Trading via RFQ

The request for quote (RFQ) system is the entry point for trading. Takers create requests for quotes, and makers respond to them with a bid and/or offer. The workflow is as follows:

• The taker creates a RFQ by selecting the structure he would like to trade. For example, a future on ETH with a settlement date of 2026-01-01. The taker can broadcast the RFQ globally or to a select whitelist.

• Eligible makers can respond with quotes. The quotes include terms, which consist of:

  1. The price at which the trade would be executed. The maker can quote dual sided with a bid and offer, or one of the two.

  2. The settlement pool in which the trade would be booked. This would be either an existing pool between the two parties, or a new pool that would be created concurrently with the trade clearing. Either way, the margin requirements, liquidation penalties, and other pool parameters are proposed here, before the quote is accepted.

• If the terms are acceptable, the taker can choose a quote to accept. At this stage, this taker has to approve the smart contract calls to move collateral into the pool. No funds will actually be moved until after the maker last look stage.

• The maker has last look, which is a final confirmation of the trade and all terms. If the maker gives the final ok by approving the smart contract calls, the pending trade will enter the clearing process. If a new settlement pool needs to be created, this will happen at this stage. Collateral will be moved from both parties into the pool. The trade will be booked and the new position will be reflected in the pool's ledger.