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Level 17
· ◆◆◆ · ~12 min
Hidden Liquidity
Hidden Liquidity
"The largest orders are the ones you cannot see, and the whole design problem is how to trade size without announcing it."
iceberg and reserve ordersdark pools and midpoint matchingthe trade-off between concealment and priorityinformation leakage and gamingwhy lit and dark markets need each other
A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.