Bybit RFQ (Request for Quote) is a block trading solution that allows users to request quotes directly from liquidity providers. You can execute large trades and multi-leg strategies across Spot, Futures and Options seamlessly on the website or via API. Here's a step-by-step guide to help you get started. Bybit RFQ is not available on the app at the moment.

 

 

• Building an RFQ in the RFQ Builder

• Accepting a Quote in the RFQ Board

• Importing Current Positions

• Viewing Your RFQ Orders

 

 

 

Building an RFQ in the RFQ Builder

Step 1: Log in to the Bybit website and click Trade → RFQ in the navigation bar to go to the RFQ page.

 

 

 

Alternatively, you can access RFQ on the Spot/Futures trading page by clicking the Tools icon in the Trade panel on the right.

 

 

 

 

 

 

Step 2: On the RFQ page, you'll find 4 sections:

• Convert: Go directly to the OTC Convert page. 

• RFQ Builder: Create strategies and send RFQs to liquidity providers.

• RFQ Board: View RFQs along with quotes from liquidity providers.

• Spread Trading: Explore Spread Trading strategies.

 

 

 

 

 

Step 3: In the RFQ Builder section, choose one of the following:

• Options Combo: Select from preset Options strategies and set details such as currencies, expiry and quantity.

• Futures Spread: Select from preset Futures Spread strategies and configure your parameters.

• Customize: Build your own strategy across Spot, Futures and Options.

 

 

 

 

 

 

Step 4: Let's create a custom RFQ as an example. Click Create Custom Strategy or switch to the Customize tab.

 

 

 

 

 

 

Step 5: Select the base/settlement currency and instrument from the dropdown menus, and enter the quantity. To remove a leg, simply click Delete on the right side or Delete All to reset everything.

 

 

 

You'll find the P&L probability chart on the right. It gives you a visual representation of potential profits and risks before you submit your request, helping you make more informed decisions.

 

 

Notes:

— To customize a multi-leg strategy, click Add Position and repeat Step 5 to add another leg. You can add up to 25 legs.

— To hedge risk, click Delta Hedge and the system will automatically add a hedging position.

— A 50% discount applies to base fees on combo trades under the Options Combo and Futures Spread tabs, but not on customized strategies.

 

 

 

 

 

Step 6: After setting up your strategy, click LP in the lower left to select one or more counterparties. For maximum confidentiality, check the Anonymous box.

 

 

 

 

 

 

Step 7: Once everything is ready, click Create RFQ to send it.

 

 

 

 

 

Accepting a Quote on the RFQ Board

Once you've sent an RFQ, you can track it and view quotes from liquidity providers on the RFQ Board.

 

 

Step 1: Go to the RFQ Board section. You'll see RFQs organized by status:

• Active: Open RFQs that can receive quotes

• Filled: RFQs that have been executed

• Canceled: RFQs canceled by the initiator

• Expired: RFQs that weren't matched in time and expired automatically

• All: RFQs of all statuses

 

 

 

 

 

 

Step 2: In the Active tab, you'll see the best bid and ask quotes for your RFQ. Click the Expand icon to view up to three of the most competitive quotes, then click Buy or Sell to accept a quote.

 

 

 

You can also click Cancel in the top right to reject a quote or click Details to view more information.

 

 

 

 

 

 

Step 3: A confirmation window will appear. Review the quote details, including the price, Maker and quantity, then click Confirm to execute the trade or click Cancel to discard.

 

 

 

 

 

 

Step 4: Once you accept a quote, the RFQ will move from Active to Filled.

 

Notes:

— You'll usually receive quotes within seconds, and no later than 10 minutes. After a quote is received, you have 1 minute to accept or cancel it before it expires.

— 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.

— Under the Filled tab, you can click RFQ Close to create an RFQ with legs in the opposite direction and the same quantity as your current position, or click Resend to send the same RFQ again.

 

 

 

 

 

 

 

Importing Current Positions

You can also send an RFQ to close your existing positions with the Import Position feature.

 

 

Step 1: On the RFQ Builder page, scroll down to the Positions tab at the bottom.

 

 

 

 

 

Step 2: Select the position you wish to close. The Import Position button will become available in the top-right corner of the bottom section.

 

 

 

 

 

 

Step 3: Click Import Position. The system will automatically create an RFQ with legs of the opposite direction in the exact same quantity as your current position.

 

Note: Only positions that meet the minimum trade size can be closed via RFQ.

 

 

 

 

 

 

 

Viewing Your RFQ Orders

At the bottom of the RFQ trading page, you'll find:

• Positions: Lists all your open positions, whether or not they were opened through RFQ.

• Public trade history: Shows your recently filled RFQ orders, with details such as strategy, symbol, price, quantity and filled time.

 

 

For instructions on using Bybit RFQ via API, please reach out to your Relationship Manager.