For example. If the bid price is $1.00 and the ask price is $1.02, and I submitted a hidden order to buy at $1.01, my hidden order will be prioritized over the $1.00 bids, right?

I'm asking because I heard that hidden orders aren't prioritized over orders that are shown, so I'm kind of worried, and am wondering how exactly are they prioritized. Like, are they only not prioritized over orders that are shown when they are EXACTLY the same price?

  • How exactly do you place a hidden order?
    – user12515
    Commented Oct 5, 2021 at 15:05

1 Answer 1


Exchanges use price-time for order hierarchy on the order book. IOW, orders are prioritized based on the sequence that they are received.

Hidden orders are prioritized after visible orders in the order book behind all visible orders and previous hidden orders at that price. An exception would be an iceberg order where the displayed portion is prioritized and the hidden portion is not.

In your example, NBBO is $1.00 x $1.02 so a hidden order to buy at $1.01 would be prioritized since it is higher than the best bid.

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