// GLOSSARY

Sliced order

A parent order broken into smaller child orders executed over time or across venues, so no single slice consumes enough depth to move the price. The basic defense against price impact in thin books; TWAP is the simplest schedule.

Slicing splits one big intention into many small executions. Instead of a 5,000-contract order hitting a book that shows 400 per level, you send 250 at a time, letting the book refill between slices.

Worked example

The book offers 400 at 44¢ and thins out fast above. Sweeping 2,000 now might average 48¢. Slicing 250 every few minutes, you take the 44–45¢ liquidity as market makers replenish it — perhaps averaging 44.8¢ over an hour. The 3¢ saved is paid for in time risk: if the news you're trading on lands mid-schedule, the market runs away from your remaining slices.

Dimensions of slicing

• Time: fixed intervals (TWAP) or adaptive schedules.
• Venue: split across Kalshi and Polymarket by available depth and fee-adjusted price.
• Aggression: each slice can itself be passive or taking — the parent logic is a worked order.

Sizing slices against visible depth is covered in slippage in thin prediction markets.