Hidden order

What a hidden order is

A hidden order is an ordinary limit order that other traders can't see: your order isn't in the order book. This doesn't affect execution at all: if your price doesn't cross the market, the order calmly "rests" as a maker and waits for a matching trade (and you earn the maker rebate). If the price does cross the market right now — the order fills as a taker, just like any limit order. There's no separate "anonymity fee".