Hidden orders on BitMEX always incur the taker fee, regardless of execution type. Iceberg orders are split: the displayed portion pays maker fees when executed separately, but if the displayed and hidden portions execute in the same transaction, both pay taker fees.
What fees do hidden orders pay on BitMEX?
A hidden order is a limit order that is not visible in the public order book. Despite being a limit order, it always incurs the taker fee on BitMEX.
The reason is straightforward. Hidden orders do not contribute visible liquidity to the order book. Other market participants cannot see the resting order, so it does not tighten spreads or improve market depth in the way a standard limit order does. The maker fee (or rebate) rewards visible liquidity provision. Since hidden orders provide no visible liquidity, they do not qualify.
When would you use a hidden order?
Hidden orders are useful for large position entries or exits where revealing order size would move the market against you. Institutional traders and high-volume participants use hidden orders to avoid signalling their intent. The trade-off is paying the higher taker fee rate instead of the lower maker fee.
Understanding iceberg orders requires a separate explanation, as their fee treatment is more nuanced.
What fees do iceberg orders pay on BitMEX?
An iceberg order is a partially hidden order. A small portion is displayed in the public order book, while the larger hidden portion remains invisible. The fee treatment depends on how the order executes.
Displayed portion executed separately
When the displayed portion of an iceberg order fills on its own (independently from the hidden portion), it pays the maker fee. The displayed portion is visible in the order book and contributes to market depth, so it qualifies for maker treatment.
Displayed and hidden portions execute together
If the displayed portion and hidden portion execute in the same transaction, both portions incur the taker fee. This occurs when an incoming order is large enough to match both the visible and hidden quantities simultaneously.
Fee summary table
| Order Type | Execution Scenario | Fee Applied |
|---|---|---|
| Hidden order | Any execution | Taker fee |
| Iceberg (displayed portion) | Executed separately | Maker fee |
| Iceberg (displayed portion) | Executed with hidden portion | Taker fee |
| Iceberg (hidden portion) | Any execution | Taker fee |
The key distinction is that iceberg orders can receive maker treatment on the displayed portion, but only when that portion executes independently.