An order that is not revealed to the market, and hence it is invisible to the public. Instead, it is transmitted through a dark pool (black pool). Typically, hidden orders are limit orders, and therefore come lower at priority scale than other orders (visible orders and reserve orders) for the same price level. Hidden orders are very popular in electronic trading (electronic market) as they allow traders to protect themselves to an extent from the so-called quote matchers.

A hidden order is also referred to as a cloaked order or a non-display order.