# Beyond the Order Book How Institutions Execute Million-Dollar Crypto Trades ▴ Guide

**Published:** 2025-08-06
**Categories:** Guide

---

![A sophisticated proprietary system module featuring precision-engineered components, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its intricate design represents market microstructure analysis, RFQ protocol integration, and high-fidelity execution capabilities, optimizing liquidity aggregation and price discovery for block trades within a multi-leg spread environment](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-proprietary-architecture-driving-high-fidelity-digital-asset-derivatives-execution-via-rfq-protocols-and-optimized-market-microstructure-dynamics.jpg)

![A detailed view of an institutional-grade Digital Asset Derivatives trading interface, featuring a central liquidity pool visualization through a clear, tinted disc. Subtle market microstructure elements are visible, suggesting real-time price discovery and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-display.jpg)

## The Mandate for Precision Liquidity

Executing substantial [digital asset](https://prime.greeks.live/area/digital-asset/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) positions requires a fundamentally different approach than standard retail trading. Public order books, while suitable for smaller transactions, present significant structural inefficiencies when absorbing multimillion-dollar trades. The very act of placing a large order on a public exchange telegraphs intent to the entire market, creating adverse price movement before the transaction is even complete. This phenomenon, known as [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), represents a direct cost to the trader, eroding the value of the position from the moment of execution.

The professional standard for large-scale execution is a private liquidity environment where price is negotiated and confirmed off-chain before settlement. This method secures a fixed price for the entire block, providing certainty and discretion. It is the procedural discipline of separating price discovery from trade execution.

The system designed for this purpose is the [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), or RFQ. An RFQ is a formal invitation for a select group of professional market makers to provide a firm, executable price for a specified quantity of a digital asset. The trader confidentially submits their desired trade size and direction, and multiple [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) compete to offer the most favorable terms. This competitive dynamic, conducted within a private channel, ensures the trader receives a price reflective of deep liquidity.

The transaction is a direct, principal-to-principal agreement. This structure allows for the transfer of significant risk without broadcasting the trade to the broader market, thereby preserving the integrity of the entry or exit price. It is a transition from participating in the market to commanding liquidity on specific terms.

This operational shift is central to institutional strategy. A public market order for 500 BTC, for example, would consume multiple levels of the order book, with each successive fill occurring at a progressively worse price. The final [average price](https://prime.greeks.live/guide/the-definitive-guide-to-beating-the-markets-average-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) could deviate substantially from the price seen at the moment the order was placed. An [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for the same 500 BTC secures a single, guaranteed price for the entire quantity, agreed upon by both parties before the assets change hands.

This provides absolute cost certainty. The process is engineered for size, privacy, and price stability, which are the primary requirements for any serious capital allocation in the digital asset space. Mastering this execution method is a prerequisite for operating at an institutional scale, where even fractional percentage points in execution quality have a meaningful impact on portfolio performance.

![Central intersecting blue light beams represent high-fidelity execution and atomic settlement. Mechanical elements signify robust market microstructure and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-visualizing-market-microstructure-for-high-fidelity-alpha-generation-via-prime-os.jpg)

![An intricate mechanical assembly reveals the market microstructure of an institutional-grade RFQ protocol engine. It visualizes high-fidelity execution for digital asset derivatives block trades, managing counterparty risk and multi-leg spread strategies within a liquidity pool, embodying a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-architecture.jpg)

## The Execution of a Strategic Position

Deploying capital with institutional discipline begins with mastering the mechanics of professional-grade execution. The RFQ process is a structured dialogue between a trader and a network of liquidity providers, designed to achieve optimal pricing for large orders. Understanding this workflow is the first step toward building a robust investment framework where execution costs are actively managed, not passively accepted. This process is the gateway to acquiring or liquidating substantial positions with precision and confidence.

![A spherical Liquidity Pool is bisected by a metallic diagonal bar, symbolizing an RFQ Protocol and its Market Microstructure. Imperfections on the bar represent Slippage challenges in High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-optimization-within-principals-market-microstructure-framework.jpg)

## The Anatomy of a Request for Quote Transaction

The RFQ process unfolds in a sequence of deliberate steps, each designed to maximize competition and price quality while maintaining discretion. It is a systematic method for sourcing liquidity on demand.

First, the trader defines the parameters of the desired trade within a dedicated platform. This includes specifying the asset, such as BTC or ETH, the exact quantity, and the direction of the trade, either a buy or a sell. For more complex positions involving [derivatives](https://prime.greeks.live/area/derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), this stage would include defining strike prices, expiration dates, and the structure of the options spread. The clarity of these parameters is essential, as they form the basis of the request sent to market makers.

The trader also makes a critical decision regarding anonymity. They can choose to disclose their identity to the liquidity providers, which may result in more competitive quotes from counterparties with whom they have an established relationship. Alternatively, they can submit the RFQ anonymously to prevent any information leakage associated with their trading activity.

Second, the platform securely transmits the RFQ to a curated group of institutional-grade market makers. These firms are professional liquidity providers whose business is to price and take on large amounts of risk. Upon receiving the request, they have a short, defined window of time to respond with a firm bid and offer. This creates a competitive auction for the trader’s order flow.

The prices quoted are “all-in,” meaning they are for the full size of the requested trade. This is a key distinction from a public order book, where liquidity is fragmented across thousands of different price levels.

> Aggregated Request for Quote allows fund managers to pool orders from multiple accounts, such as trading 480 BTC across seven accounts simultaneously, resulting in more uniform execution and potentially tighter spreads for all clients.

Third, the trader receives the competing quotes in real-time. The platform displays the best bid and the best offer, allowing the trader to see the live market for their specific block size. These quotes are firm and executable for a brief period, giving the trader a window to act. The trader can then choose to execute the trade by hitting the bid or lifting the offer.

Upon execution, a binding agreement is formed between the trader and the winning market maker at the agreed-upon price. The entire block of assets is transferred at this single price, providing complete certainty of the execution cost. The trade is then settled, with the assets and funds exchanged between the two parties. This entire process, from submission to settlement, can occur in a matter of seconds, providing a highly efficient mechanism for large-scale trading.

![Sleek, futuristic metallic components showcase a dark, reflective dome encircled by a textured ring, representing a Volatility Surface for Digital Asset Derivatives. This Prime RFQ architecture enables High-Fidelity Execution and Private Quotation via RFQ Protocols for Block Trade liquidity](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-platform-architecture-for-high-fidelity-rfq-protocol-execution-and-price-discovery.jpg)

## Structuring Options Positions around a Core Holding

Once a significant core position is acquired via a [block trade](https://prime.greeks.live/area/block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), derivatives provide the strategic toolkit for managing risk and generating yield. Options allow a portfolio manager to precisely shape the risk profile of their holdings, tailoring it to a specific market outlook. This is not about speculation; it is about sophisticated risk management and the active optimization of a portfolio’s return stream. The ability to execute multi-leg options strategies via RFQ is a critical component of this process, ensuring that even complex positions can be entered at a single, transparent net price.

A foundational strategy for a newly acquired long position in BTC or ETH is the [covered call](https://prime.greeks.live/area/covered-call/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This involves selling a [call option](https://prime.greeks.live/area/call-option/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) against the holding. The premium received from selling the call option generates an immediate income stream, which can enhance the overall return of the position.

This strategy is particularly effective in a flat or moderately rising market, as the premium income provides a buffer against small price declines. By structuring this as a block trade, a manager can sell a large number of call options at a single [strike price](https://prime.greeks.live/area/strike-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and expiration, creating a uniform and easily manageable hedge across the entire position.

Conversely, for risk mitigation, a [protective put](https://prime.greeks.live/area/protective-put/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the instrument of choice. This involves buying a [put option](https://prime.greeks.live/area/put-option/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which gives the holder the right to sell their asset at a predetermined strike price. A protective put functions as an insurance policy against a significant price decline, establishing a clear floor for the value of the holding. For a large institutional position, acquiring a substantial block of put options via RFQ is essential to avoid tipping off the market to a defensive posture.

The cost of the put option, the premium, is the price of this protection. The decision to implement a protective put is a function of the manager’s risk tolerance and their outlook on near-term market volatility.

These two basic strategies can be combined into a more advanced structure known as a collar. A collar involves selling a call option and using the premium received to finance the purchase of a protective put. This creates a “collared” position, where the potential upside is capped at the strike price of the call option, and the potential downside is limited by the strike price of the put option. The result is a position with a clearly defined range of potential outcomes.

For an institution, this level of risk definition is highly valuable. Executing a collar as a single transaction through an RFQ ensures that both legs of the trade are filled simultaneously at a known net cost, eliminating the execution risk associated with trying to build the position piece by piece in the open market.

- 

![A sophisticated metallic mechanism with integrated translucent teal pathways on a dark background. This abstract visualizes the intricate market microstructure of an institutional digital asset derivatives platform, specifically the RFQ engine facilitating private quotation and block trade execution](https://options.greeks.live/wp-content/uploads/2025/07/systemic-framework-for-institutional-digital-asset-derivatives-rfq-price-discovery-and-atomic-settlement.jpg)

## Covered Call

A position holder sells call options corresponding to their asset holdings. This generates income from the option premium. The strategy performs optimally in stable or slightly bullish markets, as the holder collects the premium while benefiting from modest price appreciation up to the strike price.

- 

![A sleek, symmetrical digital asset derivatives component. It represents an RFQ engine for high-fidelity execution of multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-optimized-market-microstructure.jpg)

## Protective Put

An investor purchases put options to hedge against a potential decline in the value of a long asset position. This establishes a price floor for the holding. The cost of the put premium is weighed against the benefit of downside protection, a critical calculation for risk-averse portfolio managers.

- 

![Abstract mechanical system with central disc and interlocking beams. This visualizes the Crypto Derivatives OS facilitating High-Fidelity Execution of Multi-Leg Spread Bitcoin Options via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-for-high-fidelity-block-trades.jpg)

## Collar Strategy

This structure involves holding the underlying asset, purchasing a protective put option, and simultaneously selling a call option. The premium from the sold call helps to finance the cost of the purchased put. This defines a strict price range for the asset, limiting both potential gains and losses, which is ideal for capital preservation.

The selection of these strategies is driven by the institution’s mandate, market forecast, and risk parameters. The key enabling technology is the ability to source liquidity for these large, often complex, derivatives positions through a private, competitive RFQ process. This ensures that the strategic intent of the portfolio manager is translated into an executed position with maximum efficiency and minimal market friction.

![A teal-blue textured sphere, signifying a unique RFQ inquiry or private quotation, precisely mounts on a metallic, institutional-grade base. Integrated into a Prime RFQ framework, it illustrates high-fidelity execution and atomic settlement for digital asset derivatives within market microstructure, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-execution-1.jpg)

![Abstract layered forms visualize market microstructure, featuring overlapping circles as liquidity pools and order book dynamics. A prominent diagonal band signifies RFQ protocol pathways, enabling high-fidelity execution and price discovery for institutional digital asset derivatives, hinting at dark liquidity and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol.jpg)

## Calibrating the Financial Instrument

Mastery of institutional trading extends beyond single-transaction execution into the realm of dynamic portfolio management. Advanced techniques involve the integration of [algorithmic execution](https://prime.greeks.live/area/algorithmic-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) models with sophisticated derivatives structures to achieve specific, long-term strategic goals. This is about building a resilient, alpha-generating portfolio that can perform across a variety of market conditions. It requires a deep understanding of [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and the ability to deploy the right tool for each specific objective, from accumulating a position over time to constructing complex, multi-leg options strategies that express a nuanced market view.

![Two semi-transparent, curved elements, one blueish, one greenish, are centrally connected, symbolizing dynamic institutional RFQ protocols. This configuration suggests aggregated liquidity pools and multi-leg spread constructions](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-price-discovery-engine.jpg)

## Systematic Execution with Algorithmic Orders

While RFQs are ideal for executing a large block in a single transaction, some institutional objectives require a more gradual accumulation or distribution of a position. In these scenarios, algorithmic execution strategies become the primary tool. These automated strategies are designed to break a large parent order into many smaller child orders, which are then fed into the public markets over a specified period.

The goal of these algorithms is to minimize market impact and achieve an execution price that is close to a benchmark, such as the average price over the trading period. This method is suited for situations where the immediacy of a block trade is less important than minimizing the trade’s footprint in the market.

Two of the most widely used execution algorithms are the Time-Weighted Average Price ([TWAP](https://prime.greeks.live/area/twap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) and the Volume-Weighted Average Price ([VWAP](https://prime.greeks.live/area/vwap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)). A TWAP algorithm will attempt to execute the trade by slicing the order into equal pieces over a predefined time horizon. For example, an order to buy 1,000 BTC over 10 hours would be broken down into orders to buy 100 BTC each hour.

This approach is systematic and indifferent to market volume, focusing only on the passage of time. It is a disciplined way to participate in the market throughout a trading session without concentrating the order at a single point in time.

A VWAP algorithm, in contrast, is more dynamic. It aims to participate in the market in proportion to the actual trading volume. The algorithm will execute more of the order during periods of high liquidity and less during periods of low liquidity. The goal is to achieve an average execution price that is close to the volume-weighted average price of the asset for that day.

This approach is considered more intelligent than TWAP, as it adapts to the natural ebb and flow of market activity, making its participation less conspicuous. For a portfolio manager looking to build a position with minimal market friction, a VWAP strategy is a powerful instrument for systematic accumulation.

![A cutaway view reveals the intricate core of an institutional-grade digital asset derivatives execution engine. The central price discovery aperture, flanked by pre-trade analytics layers, represents high-fidelity execution capabilities for multi-leg spread and private quotation via RFQ protocols for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-engine-for-high-fidelity-execution-and-price-discovery-on-volatility-surface.jpg)

## Advanced Derivatives Structures for Portfolio Optimization

With a core position established and managed, advanced derivatives strategies allow for the fine-tuning of a portfolio’s risk and return profile. These are not standalone trades but are integrated components of a broader portfolio construction. Multi-leg options spreads, executed as a single block via RFQ, are the primary tools for this level of strategic expression. These structures allow a manager to isolate and act on very specific market expectations, such as a view on volatility or a directional bias within a defined price range.

A vertical spread is a foundational multi-leg strategy that involves the simultaneous purchase and sale of two options of the same type (either calls or puts) and the same expiration date, but with different strike prices. A bull call spread, for instance, involves buying a call option at a lower strike price and selling a call option at a higher strike price. This creates a position that profits from a moderate rise in the underlying asset’s price, up to the higher strike price.

The cost of the position is reduced by the premium received from selling the higher-strike call, and the maximum profit and loss are both known at the time of entry. This allows a manager to express a bullish view with a clearly defined risk and reward, a far more precise instrument than an outright long call.

Another powerful structure is the calendar spread, which involves options with the same strike price but different expiration dates. A typical long calendar spread would involve selling a short-term option and buying a longer-term option. This strategy profits from the passage of time and an increase in implied volatility.

It is a way to take a position on the term structure of volatility, a sophisticated concept that is central to professional derivatives trading. For an institution, being able to execute a large calendar spread as a single RFQ is a significant operational advantage, ensuring both legs are placed at a guaranteed net price without the risk of the market moving between executions.

These advanced strategies are the building blocks of a professional portfolio. They allow a manager to move beyond simple directional bets and to construct positions that can generate returns from a variety of market conditions, including sideways markets or periods of high volatility. The ability to source liquidity for these complex trades via private negotiation is what makes their implementation at scale feasible. It is the combination of sophisticated strategy and professional-grade execution that defines the institutional edge in the digital asset markets.

![Stacked concentric layers, bisected by a precise diagonal line. This abstract depicts the intricate market microstructure of institutional digital asset derivatives, embodying a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/multi-layered-digital-asset-derivatives-rfq-protocol-architecture.jpg)

## The Transition to Active Market Engagement

The frameworks for institutional execution and derivatives strategy represent a permanent elevation in market perspective. This knowledge transforms one’s operational posture from passive price-taker to active participant in the discovery of deep liquidity. It is the understanding that for any given investment objective, a superior execution pathway exists.

The commitment to this discipline provides the foundation for consistent, long-term performance. The market is a system of opportunities, and these tools provide the access codes.

![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## Glossary

<a href="https://prime.greeks.live/area/digital-asset/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, institutional grade apparatus, central to a Crypto Derivatives OS, showcases high-fidelity execution. Its RFQ protocol channels extend to a stylized liquidity pool, enabling price discovery across complex market microstructure for capital efficiency within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-digital-derivatives-prime-os-microstructure-optimization.jpg)

## Digital Asset

Meaning ▴ A Digital Asset is a cryptographically secured, uniquely identifiable, and transferable unit of data residing on a distributed ledger, representing value or a set of defined rights. </a><a href="https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The image presents a stylized central processing hub with radiating multi-colored panels and blades. This visual metaphor signifies a sophisticated RFQ protocol engine, orchestrating price discovery across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-and-liquidity-aggregation-hub.jpg)

## Slippage

Meaning ▴ Slippage denotes the variance between an order's expected execution price and its actual execution price. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Luminous blue drops on geometric planes depict institutional Digital Asset Derivatives trading. Large spheres represent atomic settlement of block trades and aggregated inquiries, while smaller droplets signify granular market microstructure data](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-optimal-liquidity-discovery.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/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp, metallic blue instrument with a precise tip rests on a light surface, suggesting pinpoint price discovery within market microstructure. This visualizes high-fidelity execution of digital asset derivatives, highlighting RFQ protocol efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivative-rfq-execution-market-microstructure-high-fidelity-alpha-generation-prime-os-system.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/guide/the-definitive-guide-to-beating-the-markets-average-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-layered institutional crypto derivatives platform interface, featuring a transparent intelligence layer for real-time market microstructure analysis. Buttons signify RFQ protocol initiation for block trades, enabling high-fidelity execution and optimal price discovery within a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-precision-execution-rfq-protocol-intelligence-layer.jpg)

## Average Price

Stop accepting the market's price. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, futuristic object with a glowing line and intricate metallic core, symbolizing a Prime RFQ for institutional digital asset derivatives. It represents a sophisticated RFQ protocol engine enabling high-fidelity execution, liquidity aggregation, atomic settlement, and capital efficiency for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-for-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

## Derivatives

Meaning ▴ Derivatives are financial contracts whose value is contingent upon an underlying asset, index, or reference rate. </a><a href="https://prime.greeks.live/area/block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic, modular trading interface with black and grey circular elements, signifying distinct market microstructure components and liquidity pools. A precise, blue-cored probe diagonally integrates, representing an advanced RFQ engine for granular price discovery and atomic settlement of multi-leg spread strategies in institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-system-facilitating-high-fidelity-execution-price-discovery.jpg)

## Block Trade

Meaning ▴ A Block Trade constitutes a large-volume transaction of securities or digital assets, typically negotiated privately away from public exchanges to minimize market impact. </a><a href="https://prime.greeks.live/area/covered-call/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Textured institutional-grade platform presents RFQ inquiry disk amidst liquidity fragmentation. Singular price discovery point floats](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-microstructure-prime-os-best-execution.jpg)

## Covered Call

Meaning ▴ A Covered Call represents a foundational derivatives strategy involving the simultaneous sale of a call option and the ownership of an equivalent amount of the underlying asset. </a><a href="https://prime.greeks.live/area/call-option/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Robust metallic structures, symbolizing institutional grade digital asset derivatives infrastructure, intersect. Transparent blue-green planes represent algorithmic trading and high-fidelity execution for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-1.jpg)

## Call Option

Meaning ▴ A Call Option represents a standardized derivative contract granting the holder the right, but critically, not the obligation, to purchase a specified quantity of an underlying digital asset at a predetermined strike price on or before a designated expiration date. </a><a href="https://prime.greeks.live/area/strike-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, illuminated device representing an Institutional Grade Prime RFQ for Digital Asset Derivatives. Its glowing interface indicates active RFQ protocol execution, displaying high-fidelity execution status and price discovery for block trades](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-digital-asset-derivatives-best-execution-1.jpg)

## Strike Price

Meaning ▴ The strike price represents the predetermined value at which an option contract's underlying asset can be bought or sold upon exercise. </a><a href="https://prime.greeks.live/area/protective-put/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract intersecting blades in varied textures depict institutional digital asset derivatives. These forms symbolize sophisticated RFQ protocol streams enabling multi-leg spread execution across aggregated liquidity](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-driven-digital-asset-derivatives-rfq-protocol-execution.jpg)

## Protective Put

Meaning ▴ A Protective Put is a risk management strategy involving the simultaneous ownership of an underlying asset and the purchase of a put option on that same asset. </a><a href="https://prime.greeks.live/area/put-option/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting abstract geometric planes depict institutional grade RFQ protocols and market microstructure. Speckled surfaces reflect complex order book dynamics and implied volatility, while smooth planes represent high-fidelity execution channels and private quotation systems for digital asset derivatives within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocols-digital-asset-microstructure-execution.jpg)

## Put Option

Meaning ▴ A Put Option constitutes a derivative contract that confers upon the holder the right, but critically, not the obligation, to sell a specified underlying asset at a predetermined strike price on or before a designated expiration date. </a><a href="https://prime.greeks.live/area/algorithmic-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Visualizing institutional digital asset derivatives market microstructure. A central RFQ protocol engine facilitates high-fidelity execution across diverse liquidity pools, enabling precise price discovery for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-across-multi-asset-liquidity.jpg)

## Algorithmic Execution

Meaning ▴ Algorithmic Execution refers to the automated process of submitting and managing orders in financial markets based on predefined rules and parameters. </a><a href="https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central dark aperture, like a precision matching engine, anchors four intersecting algorithmic pathways. Light-toned planes represent transparent liquidity pools, contrasting with dark teal sections signifying dark pool or latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-9.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure refers to the study of the processes and rules by which securities are traded, focusing on the specific mechanisms of price discovery, order flow dynamics, and transaction costs within a trading venue. </a><a href="https://prime.greeks.live/area/twap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, reflective bi-component structure, embodying an RFQ protocol for multi-leg spread strategies, rests on a Prime RFQ base. Surrounding nodes signify price discovery points, enabling high-fidelity execution of digital asset derivatives with capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-orchestration-of-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-market-microstructure.jpg)

## Twap

Meaning ▴ Time-Weighted Average Price (TWAP) is an algorithmic execution strategy designed to distribute a large order quantity evenly over a specified time interval, aiming to achieve an average execution price that closely approximates the market's average price during that period. </a><a href="https://prime.greeks.live/area/vwap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, symmetrical, multi-faceted mechanism with four radiating arms, crafted from polished metallic and translucent blue-green components, represents an institutional-grade RFQ protocol engine. Its intricate design signifies multi-leg spread algorithmic execution for liquidity aggregation, ensuring atomic settlement within crypto derivatives OS market microstructure for prime brokerage clients](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-crypto-derivatives-liquidity-aggregation.jpg)

## Vwap

Meaning ▴ VWAP, or Volume-Weighted Average Price, is a transaction cost analysis benchmark representing the average price of a security over a specified time horizon, weighted by the volume traded at each price point. </a>

**Tags:** [Institutional Crypto](https://options.greeks.live/area/institutional-crypto/), [Derivatives](https://options.greeks.live/area/derivatives/), [Request for Quote](https://options.greeks.live/area/request-for-quote/), [Liquidity Provision](https://options.greeks.live/area/liquidity-provision/), [RFQ](https://options.greeks.live/area/rfq/), [Covered Call](https://options.greeks.live/area/covered-call/)	

## Discover More

- 
### [Achieve Zero Slippage Your Handbook for Block Trade Execution](https://options.greeks.live/guide/achieve-zero-slippage-your-handbook-for-block-trade-execution/)
![A precision-engineered metallic component with a central circular mechanism, secured by fasteners, embodies a Prime RFQ engine. It drives institutional liquidity and high-fidelity execution for digital asset derivatives, facilitating atomic settlement of block trades and private quotation within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-platform-rfq-engine-for-high-fidelity-execution-and-atomic-settlement-of-block-trades.jpg)

Achieve zero slippage and guaranteed pricing for large trades by sourcing private, competitive liquidity on your terms.

- 
### [Beyond Buy and Hold a New Era of Risk Management](https://options.greeks.live/guide/beyond-buy-and-hold-a-new-era-of-risk-management/)
![A sleek, multi-component system, predominantly dark blue, features a cylindrical sensor with a central lens. This precision-engineered module embodies an intelligence layer for real-time market microstructure observation, facilitating high-fidelity execution via RFQ protocol. It's crucial for a crypto derivatives OS, enhancing price discovery within the principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-intelligence-layer-for-digital-asset-derivatives-microstructure.jpg)

Move beyond passive holding. Start actively designing your portfolio's risk and return with professional-grade strategies.

- 
### [Eliminate Slippage Your Guide to Institutional Options Execution](https://options.greeks.live/guide/eliminate-slippage-your-guide-to-institutional-options-execution/)
![A dark, reflective surface features a segmented circular mechanism, reminiscent of an RFQ aggregation engine or liquidity pool. Specks suggest market microstructure dynamics or data latency. This represents an institutional grade Prime RFQ facilitating high-fidelity execution of digital asset derivatives, optimizing price discovery for block trades through an intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-options-rfq-execution-microstructure-prime-os.jpg)

Command your execution and access institutional-grade liquidity with the strategic power of Request for Quote systems.

- 
### [A Quantified Guide to Eliminating Price Impact on Large Trades](https://options.greeks.live/guide/a-quantified-guide-to-eliminating-price-impact-on-large-trades/)
![A precision sphere, an Execution Management System EMS, probes a Digital Asset Liquidity Pool. This signifies High-Fidelity Execution via Smart Order Routing for institutional-grade digital asset derivatives. It highlights Price Discovery and Pre-Trade Analytics within a Principal's Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-orchestrating-global-digital-asset-derivatives-liquidity-pool-price-discovery-and-high-fidelity-execution.jpg)

Command liquidity and execute large trades with zero slippage using professional-grade systems.

- 
### [Why Your Biggest Trades Demand a Private Market](https://options.greeks.live/guide/why-your-biggest-trades-demand-a-private-market/)
![A sleek, spherical intelligence layer component with internal blue mechanics and a precision lens. It embodies a Principal's private quotation system, driving high-fidelity execution and price discovery for digital asset derivatives through RFQ protocols, optimizing market microstructure and minimizing latency.](https://options.greeks.live/wp-content/uploads/2025/08/principals-private-quotation-system-intelligence-layer-component.jpg)

Stop broadcasting your trades. Command institutional-grade liquidity and pricing for your largest positions.

- 
### [Eliminate Leg Risk in Your Spreads with This Execution System](https://options.greeks.live/guide/eliminate-leg-risk-in-your-spreads-with-this-execution-system/)
![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)

Execute multi-leg options spreads as a single unit at a guaranteed price, eliminating slippage and leg risk entirely.

- 
### [The Institutional Guide to Zero-Impact Crypto Block Trades](https://options.greeks.live/guide/the-institutional-guide-to-zero-impact-crypto-block-trades/)
![Abstract forms depict interconnected institutional liquidity pools and intricate market microstructure. Sharp algorithmic execution paths traverse smooth aggregated inquiry surfaces, symbolizing high-fidelity execution within a Principal's operational framework. A distinct sphere represents a digital asset derivative, illustrating price discovery via RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-prime-os-1.jpg)

Execute institutional-size crypto trades with zero market impact by mastering the private RFQ and algorithmic order systems.

- 
### [Mastering Block Trades How to Execute Large Orders with Precision](https://options.greeks.live/guide/mastering-block-trades-how-to-execute-large-orders-with-precision/)
![A multi-faceted crystalline form with sharp, radiating elements centers on a dark sphere, symbolizing complex market microstructure. This represents sophisticated RFQ protocols, aggregated inquiry, and high-fidelity execution across diverse liquidity pools, optimizing capital efficiency for institutional digital asset derivatives within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-institutional-digital-asset-derivatives-price-discovery.jpg)

Mastering block trades means moving capital with precision, transforming market impact from a risk into a strategic advantage.

- 
### [Mastering Block Trades How to Get Better Pricing than the Screen Shows](https://options.greeks.live/guide/mastering-block-trades-how-to-get-better-pricing-than-the-screen-shows/)
![Intricate core of a Crypto Derivatives OS, showcasing precision platters symbolizing diverse liquidity pools and a high-fidelity execution arm. This depicts robust principal's operational framework for institutional digital asset derivatives, optimizing RFQ protocol processing and market microstructure for best execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-execution-system.jpg)

Command private liquidity and execute large trades at prices the public screen will never show you.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Guide",
            "item": "https://options.greeks.live/guide/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "Beyond the Order Book How Institutions Execute Million-Dollar Crypto Trades",
            "item": "https://options.greeks.live/guide/beyond-the-order-book-how-institutions-execute-million-dollar-crypto-trades/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/guide/beyond-the-order-book-how-institutions-execute-million-dollar-crypto-trades/"
    },
    "headline": "Beyond the Order Book How Institutions Execute Million-Dollar Crypto Trades \u25b4 Guide",
    "description": "Institutional-grade crypto trading is defined by private liquidity access and strategic risk design, not by public market orders. \u25b4 Guide",
    "url": "https://options.greeks.live/guide/beyond-the-order-book-how-institutions-execute-million-dollar-crypto-trades/",
    "datePublished": "2025-08-06T11:26:39+00:00",
    "dateModified": "2025-08-06T11:26:40+00:00",
    "articleSection": [
        "Guide"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/prime-os-cross-market-execution-architecture-for-digital-assets.jpg",
        "caption": "This abstract visual represents the foundational Prime RFQ architecture enabling institutional digital asset derivatives trading. Intersecting beams illustrate cross-market execution rails and aggregated inquiry pathways, optimizing liquidity pool access. The design signifies high-fidelity execution through advanced algorithmic trading and smart order routing, facilitating block trade capabilities and precise price discovery. It encapsulates the seamless integration required for multi-leg spread strategies, mitigating counterparty risk and ensuring capital efficiency within complex market microstructure for Bitcoin options and Ethereum futures."
    },
    "keywords": [
        "Algorithmic Execution",
        "Block Trade",
        "Call Option",
        "Collar Strategy",
        "Covered Call",
        "Derivatives",
        "Digital Asset",
        "Institutional Crypto",
        "Liquidity Providers",
        "Liquidity Provision",
        "Market Microstructure",
        "Multi-Leg Spreads",
        "Options Trading",
        "Protective Put",
        "Put Option",
        "Request for Quote",
        "RFQ",
        "Slippage",
        "Strike Price",
        "TWAP",
        "VWAP"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/guide/beyond-the-order-book-how-institutions-execute-million-dollar-crypto-trades/
