# Achieve Superior Pricing with Multi-Dealer RFQ for Crypto Options ▴ Guide

**Published:** 2025-08-08
**Categories:** Guide

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![A sleek, metallic module with a dark, reflective sphere sits atop a cylindrical base, symbolizing an institutional-grade Crypto Derivatives OS. This system processes aggregated inquiries for RFQ protocols, enabling high-fidelity execution of multi-leg spreads while managing gamma exposure and slippage within dark pools](https://options.greeks.live/wp-content/uploads/2025/07/principal-trading-crypto-derivatives-rfq-protocol-execution-system.jpg)

![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## A System for Price Certainty

The defining challenge of sophisticated trading is achieving price certainty in an uncertain world. For substantial crypto options positions, this requires a mechanism designed to counteract the inherent inefficiencies of a fragmented market. A multi-dealer Request for Quote (RFQ) system provides this exact function. It is a communications channel that allows a trader to privately solicit competitive, executable prices from a select group of institutional [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

This process transforms trade execution from a passive act of accepting prevailing market prices into a proactive process of price discovery and negotiation. It operates outside of the public central limit [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CLOB), providing a discreet and controlled environment for transacting significant volume.

Digital asset liquidity is not a single, unified ocean; it is an archipelago of isolated pools spread across countless centralized and decentralized venues. Attempting to execute a large order on a single [public exchange](https://prime.greeks.live/question/what-are-the-regulatory-differences-between-on-exchange-and-off-exchange-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) introduces immediate adverse effects. The order can be seen by all market participants, creating information leakage that can be exploited. The very act of placing the order can exhaust the available liquidity at the best price levels, causing slippage that raises the cost basis.

The [RFQ process](https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) directly addresses this structural problem. By broadcasting a request to multiple [market makers](https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) simultaneously, it forces them to compete for the order, compressing the bid-ask spread and delivering a price that reflects deep, aggregated liquidity. This competition is the core engine of price improvement.

The system’s utility extends beyond single-instrument trades. Its true power is revealed when executing complex, multi-leg options strategies. Constructing a sophisticated position like a risk reversal or a straddle on a public order book would require executing each leg of the trade sequentially. This method exposes the trader to execution risk, where the price of one leg can move adversely while the other legs are being filled.

An RFQ allows the entire structure to be quoted and executed as a single, atomic transaction. This guarantees the integrity of the strategy’s pricing and construction, removing the risk of partial fills or unfavorable price shifts between legs. The result is a level of precision and control that is fundamental to institutional-grade risk management and strategy deployment.

> In a fragmented digital asset landscape, research shows that up to 80 percent are more likely to trust their bank than a crypto-native exchange, highlighting the need for institutional-grade execution tools.

Adopting an RFQ methodology represents a critical shift in operational mindset. It moves the trader from being a price taker, subject to the whims of fragmented public markets, to a strategic operator who can command liquidity on their own terms. The ability to request quotes anonymously further enhances this strategic advantage, shielding the trader’s intentions from the broader market and preventing predatory front-running. This combination of competitive pricing, atomic execution for complex structures, and operational discretion forms the foundation for achieving superior, repeatable trading outcomes in the demanding environment of crypto derivatives.

![The abstract composition features a central, multi-layered blue structure representing a sophisticated institutional digital asset derivatives platform, flanked by two distinct liquidity pools. Intersecting blades symbolize high-fidelity execution pathways and algorithmic trading strategies, facilitating private quotation and block trade settlement within a market microstructure optimized for price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-1.jpg)

![A modular system with beige and mint green components connected by a central blue cross-shaped element, illustrating an institutional-grade RFQ execution engine. This sophisticated architecture facilitates high-fidelity execution, enabling efficient price discovery for multi-leg spreads and optimizing capital efficiency within a Prime RFQ framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-prime-os-rfq-engine-for-digital-asset-derivatives.jpg)

## The Execution Alchemist’s Toolkit

Harnessing a multi-dealer [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the practical application of market structure knowledge to generate tangible alpha. It is a toolkit for transmuting theoretical trade ideas into precisely executed positions with optimized cost structures. The process begins with a clear definition of the desired position, whether it is a directional bet, a volatility play, or a complex hedging instrument.

This defined structure becomes the subject of the request, a clear signal of intent broadcast to a curated group of the world’s most significant market makers. The competitive tension inherent in this auction-like environment is the primary driver of superior pricing, a direct benefit passed to the initiator.

![A sleek, illuminated object, symbolizing an advanced RFQ protocol or Execution Management System, precisely intersects two broad surfaces representing liquidity pools within market microstructure. Its glowing line indicates high-fidelity execution and atomic settlement of digital asset derivatives, ensuring best execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principals-rfq-protocol-high-fidelity-execution-digital-asset-derivatives-market-microstructure-price-discovery-alpha-generation.jpg)

## Executing Large Single-Leg Positions with Minimal Impact

The most direct application of an RFQ is for executing a large block of a single options contract, such as buying a substantial number of Bitcoin calls or selling a block of Ethereum puts. Attempting to place such an order on a public exchange telegraphs intent and invites market impact, where the price moves away from the trader as the order is filled. The RFQ process circumvents this entirely.

The procedure is systematic and controlled. The trader specifies the instrument, the quantity, and the side (buy or sell). This request is then routed, often through a platform like Deribit, to multiple liquidity providers who respond with their best bid or offer. The trader receives a consolidated view of these competing quotes and can select the most favorable one.

The entire transaction is conducted privately, and the final trade is reported without revealing the participants’ strategies to the open market, thus preserving informational alpha. This is the professional standard for moving significant size without disturbing the very market one is trying to access.

![A metallic cylindrical component, suggesting robust Prime RFQ infrastructure, interacts with a luminous teal-blue disc representing a dynamic liquidity pool for digital asset derivatives. A precise golden bar diagonally traverses, symbolizing an RFQ-driven block trade path, enabling high-fidelity execution and atomic settlement within complex market microstructure for institutional grade operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-protocols-navigating-digital-asset-derivatives-market-microstructure-for-optimal-block-trade-liquidity.jpg)

## Complex Spreads as a Single Transaction

The strategic advantage of RFQ becomes even more pronounced when dealing with multi-leg options structures. These are the building blocks of sophisticated trading, allowing for nuanced expressions of market views. A public order book requires a trader to “leg into” these positions, executing each part separately and hoping the market remains stable throughout the process. This introduces significant execution risk.

An RFQ treats the entire spread as one indivisible unit. Consider the construction of a costless collar to hedge a spot Bitcoin holding. This involves buying a protective put option and simultaneously selling a call option to finance the purchase of the put. Through an RFQ, a trader can request a single quote for the entire package.

Market makers will price the spread as a whole, accounting for the correlations between the legs and providing a net price for the structure. This guarantees that the position is established at the intended cost basis, with zero risk of one leg being filled while the other moves to an unfavorable price.

![Intricate circuit boards and a precision metallic component depict the core technological infrastructure for Institutional Digital Asset Derivatives trading. This embodies high-fidelity execution and atomic settlement through sophisticated market microstructure, facilitating RFQ protocols for private quotation and block trade liquidity within a Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/08/institutional-crypto-derivatives-execution-system-microstructure.jpg)

## Common Multi-Leg Strategies Executed via RFQ ▴ 

- **Vertical Spreads:** Buying and selling options of the same type and expiry but different strikes, such as a bull call spread. This is a defined-risk strategy whose profitability hinges on precise entry pricing.

- **Straddles and Strangles:** Purchasing both a call and a put to bet on a significant move in the underlying asset’s price, regardless of direction. These are pure volatility plays, often used ahead of major market events. Executing them as a single block via RFQ ensures the trader captures the intended volatility price without slippage.

- **Risk Reversals:** Simulating a long or short position in the underlying asset by buying a call and selling a put (or vice versa). This is a capital-efficient way to gain market exposure, and the RFQ process ensures the synthetic position is established at a competitive level.

![A beige probe precisely connects to a dark blue metallic port, symbolizing high-fidelity execution of Digital Asset Derivatives via an RFQ protocol. Alphanumeric markings denote specific multi-leg spread parameters, highlighting granular market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-execution-hub.jpg)

## The Information Leakage Firewall

In the world of institutional trading, information is currency. The act of placing a large order on a public exchange is a form of information leakage; it signals your strategy to the entire market. High-frequency trading firms and opportunistic traders can detect these large orders and trade ahead of them, causing the price to worsen before your full order can be executed. This is a direct tax on your execution quality.

> For large crypto derivative trades, the RFQ method allows a trader to compare quotes from multiple liquidity providers and select a preferred counterparty to execute the trade directly, without affecting the broader market.

The RFQ system, particularly when used with anonymity features, functions as a firewall against this leakage. By sending the request only to a trusted circle of liquidity providers, you control the flow of information. The market makers are competing for your business; they are incentivized to provide a tight price, not to trade against you on other venues. This preservation of privacy is a critical component of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

It ensures that the price you are quoted is a true reflection of liquidity, uncontaminated by the market impact of your own order. This disciplined, private approach to execution is a hallmark of professional operations and a key differentiator in achieving consistently superior returns.

![A sleek, angled object, featuring a dark blue sphere, cream disc, and multi-part base, embodies a Principal's operational framework. This represents an institutional-grade RFQ protocol for digital asset derivatives, facilitating high-fidelity execution and price discovery within market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-for-institutional-digital-asset-derivatives-execution.jpg)

![A sleek, metallic, X-shaped object with a central circular core floats above mountains at dusk. It signifies an institutional-grade Prime RFQ for digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency across dark pools for best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-rfq-protocol-architecture-for-institutional-digital-asset-derivatives-optimal-price-discovery-and-execution.jpg)

## Mastering the Liquidity Manifold

Integrating a multi-dealer RFQ capability into a trading operation is the gateway to a more sophisticated and resilient portfolio strategy. It is the tool that allows a manager to move beyond simple directional bets and begin sculpting risk and return profiles with institutional precision. This mastery involves seeing the market as a system of interconnected liquidity pathways and using the RFQ process as the primary mechanism for navigating them efficiently. It is about graduating from participating in the market to actively engineering one’s engagement with it.

This higher-level application begins when RFQ ceases to be a mere execution tool for a single trade and becomes a core component of the entire portfolio construction lifecycle. For a systematic fund, this could mean using RFQ to roll large, expiring options positions with a single command, ensuring seamless continuity of a hedging or income-generating strategy. For a discretionary macro trader, it allows for the precise, simultaneous execution of a complex trade that expresses a nuanced view on the relationship between spot price, implied volatility, and time.

The ability to transact entire structures atomically and at a competitive, negotiated price is the foundation upon which robust, scalable, and alpha-generating portfolios are built. It allows a manager to focus on the strategic merit of a position, confident that its implementation can be achieved without the friction and slippage of public markets.

![A precision optical component stands on a dark, reflective surface, symbolizing a Price Discovery engine for Institutional Digital Asset Derivatives. This Crypto Derivatives OS element enables High-Fidelity Execution through advanced Algorithmic Trading and Multi-Leg Spread capabilities, optimizing Market Microstructure for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimal-execution-system-microstructure.jpg)

## Portfolio-Level Hedging and Risk Transformation

A mature trading operation thinks in terms of portfolio-level risk. A large holding of spot ETH, for example, carries significant downside risk. While one could attempt to hedge this by selling futures or buying puts on a public exchange, these actions carry their own costs and market impact. A more elegant solution is to use the RFQ system to construct a custom, large-scale hedging structure.

A trader could request a quote for a zero-cost collar on 10,000 ETH, specifying the desired downside protection level (the put strike) and the upside cap (the call strike). Multiple market makers would then compete to offer the most attractive terms for this exact structure, tailored to the portfolio’s specific needs.

This is a profound shift. The trader is no longer searching for off-the-shelf instruments that approximate their needs; they are commissioning the creation of a precise risk management solution. The same principle applies to managing the volatility exposure (vega) of a large options book.

If a portfolio becomes excessively long volatility, a manager can use an RFQ to sell a block of straddles or strangles, neutralizing the unwanted risk in a single, efficient transaction. This active shaping of the portfolio’s Greek exposures is a hallmark of advanced derivatives management, made possible by the ability to transact complex structures at scale.

![Internal hard drive mechanics, with a read/write head poised over a data platter, symbolize the precise, low-latency execution and high-fidelity data access vital for institutional digital asset derivatives. This embodies a Principal OS architecture supporting robust RFQ protocols, enabling atomic settlement and optimized liquidity aggregation within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-system-microstructure.jpg)

## Visible Intellectual Grappling

One must contend with the very definition of a “fair” price. In a centralized, transparent order book, fairness is often equated with the publicly displayed bid and ask. Yet, this is a limited view. That public price only represents the marginal, smallest unit of trade.

It says nothing about the cost to transact a thousand contracts. The RFQ process forces a confrontation with a more robust concept of fairness ▴ the best achievable price for a specific size at a specific moment, sourced from a competitive auction among the deepest pools of capital. This price, which is never displayed on a public screen, is arguably the truer market-clearing level for institutional size. It is a price born of competition, not passive observation.

![A central, intricate blue mechanism, evocative of an Execution Management System EMS or Prime RFQ, embodies algorithmic trading. Transparent rings signify dynamic liquidity pools and price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-framework-driving-high-fidelity-rfq-execution-and-optimized-market-microstructure-for-capital-efficiency.jpg)

## Algorithmic Integration and the Future of Execution

The final frontier of RFQ mastery is its integration into automated trading systems. While the classic RFQ process is often depicted as a manual, screen-based interaction, its core logic can be accessed via API. This allows quantitative funds and algorithmic traders to programmatically poll market makers for liquidity on complex structures. An algorithm designed to harvest volatility risk premium, for instance, could automatically generate RFQs for short-dated straddles whenever its models identify elevated implied volatility.

The algorithm could then parse the incoming quotes, select the best price, and execute the trade without human intervention. This represents the complete synthesis of strategic insight and execution efficiency. It transforms the RFQ system from a tool for executing human-generated ideas into a dynamic liquidity source for automated, high-frequency strategies, ensuring that even the most complex, algorithmically-driven portfolios can access deep, competitive pricing for their trades. This is the endpoint of the journey ▴ a seamless fusion of strategy, technology, and market access that defines the modern institutional trading desk.

![A sophisticated digital asset derivatives trading mechanism features a central processing hub with luminous blue accents, symbolizing an intelligence layer driving high fidelity execution. Transparent circular elements represent dynamic liquidity pools and a complex volatility surface, revealing market microstructure and atomic settlement via an advanced RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework-optimizing-market-microstructure-price-discovery-intelligence-layer.jpg)

## The Price Is a Conversation You Lead

The journey into the mechanics of multi-dealer RFQs culminates in a simple, powerful realization. Price is not a static figure to be accepted, but a dynamic consensus to be shaped. Mastering the tools of institutional execution means fundamentally changing your relationship with the market. You are no longer a passive participant, navigating the currents of public liquidity with the hope of avoiding slippage.

You become an active agent, initiating a private, competitive dialogue among the market’s most significant players to discover the true, deep price for your desired size. This process instills a new form of confidence, one rooted in system design and operational superiority. The strategies that once seemed complex or risky become accessible, not because the market has changed, but because your ability to engage with it has been fundamentally upgraded. The ultimate edge is not found in a secret indicator or a fleeting prediction; it is forged in the disciplined, repeatable process of commanding liquidity and achieving price certainty. This is the foundation upon which enduring trading careers are built.

![Intersecting metallic components symbolize an institutional RFQ Protocol framework. This system enables High-Fidelity Execution and Atomic Settlement for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-specialists.jpg)

## Glossary

<a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, modular mechanical assembly illustrates an RFQ protocol for institutional digital asset derivatives. Reflective elements and distinct quadrants symbolize dynamic liquidity aggregation and high-fidelity execution for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-architecture.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </a><a href="https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A meticulously engineered mechanism showcases a blue and grey striped block, representing a structured digital asset derivative, precisely engaged by a metallic tool. This setup illustrates high-fidelity execution within a controlled RFQ environment, optimizing block trade settlement and managing counterparty risk through robust market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-rfq-execution.jpg)

## Order Book

Meaning ▴ An Order Book is a real-time electronic ledger detailing all outstanding buy and sell orders for a specific financial instrument, organized by price level and sorted by time priority within each level. </a><a href="https://prime.greeks.live/question/what-are-the-regulatory-differences-between-on-exchange-and-off-exchange-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered, multi-layered mechanism symbolizing a robust RFQ protocol engine for institutional digital asset derivatives. Its components represent aggregated liquidity, atomic settlement, and high-fidelity execution within a sophisticated market microstructure, enabling efficient price discovery and optimal capital efficiency for block trades](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine.jpg)

## Public Exchange

The core regulatory difference is the architectural choice between centrally cleared, transparent exchanges and bilaterally managed, opaque OTC networks. </a><a href="https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-faceted crystalline star, symbolizing the intricate Prime RFQ architecture, rests on a reflective dark surface. Its sharp angles represent precise algorithmic trading for institutional digital asset derivatives, enabling high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure-optimization-for-prime-os-alpha-generation.jpg)

## Market Makers

Meaning ▴ Market Makers are financial entities that provide liquidity to a market by continuously quoting both a bid price (to buy) and an ask price (to sell) for a given financial instrument. </a><a href="https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interlocking transparent and opaque geometric planes on a dark surface. This abstract form visually articulates the intricate Market Microstructure of Institutional Digital Asset Derivatives, embodying High-Fidelity Execution through advanced RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/geometric-abstraction-of-institutional-digital-asset-derivatives-market-microstructure-driving-high-fidelity-execution-via-principal-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

## Rfq Process

Meaning ▴ The RFQ Process, or Request for Quote Process, is a formalized electronic protocol utilized by institutional participants to solicit executable price quotations for a specific financial instrument and quantity from a select group of liquidity providers. </a><a href="https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated dark-hued institutional-grade digital asset derivatives platform interface, featuring a glowing aperture symbolizing active RFQ price discovery and high-fidelity execution. The integrated intelligence layer facilitates atomic settlement and multi-leg spread processing, optimizing market microstructure for prime brokerage operations and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

## Rfq System

Meaning ▴ An RFQ System, or Request for Quote System, is a dedicated electronic platform designed to facilitate the solicitation of executable prices from multiple liquidity providers for a specified financial instrument and quantity. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A chrome cross-shaped central processing unit rests on a textured surface, symbolizing a Principal's institutional grade execution engine. It integrates multi-leg options strategies and RFQ protocols, leveraging real-time order book dynamics for optimal price discovery in digital asset derivatives, minimizing slippage and maximizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principals-high-fidelity-rfq-execution-digital-asset-derivatives-hub.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a>

**Tags:** [Best Execution](https://options.greeks.live/area/best-execution/), [RFQ System](https://options.greeks.live/area/rfq-system/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Crypto RFQ](https://options.greeks.live/area/crypto-rfq/), [Order Book](https://options.greeks.live/area/order-book/), [Bitcoin Options](https://options.greeks.live/area/bitcoin-options/)	

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- 
### [Accessing Institutional Liquidity the RFQ Method for Superior Fills](https://options.greeks.live/guide/accessing-institutional-liquidity-the-rfq-method-for-superior-fills/)
![A high-fidelity institutional Prime RFQ engine, with a robust central mechanism and two transparent, sharp blades, embodies precise RFQ protocol execution for digital asset derivatives. It symbolizes optimal price discovery, managing latent liquidity and minimizing slippage for multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-precision-execution-1.jpg)

Command institutional liquidity with RFQ for superior fills, transforming your trading edge.

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---

**Original URL:** https://options.greeks.live/guide/achieve-superior-pricing-with-multi-dealer-rfq-for-crypto-options/
