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.

Detection starts from a notional threshold per venue and pair, adjusted for the market's typical depth so that large means large relative to its own book rather than one fixed dollar figure. Iceberg orders, where visible size is a fraction of true intent, are inferred behaviourally: a level that refills repeatedly within milliseconds after each fill betrays hidden size that no snapshot would show. Each tracked order carries its lifetime, its distance from mid at placement and its eventual outcome, whether filled, partially filled or cancelled, and that metadata is what turns a wall-spotting toy into a dataset, because cancellation-rate statistics by venue and by distance from mid reveal how much of the visible book is decorative. This page's scope is resting intent on centralised order books; it complements rather than overlaps the on-chain whale-alert feed, which sees settlement transfers but nothing about orders. Read them together when a large exchange inflow coincides with fresh sell walls at round numbers.

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