Your order will show up in the order book; but will not impact the LTP (since OTC is not recorded in the Trades data). So if it's far from LTP it would show as a spike/dip that recovers in seconds.
Let me add one more example for BNB
- Suppose you want to buy BNB, urgently and don't mind paying a little extra. (Also assume it is low liquidity since our usecase for this is actually Low Liquidity coins)
- Current price is 760.63 and you don't mind paying upto $800 (suppose)
- You could do a Market Order, but in that case fulfillment is not guaranteed and orders between 760 and 800 and even above 800 will also match with your order (based on how many coins and your slippage range)
- OR you could use the OTC feature to match *exactly* the sell order at $800 and get your order fulfilled at the fixed rate (Assuming the seller's order has enough capacity)
So in this way, you can basically look up the existing order book limit orders and match them for out-of-turn instant fulfillment.
Ok, I understand it better now. But even in this case, this spike/dip will be shown, and all the other traders will be curious how this happened without affecting their open orders. Going from 100 to 120 or the opposite, will have to include their orders. Taking seconds or minutes. I mean, it sounds a bit confusing for someone who doesn't know how this works.