displaying the full order at once. You would choose an Iceberg order with a **0.002 BTC display quantity** so only one portion is visible at a time.

1. The first 0.002 BTC appears in the public Order Book.
2. After that portion fills, the next 0.002 BTC becomes visible under the order's priority rules.
3. The order continues replenishing in 0.002 BTC portions until the full 0.01 BTC fills or the order ends.

**Result:** No more than 0.002 BTC is displayed at once, though repeated fills can still reveal that a larger order exists.

*This is a conceptual example. Polyester does not currently accept Iceberg orders through the application or public API.*