Hidden Order
A limit order whose full quantity is invisible to other market participants — only the fill is reported post-execution.
A hidden order (also called a non-displayed order) is a limit order that does not appear in the public order book. The trader's intent and size are completely concealed until the order is executed and reported to the tape.
Hidden orders typically receive lower queue priority than displayed orders at the same price level — markets reward displayed liquidity with better queue position. This makes hidden orders a trade-off between information concealment and execution priority.
Hidden orders are a lighter-weight stealth mechanism than a full dark pool, available directly on most major lit exchanges.
Related Terms
All or None (AON)
An order that must fill completely or not at all, but unlike FOK it can wait for a full match.
IntermediateDark Pool
A private, off-exchange trading venue where large institutional orders are matched anonymously without pre-trade transparency.
AdvancedIceberg Order
A large order split so only a small visible portion shows in the order book; the rest is hidden and refreshes automatically as each slice fills.
AdvancedOrder Book
The real-time record of all outstanding buy and sell limit orders for an asset, organized by price level.
BeginnerPost-Only Order
A limit order that is automatically canceled if it would execute immediately — ensuring it rests in the book and earns maker status.
Advanced