> For the complete documentation index, see [llms.txt](https://quote.gitbook.io/quote-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://quote.gitbook.io/quote-docs/execution-strategies/iceberg.md).
# Iceberg
Clip-based, pure-passive execution that hides your size.
`iceberg` shows the market only a small clip at a time. When a clip fills, the next one is posted; the market never sees your full size on the book. It is **pure passive**: clips are post-only orders that never cross the spread. It has **no time constraint**: it works until filled or canceled (optionally bounded by `maxDurationSecs`).
A naive iceberg is easy to detect: the same size reappearing at the same level is a pattern anyone can trade against. Quote's implementation randomizes clip sizing, timing, and repricing so no repeating pattern is exposed. The specifics are deliberately undocumented; publishing them would hand detectors a calibration guide.
## Example
{% code title="POST /api/orders" %}
```json
{
"symbol": "HYPE",
"side": "buy",
"size": "5000",
"orderType": "limit",
"strategy": "iceberg",
"params": {
"clipSize": "150",
"randomize": true,
"maxSpreadBps": "20"
}
}
```
{% endcode %}
## Parameters
| Parameter | Type | Default | Description |
| ------------------- | -------------- | --------------- | --------------------------------------------------------------------------------------- |
| `clipSize` | decimal string | `1` | Visible clip size in base asset. Set this to a size that blends with typical book depth |
| `clipPct` | number | none | Alternative to `clipSize`: clip as a percent of total order size |
| `participationRate` | decimal | `0` (off) | Cap execution at a fraction of observed market volume |
| `priceOffsetBps` | decimal | `0` | Rest this far behind the touch (0 = at BBO) |
| `randomize` | boolean | `false` | Randomize clip sizing and timing (recommended for size that matters) |
| `maxSpreadBps` | decimal | `0` (off) | Pause posting when the spread is wider than this |
| `maxDurationSecs` | integer | `0` (unlimited) | Optional hard stop; remaining size is left unexecuted |
| `reduceOnly` | boolean | `false` | Clips only reduce an existing position |
## Behavior notes
* **No completion guarantee.** Iceberg never takes liquidity. If price runs away from your level, it does not fill. That is the point. Pair it with a [trigger](/quote-docs/trading-tools/triggers.md) or monitor progress if you need a plan B.
* **Sizing the clip.** Too small wastes time (and risks the \~$10 [minimum notional](/quote-docs/trading-on-hyperliquid/hyperliquid-constraints.md#minimum-order-notional-10) per clip); too large defeats the hiding. A good starting point is the typical top-of-book size for the asset.
* **Restart-safe.** Clip state is reconstructed on engine restart; a resting clip is recovered, not duplicated.
## When to use something else
* You have a deadline → [Passive TWAP](/quote-docs/execution-strategies/passive-twap.md).
* You want volume-scaling without the concealment → [Participation Rate](/quote-docs/execution-strategies/participation-rate.md).
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