Large Orderbook Statistics

Large orderbook statistics track individual resting orders above a size threshold — commonly called icebergs or walls. This measures the distribution of stated intent to trade, which is distinct from large executed trades (block prints).

The essential point is that resting orders can be cancelled while fills cannot. Large resting orders therefore carry far less information than executed volume of the same size, and are routinely used to mislead — posting a huge bid at a target level to manufacture the appearance of support, then pulling it as price approaches, is a very cheap manipulation. The reliable read is order lifetime and fill-through rate: orders that persist and get eaten incrementally reflect genuine demand, while ones that repeatedly appear and vanish are noise.

Volume and market-structure metrics describe the size and distribution of trading activity. Methodologies differ sharply between venues (wash-trading filters, USD conversion), so confirm the accounting basis before comparing platforms side by side.

The live chart for this metric is still being wired up. Global volume, venue share and perp-vs-spot pages already carry real data.