# Mastering Block Trades How to Systematically Lower Your Entry Costs ▴ Guide

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

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![Abstract geometric structure with sharp angles and translucent planes, symbolizing institutional digital asset derivatives market microstructure. The central point signifies a core RFQ protocol engine, enabling precise price discovery and liquidity aggregation for multi-leg options strategies, crucial for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principals-operational-framework-optimizing-institutional-digital-asset-derivatives-rfq-protocol-execution-for-alpha-generation.jpg)

![A central control knob on a metallic platform, bisected by sharp reflective lines, embodies an institutional RFQ protocol. This depicts intricate market microstructure, enabling high-fidelity execution, precise price discovery for multi-leg options, and robust Prime RFQ deployment, optimizing latent liquidity across digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-rfq-digital-asset-derivatives-execution-engine-core-microstructure.jpg)

## The Mechanics of Institutional Scale

Executing large orders in public markets presents a fundamental paradox. The very act of buying or selling in size signals your intention to the entire world, which often moves the price against your position before the order is completely filled. This phenomenon, known as [price impact](https://prime.greeks.live/area/price-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), is a direct tax on conviction.

Professional traders and institutions require a different set of tools designed for a different scale of operation. They operate through private liquidity channels where size can be transacted with precision and minimal market distortion.

A [block trade](https://prime.greeks.live/area/block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the purchase or sale of a substantial number of securities. Instead of being broadcast on a public exchange, these transactions are typically negotiated privately between two parties. This private negotiation is the key to managing market impact. The mechanism that facilitates this process 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, system.

An [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a formal invitation for a select group of professional [market makers](https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to provide a private, firm price for a specified quantity of an asset. This creates a competitive auction for your order, completely shielded from public view.

Understanding this workflow is the first step toward operating with an institutional mindset. You define the asset and the size of your intended trade. You then use an [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to solicit bids or offers from a curated group of liquidity providers. These providers respond with their best price, and you select the most favorable one.

The entire process condenses a potentially disruptive market order into a single, clean, off-exchange transaction. This is the foundational technique for acquiring or distributing large positions while preserving the integrity of your entry or exit price.

![Abstract geometric forms, including overlapping planes and central spherical nodes, visually represent a sophisticated institutional digital asset derivatives trading ecosystem. It depicts complex multi-leg spread execution, dynamic RFQ protocol liquidity aggregation, and high-fidelity algorithmic trading within a Prime RFQ framework, ensuring optimal price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-liquidity-aggregation-market-microstructure-high-fidelity-execution-alpha-generation-prime-os-capital-efficiency.jpg)

![A dark, circular metallic platform features a central, polished spherical hub, bisected by a taut green band. This embodies a robust Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing market microstructure for best execution, and mitigating counterparty risk through atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-high-fidelity-execution-across-diverse-market-microstructures.jpg)

## Systematic Cost Reduction in Practice

Applying these institutional methods requires a systematic approach. It is a process of moving from public, reactive trading to private, proactive execution. The goal is to transform your [cost basis](https://prime.greeks.live/area/cost-basis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from a market-given variable into a strategically managed constant. This section details the practical application of these techniques, from basic RFQ execution to the integration of algorithmic models and options structures.

![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)

## The Direct RFQ Method a Step by Step Guide

The most direct application of this knowledge is the manual execution of a block trade via an RFQ system. This method provides maximum control and is ideal for single, high-conviction trades where price certainty is the primary objective. The process is straightforward and disciplined, designed to secure the best possible price from a competitive field of liquidity providers.

- 
Define the Order Parameters. Your first action is to specify the exact asset and quantity you wish to trade. For instance, you might decide to acquire 500 ETH. Clarity at this stage is essential for the liquidity providers to offer a precise quote.

- 
Select Your Counterparties. You will engage with a platform that connects you to a network of institutional market makers. You can typically select which of these firms you wish to include in your RFQ auction. Building relationships and understanding which firms offer the tightest pricing for certain assets becomes part of your strategic edge over time.

- 
Initiate the Request for Quote. With your parameters set, you send the RFQ. This begins a timed auction, usually lasting between 30 seconds and a few minutes. The selected market makers are now competing privately to offer you the best price for your 500 ETH block.

- 
Analyze the Responses. As the quotes arrive, they are displayed in real-time. You will see a range of bids or offers.
Your task is to evaluate these quotes and identify the most advantageous one. The platform will typically highlight the best price for you.

- 
Execute the Trade. You accept the winning quote. The transaction is settled instantly and privately.
The 500 ETH is transferred to your account at the agreed-upon price, with no public market [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) or price impact. You have successfully lowered your entry cost by sourcing liquidity directly.

![A sharp, teal blade precisely dissects a cylindrical conduit. This visualizes surgical high-fidelity execution of block trades for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution-microstructure.jpg)

## Algorithmic Execution for Dynamic Markets

For even larger orders or for situations where you wish to execute over a period of time, algorithmic strategies offer a more dynamic solution. These algorithms are designed to break a large parent order into smaller child orders, executing them intelligently to minimize market footprint. They work to achieve a benchmark price, providing a different form of cost control.

![A central circular element, vertically split into light and dark hemispheres, frames a metallic, four-pronged hub. Two sleek, grey cylindrical structures diagonally intersect behind it](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-digital-asset-derivatives-execution-1.jpg)

## Time Weighted Average Price TWAP

A [TWAP](https://prime.greeks.live/area/twap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) algorithm slices a large order into smaller, equal-sized pieces and executes them at regular intervals over a defined period. For example, a 1,000,000 USDC buy order for BTC could be executed in 10,000 USDC increments every minute for 100 minutes. This method is designed to capture the average price of the asset over that time, smoothing out the effects of short-term volatility. Its primary function is to reduce market impact by distributing the trade over time, making it appear as regular, small-scale market activity.

![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)

## Volume Weighted Average Price VWAP

A [VWAP](https://prime.greeks.live/area/vwap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) algorithm is more sophisticated. It also breaks a large order into smaller pieces, but it executes them in proportion to the market’s trading volume. It will trade more actively during periods of high liquidity and less actively during quiet periods.

The goal is to participate with the natural flow of the market, making the execution even harder to detect. This method seeks to achieve the volume-weighted average price for the day, which is a common benchmark for institutional execution quality.

> Institutional traders utilizing RFQ systems for block trades over $1M consistently report slippage reduction of up to 75% compared to public market orders.

![Two diagonal cylindrical elements. The smooth upper mint-green pipe signifies optimized RFQ protocols and private quotation streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-optimization-1.jpg)

## Using Options to Engineer Your Entry Point

A truly strategic approach to acquisition involves using the derivatives market to define your entry price. Selling [cash-secured puts](https://prime.greeks.live/area/cash-secured-puts/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a powerful technique for this purpose. When you sell a put option, you are giving the buyer the right, but not the obligation, to sell you an asset at a predetermined price (the [strike price](https://prime.greeks.live/area/strike-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) on or before a specific date. In return for taking on this obligation, you receive a cash payment known as a premium.

Consider an asset you wish to own at a price slightly below the current market value. You can sell a cash-secured put at that desired strike price. Two outcomes are possible. First, the asset’s price remains above your strike price.

In this case, the option expires worthless, and you simply keep the premium you received. This premium represents a yield on your cash. Second, the asset’s price falls below your strike price, and the option is assigned to you. You are now obligated to buy the asset at the strike price.

Your effective entry cost is the strike price minus the premium you already received, a price lower than what you originally targeted. This method allows you to either generate income or acquire an asset at a discount, systematically lowering your potential cost basis.

![A precision metallic mechanism, with a central shaft, multi-pronged component, and blue-tipped element, embodies the market microstructure of an institutional-grade RFQ protocol. It represents high-fidelity execution, liquidity aggregation, and atomic settlement within a Prime RFQ for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-core-rfq-engine-microstructure-for-digital-asset-derivatives.jpg)

![An abstract composition depicts a glowing green vector slicing through a segmented liquidity pool and principal's block. This visualizes high-fidelity execution and price discovery across market microstructure, optimizing RFQ protocols for institutional digital asset derivatives, minimizing slippage and latency](https://options.greeks.live/wp-content/uploads/2025/07/optimal-precise-digital-asset-derivative-rfq-execution-via-smart-protocols-for-institutional-trading.jpg)

## The Portfolio Engineer’s Edge

Mastering single-trade execution is a critical skill. Integrating that skill into a broader portfolio framework is what creates a durable, long-term advantage. The professional thinks beyond the entry cost of one position and considers how execution methods can enhance the performance and risk profile of the entire portfolio. This involves using institutional tools to manage complex positions and to build a more robust and efficient investment structure.

![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)

## Executing Complex Structures with Certainty

Advanced strategies often involve multiple components. Consider a protective collar on a large holding of a volatile asset. This strategy involves selling a covered call option (to generate income and cap upside) and using the proceeds to buy a protective put option (to establish a price floor and define downside risk).

Executing these two trades separately on the open market is inefficient. The price of the underlying asset could move between the execution of the call and the put, altering the entire structure’s intended economics.

An RFQ system for [multi-leg options](https://prime.greeks.live/area/multi-leg-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) strategies solves this. You can package the entire collar structure into a single request. Market makers then bid on the net price of the combined position. This allows you to execute both legs of the trade simultaneously at a guaranteed price.

You lock in the exact risk-reward profile you designed, removing the execution risk associated with legging into complex positions. This same principle applies to spreads, straddles, and any other multi-component options strategy, transforming them from risky open-market endeavors into precise portfolio adjustments.

![Symmetrical precision modules around a central hub represent a Principal-led RFQ protocol for institutional digital asset derivatives. This visualizes high-fidelity execution, price discovery, and block trade aggregation within a robust market microstructure, ensuring atomic settlement and capital efficiency via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/principal-led-digital-asset-rfq-execution-system-microstructure.jpg)

## Building Your Personal Liquidity Network

The consistent use of RFQ systems provides a significant ancillary benefit. It allows you to gather data on which market makers provide the best liquidity for the specific assets you trade. Over time, you will identify the firms that consistently offer the tightest spreads and the most competitive pricing for your preferred instruments.

This knowledge is a proprietary asset. It allows you to refine your counterparty selection, directing your largest and most important trades to the providers most likely to give you a superior execution.

This transforms trading from a passive act of accepting market prices into a dynamic process of relationship and data management. You are building a personal, curated network of liquidity. This is a core discipline of professional portfolio management.

Your ability to source liquidity efficiently and reliably becomes a key component of your alpha generation, a persistent edge that compounds over time. It is the ultimate expression of moving from a price taker to a price maker.

> A study of institutional trading patterns reveals that portfolios employing systematic block trading techniques show a statistically significant reduction in cost basis variance over a five-year period.

This disciplined approach to execution has a profound impact on long-term performance. By systematically reducing entry costs, minimizing slippage, and managing the price impact of large transactions, you are making a direct and positive contribution to your portfolio’s bottom line. Each basis point saved on execution is a basis point added to your total return.

Over hundreds or thousands of trades, this disciplined focus on cost engineering becomes one of the most significant drivers of outperformance. It is the quiet, methodical work that underpins a truly professional investment operation.

![Two dark, circular, precision-engineered components, stacked and reflecting, symbolize a Principal's Operational Framework. This layered architecture facilitates High-Fidelity Execution for Block Trades via RFQ Protocols, ensuring Atomic Settlement and Capital Efficiency within Market Microstructure for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-execution-protocol.jpg)

## Your New Market Calculus

The public market is one source of liquidity. It is the most visible, but for transactions of scale, it is often the least efficient. Understanding the mechanics of private negotiation, RFQ systems, and algorithmic execution provides you with access to a deeper, more professional layer of the market. This knowledge reframes your relationship with price.

It is no longer something you must simply accept; it is something you can strategically influence. This is the foundation of a more sophisticated and effective approach to capital allocation.

![A sleek, dark metallic surface features a cylindrical module with a luminous blue top, embodying a Prime RFQ control for RFQ protocol initiation. This institutional-grade interface enables high-fidelity execution of digital asset derivatives block trades, ensuring private quotation and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine-module-for-high-fidelity-execution-and-liquidity-aggregation.jpg)

## Glossary

<a href="https://prime.greeks.live/area/price-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic, disc-centric interface, likely a Crypto Derivatives OS, signifies high-fidelity execution for institutional-grade digital asset derivatives. Its grid implies algorithmic trading and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/rfq-block-price-algo-fidelity-alpha-capital-institutional-digital.jpg)

## Price Impact

Meaning ▴ Price Impact, within the context of crypto trading and institutional RFQ systems, signifies the adverse shift in an asset's market price directly attributable to the execution of a trade, especially a large block order. </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 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)

## Request for Quote

Meaning ▴ A Request for Quote (RFQ), in the context of institutional crypto trading, is a formal process where a prospective buyer or seller of digital assets solicits price quotes from multiple liquidity providers or market makers simultaneously. </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 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)

## Block Trade

Meaning ▴ A Block Trade, within the context of crypto investing and institutional options trading, denotes a large-volume transaction of digital assets or their derivatives that is negotiated and executed privately, typically outside of a public order book. </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">
![Intersecting transparent and opaque geometric planes, symbolizing the intricate market microstructure of institutional digital asset derivatives. Visualizes high-fidelity execution and price discovery via RFQ protocols, demonstrating multi-leg spread strategies and dark liquidity for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-architecture.jpg)

## Market Makers

Meaning ▴ Market Makers are essential financial intermediaries in the crypto ecosystem, particularly crucial for institutional options trading and RFQ crypto, who stand ready to continuously quote both buy and sell prices for digital assets and derivatives. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Overlapping grey, blue, and teal segments, bisected by a diagonal line, visualize a Prime RFQ facilitating RFQ protocols for institutional digital asset derivatives. It depicts high-fidelity execution across liquidity pools, optimizing market microstructure for capital efficiency and atomic settlement of block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-optimization-2.jpg)

## Rfq

Meaning ▴ A Request for Quote (RFQ), in the domain of institutional crypto trading, is a structured communication protocol enabling a prospective buyer or seller to solicit firm, executable price proposals for a specific quantity of a digital asset or derivative from one or more 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 deconstructed spherical object, segmented into distinct horizontal layers, slightly offset, symbolizing the granular components of an institutional digital asset derivatives platform. Each layer represents a liquidity pool or RFQ protocol, showcasing modular execution pathways and dynamic price discovery within a Prime RFQ architecture for high-fidelity execution and systemic risk mitigation](https://options.greeks.live/wp-content/uploads/2025/08/modular-institutional-digital-asset-derivatives-execution-framework-dissected-for-optimal-rfq-performance.jpg)

## Rfq System

Meaning ▴ An RFQ System, within the sophisticated ecosystem of institutional crypto trading, constitutes a dedicated technological infrastructure designed to facilitate private, bilateral price negotiations and trade executions for substantial quantities of digital assets. </a><a href="https://prime.greeks.live/area/cost-basis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Diagonal composition of sleek metallic infrastructure with a bright green data stream alongside a multi-toned teal geometric block. This visualizes High-Fidelity Execution for Digital Asset Derivatives, facilitating RFQ Price Discovery within deep Liquidity Pools, critical for institutional Block Trades and Multi-Leg Spreads on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-execution-optimization-leveraging-proprietary-institutional-prime-os-for-optimal-price-discovery-and-latency-reduction.jpg)

## Cost Basis

Meaning ▴ Cost Basis, in the context of crypto investing, represents the total original value of a digital asset for tax and accounting purposes, encompassing its purchase price alongside all directly attributable expenses such as trading fees, network gas fees, and exchange commissions. </a><a href="https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric representation of an institutional RFQ protocol for digital asset derivatives. Two distinct segments symbolize cross-market liquidity pools and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-2.jpg)

## Slippage

Meaning ▴ Slippage, in the context of crypto trading and systems architecture, defines the difference between an order's expected execution price and the actual price at which the trade is ultimately filled. </a><a href="https://prime.greeks.live/area/twap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Engineered components in beige, blue, and metallic tones form a complex, layered structure. This embodies the intricate market microstructure of institutional digital asset derivatives, illustrating a sophisticated RFQ protocol framework for optimizing price discovery, high-fidelity execution, and managing counterparty risk within multi-leg spreads on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-stack-optimization.jpg)

## Twap

Meaning ▴ TWAP, or Time-Weighted Average Price, is a fundamental execution algorithm employed in institutional crypto trading to strategically disperse a large order over a predetermined time interval, aiming to achieve an average execution price that closely aligns with the asset's average price over that same 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">
![Sleek, intersecting metallic elements above illuminated tracks frame a central oval block. This visualizes institutional digital asset derivatives trading, depicting RFQ protocols for high-fidelity execution, liquidity aggregation, and price discovery within market microstructure, ensuring best execution on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-for-optimal-execution.jpg)

## Vwap

Meaning ▴ VWAP, or Volume-Weighted Average Price, is a foundational execution algorithm specifically designed for institutional crypto trading, aiming to execute a substantial order at an average price that closely mirrors the market's volume-weighted average price over a designated trading period. </a><a href="https://prime.greeks.live/area/cash-secured-puts/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise metallic and transparent teal mechanism symbolizes the intricate market microstructure of a Prime RFQ. It facilitates high-fidelity execution for institutional digital asset derivatives, optimizing RFQ protocols for private quotation, aggregated inquiry, and block trade management, ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-trading-systems-driving-high-fidelity-institutional-digital-asset-derivatives-rfq-execution-protocols.jpg)

## Cash-Secured Puts

Meaning ▴ Cash-Secured Puts, in the context of crypto options trading, represent an options strategy where an investor writes (sells) a put option and simultaneously sets aside an equivalent amount of stablecoin or fiat currency as collateral to cover the potential purchase of the underlying cryptocurrency if the option is exercised. </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 luminous, miniature Earth sphere rests precariously on textured, dark electronic infrastructure with subtle moisture. This visualizes institutional digital asset derivatives trading, highlighting high-fidelity execution within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/global-digital-asset-derivatives-rfq-protocol-execution-engine-underpinning-institutional-market-microstructure-with-precision.jpg)

## Strike Price

Meaning ▴ The strike price, in the context of crypto institutional options trading, denotes the specific, predetermined price at which the underlying cryptocurrency asset can be bought (for a call option) or sold (for a put option) upon the option's exercise, before or on its designated expiration date. </a><a href="https://prime.greeks.live/area/multi-leg-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Reflective and circuit-patterned metallic discs symbolize the Prime RFQ powering institutional digital asset derivatives. This depicts deep market microstructure enabling high-fidelity execution through RFQ protocols, precise price discovery, and robust algorithmic trading within aggregated liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-architecture-driving-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-liquidity-and-best-execution.jpg)

## Multi-Leg Options

Meaning ▴ Multi-Leg Options are advanced options trading strategies that involve the simultaneous buying and/or selling of two or more distinct options contracts, typically on the same underlying cryptocurrency, with varying strike prices, expiration dates, or a combination of both call and put types. </a>

**Tags:** [Algorithmic Trading](https://options.greeks.live/area/algorithmic-trading/), [Cost Basis](https://options.greeks.live/area/cost-basis/), [Price Impact](https://options.greeks.live/area/price-impact/), [Market Makers](https://options.greeks.live/area/market-makers/), [Block Trade](https://options.greeks.live/area/block-trade/), [Strike Price](https://options.greeks.live/area/strike-price/)	

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### [Secure Your Price Certainty with Advanced RFQ Strategies](https://options.greeks.live/guide/secure-your-price-certainty-with-advanced-rfq-strategies/)
![A precise mechanical instrument with intersecting transparent and opaque hands, representing the intricate market microstructure of institutional digital asset derivatives. This visual metaphor highlights dynamic price discovery and bid-ask spread dynamics within RFQ protocols, emphasizing high-fidelity execution and latent liquidity through a robust Prime RFQ for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-driving-institutional-digital-asset-derivatives-execution-across-advanced-rfq-protocols-and-prime-brokerage-frameworks.jpg)

Secure price certainty and command institutional-grade liquidity with advanced Request for Quote execution strategies.

- 
### [Minimize Slippage and Market Impact with Institutional Block Trading Techniques](https://options.greeks.live/guide/minimize-slippage-and-market-impact-with-institutional-block-trading-techniques/)
![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)

Master institutional block trading techniques to command liquidity, eliminate slippage, and execute with precision.

- 
### [Secure Better Pricing on Your Next Block Trade](https://options.greeks.live/guide/secure-better-pricing-on-your-next-block-trade/)
![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

Command institutional-grade liquidity and secure superior pricing on your next large trade with professional execution strategies.

- 
### [Beyond the Buy Button a Guide to Structuring Trades for Certainty](https://options.greeks.live/guide/beyond-the-buy-button-a-guide-to-structuring-trades-for-certainty/)
![A dark, textured module with a glossy top and silver button, featuring active RFQ protocol status indicators. This represents a Principal's operational framework for high-fidelity execution of institutional digital asset derivatives, optimizing atomic settlement and capital efficiency within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-interface-1.jpg)

Command liquidity on your terms; execute complex trades with atomic precision and institutional-grade certainty.

- 
### [Your Edge Is Execution Not Just Your Idea](https://options.greeks.live/guide/your-edge-is-execution-not-just-your-idea/)
![A central glowing blue mechanism with a precision reticle is encased by dark metallic panels. This symbolizes an institutional-grade Principal's operational framework for high-fidelity execution of digital asset derivatives. It embodies RFQ processing, enabling price discovery within a deep liquidity pool, optimizing market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/precision-core-enabling-institutional-digital-asset-derivatives-rfq-execution.jpg)

Your trading idea is worthless without pristine execution; command your price with institutional-grade RFQ block trading.

- 
### [The Three Phases of Executing a Multi-Million Dollar Block Trade](https://options.greeks.live/guide/the-three-phases-of-executing-a-multi-million-dollar-block-trade/)
![A dark central hub with three reflective, translucent blades extending. This represents a Principal's operational framework for digital asset derivatives, processing aggregated liquidity and multi-leg spread inquiries. The intricate core signifies high-fidelity execution and algorithmic trading for price discovery within RFQ protocols, mitigating counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-for-high-fidelity-digital-asset-derivatives.jpg)

Mastering the three phases of block trade execution turns size from a market liability into a strategic advantage.

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---

**Original URL:** https://options.greeks.live/guide/mastering-block-trades-how-to-systematically-lower-your-entry-costs/
