2025-09-15 11:06:25Bybit RFQ (Request for Quote) is a block trading solution that allows users to request quotes directly from liquidity providers. It supports large trades and multi-leg strategies across various assets and instruments, offering block-size liquidity, customized pricing and zero market impact. It is designed for high-net-worth individuals and institutional clients who require high-volume, low-latency trading.
Benefits of Bybit RFQ:
-
Point-to-point execution: Route RFQs directly to selected liquidity providers for fast, secure execution.
-
Multi-leg strategy support: Seamlessly execute advanced multi-leg strategies such as Futures spreads, cash-and-carry arbitrage, and delta hedging across Spot, Futures and Options.
-
Zero market impact: Complete large trades off the order book with no slippage or market disruption.
-
Confidential trading: Stay anonymous when needed to manage exposure and protect your trading edge.
-
Optimized strategy pricing: Benefit from competitive quotes, tighter spreads and a 50% discount on base fees for predefined combo trades.
Understanding Key Terms
|
Term |
Description |
|
RFQ Builder |
The interface for creating strategies and sending RFQs to liquidity providers. |
|
RFQ Board |
The interface where RFQs and quotes are displayed. |
|
RFQ initiator (Taker) |
The party initiating the RFQ, typically a trader seeking institutional-grade liquidity. |
|
RFQ responder (Maker) |
The liquidity provider who receives and responds to an RFQ, usually a market maker. |
|
Quote request |
The buy or sell intention submitted by the Taker, specifying asset, quantity, side, expiry and other details. |
|
Quote |
The pricing response from the liquidity provider, showing the proposed price and quantity. |
|
Multi-leg strategy |
A strategy combining multiple assets and/or instruments, allowing for integrated execution across Spot, Futures and Options. |
|
Value |
The total notional value of the contract or strategy combo. |
|
Leg value |
The notional value of each leg in a multi-leg strategy. |
|
Mark price |
The reference price used for calculating Initial Margin and PnL. |
|
Spread |
The price difference between the best bid and best ask in basis points (bps). |
|
Delta/ Vega/ Theta |
Options Greeks that measure risk and sensitivity in Options trading. Learn more here. |
How It Works
The initiator creates a single-leg or multi-leg strategy and sends an RFQ to one or more liquidity providers. Once quotes are returned, the initiator can choose to accept or cancel the trade. Accepting a quote results in immediate trade execution. Since execution happens off the order book, traders can access competitive pricing without exposing their positions or disrupting the market.
Differences Between RFQ and Order Book Trading
|
|
RFQ |
Order Book |
|
Matching method |
Point-to-point quote requests and responses |
Public order matching |
|
Information transparency |
Private — visible only to the requester and selected counterparties |
Fully transparent — all orders visible to all traders |
|
Use cases |
Block trades, combo strategies and institutional execution |
High-frequency and retail trading |
|
Execution efficiency |
Fast quote locking with zero slippage |
Slippage risk in volatile conditions |
|
Strategy support |
Supports single-leg strategy and multi-leg, multi-asset combos |
Typically limited to single-instrument orders |
Common Use Cases for RFQ
-
Institutional trading: Get fast quotes, locked-in prices and optional anonymity.
-
Block trades: Execute large notional trades without affecting the public order book.
-
Strategy combos: Seamlessly carry out spread arbitrage, Options combinations, delta hedging and other multi-leg strategies.
-
Directed liquidity: Send RFQs to specific market makers for tailored pricing and liquidity.
Ya
Tidak