What is Bybit RFQ?

Bybit RFQ (Request for Quote) is a block trading solution that allows users to request quotes directly from liquidity providers for large trades and multi-leg strategies across Spot, Futures and Options. It is designed for high-net-worth individuals and institutional clients.

 

Bybit RFQ supports large, privately negotiated transactions executed off the public order book. Fully developed in-house, it enables you to trade seamlessly within the Bybit interface — or via API — while benefiting from block-size liquidity, customized pricing and zero market impact.

 

 

 

What are the differences between RFQ and Order Book matching?

 

 

 

 

Will my RFQ order impact the market price?

No. Bybit RFQ orders are executed directly between the initiator and the liquidity provider. As they take place off the public order book, they do not affect market prices.

 

 

 

Is there slippage on Bybit RFQ?

No. As the Taker, your trade will be executed at the exact quote you accept, even during volatile market conditions.

 

 

 

Who can use Bybit RFQ?

Bybit RFQ is available to all users who meet the minimum order size, including institutional clients, VIP users and retail traders seeking large liquidity.

 

 

 

How can I apply to become a Maker on Bybit RFQ?

The application is open to all institutional clients on Bybit. To apply to be a Market Maker, please contact your Relationship Manager or email us at institutions@bybit.com with the following details:

• Maker UID: The unique user ID (UID) you'll use for quoting on Bybit RFQ.

• Institution name: The full legal name of your institution or trading entity.

• Institution abbreviation: The short code or abbreviation to be displayed on Bybit RFQ (e.g., "ABC" or "OptiX").

• Product scope: The products for which you will provide liquidity.

 

Once your application is approved, our Institutional Services team will guide you through onboarding.

 

 

 

What products are supported on Bybit RFQ?

Bybit RFQ supports both single-leg and multi-leg strategies across Spot, Futures (Perpetual and Expiry) and Options. Contracts settled in USDT and USDC are supported, while Inverse Contracts are not. 

 

 

 

Which accounts can I use on Bybit RFQ?

Bybit RFQ only supports Unified Trading Account (UTA) Main Accounts and Subaccounts.

 

 

 

What margin modes are supported on Bybit RFQ?

Cross Margin and Portfolio Margin modes are available for Bybit RFQ. Isolated Margin mode is not supported at the moment.

 

 

 

What position modes are supported on Bybit RFQ?

Bybit RFQ only supports One-Way Mode. Hedge Mode is not available.

 

 

 

Does RFQ support Copy Trading?

No, RFQ is not available for Copy Trading at the moment.

 

 

 

What are the minimum and maximum order sizes on Bybit RFQ?

• Minimum order size:

• Spot & Futures: 1,000 times the minimum order size on the regular order book.

• Options: 100 times the minimum order size on the regular order book.

• Maximum order size:

• For all products, 20 times the maximum order size on the regular order book or the open interest limit, whichever is lower.

For more details, refer to the Spot Trading Rules and Derivatives Trading Rules.

 

 

 

How many liquidity providers can I include in an RFQ?

You can select up to 15 liquidity providers per RFQ. If you'd like to reach more, simply submit another RFQ. The system will then display up to the 3 most competitive quotes.

 

 

 

How many legs can I add to my strategy?

You can add up to 25 legs to a single strategy.

 

 

 

What do "combo mark price" and "combo price" refer to?

The combo mark price is the sum of the latest mark prices of all legs, based on current order book data. Since RFQ trades are executed off the order book through private negotiations between the Taker and Maker, the combo mark price is indicative only and serves as a reference to help you select the best available Maker quote.

 

The combo price, on the other hand, is the actual quote provided by the Maker, representing the total of all leg prices. If you accept it, your trade will be executed at this price.

 

 

 

How is the leg direction defined in a combo?

To ensure consistent interpretation of leg direction and accurate PnL calculation, strategies in the RFQ Builder are displayed from the buyer's perspective.

• Buy the strategy: Legs execute in the same direction as shown on the trading page.

• Sell the strategy: Legs execute in the opposite direction as shown on the trading page.

 

Example – Spot & Perp spread strategy:

• Sell 100 BTC Spot

• Buy 100 BTC Perp

If you buy the combo, the legs execute exactly as shown. If you sell the combo, the legs reverse — you'll buy 100 BTC Spot and sell 100 BTC Perp.

 

 

 

Can RFQ orders be partially filled?

No. An RFQ order is either fully executed or not executed at all. Partial execution is not supported.

 

 

 

Can I access Bybit RFQ from the Bybit App?

No, Bybit RFQ isn't available on the app. You can access it through the Bybit website or via API.

 

 

 

What are the fees on Bybit RFQ?

• Takers: Predefined combo strategies receive a 50% discount compared to executing each leg separately on the regular order book. No discount applies to customized trades. The specific rate depends on your VIP/Pro level.

• Makers: Predefined combo strategies receive a 50% discount compared to executing each leg separately on the regular order book. No discount applies to customized trades. Depending on your VIP/Pro level and the signed RFQ access agreement, you may be eligible for zero fees or other incentives. Please contact your Relationship Manager for details.

 

 

 

How fast is execution on Bybit RFQ?

As a Taker, you'll typically receive quotes within seconds, though in some cases it may take up to 10 minutes. Once a quote is returned, you'll have one minute to either accept or cancel it before it expires.

 

Please note that until you accept the quote, the liquidity provider may withdraw it at any time if they believe the market has changed significantly. Once you accept the quote, the trade will be executed immediately.

 

 

 

What happens if no one quotes my RFQ?

If no Market Maker provides a quote within 10 minutes, your RFQ will expire. This rarely happens since we work with top-tier Market Makers to provide deep liquidity. If it does occur, simply resubmit your RFQ, create a new strategy or contact your Relationship Manager.

 

 

 

Can I close a position opened through the regular order book on Bybit RFQ?

Yes. You can import positions opened through the regular order book into Bybit RFQ and close them there. Similarly, positions opened on Bybit RFQ can also be closed through the regular order book. For details, please refer to How to Get Started With Bybit RFQ.

 

 

 

What happens if liquidation occurs on Bybit RFQ?

Bybit RFQ is simply a platform for executing large trades more efficiently and discreetly. Once a position is opened, it functions like any other position and follows the standard liquidation process. For more details, please refer to Trading Rules: Liquidation Process (Unified Trading Account).

 

 

 

Is API supported on Bybit RFQ?

Yes. Bybit provides an RFQ API that allows you to send RFQs and receive quotes automatically.

 

 

 

Are there any risks associated with Bybit RFQ?

There are a few things to keep in mind:

• Quotes are valid for only one minute. If you don't accept within that time, the quote will expire, and you'll need to send a new RFQ.

• Once you accept a quote, the trade is executed immediately and cannot be undone.

• In rare cases where not enough liquidity providers respond, your trade may take longer to execute.