# Minimize Slippage and Command Liquidity with Options RFQ Systems ▴ Guide

**Published:** 2025-08-09
**Categories:** Guide

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![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)

![Symmetrical, engineered system displays translucent blue internal mechanisms linking two large circular components. This represents an institutional-grade Prime RFQ for digital asset derivatives, enabling RFQ protocol execution, high-fidelity execution, price discovery, dark liquidity management, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-prime-os-core.jpg)

## The Condition of Modern Liquidity

Executing substantial options positions requires a fundamental shift in perspective. The fragmented nature of modern financial markets, where liquidity is spread across numerous venues, presents a complex surface. An effective operator views this landscape as a system to be navigated with precision. The [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) mechanism is a core component of this navigation, a specialized instrument for engaging directly with [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to achieve a specific outcome.

It is a communications channel designed for privately negotiating large futures and options transactions away from the public auction market. This process allows an institution or individual trader to solicit firm quotes from a select group of market makers, creating a competitive pricing environment for a single, large-scale order. The function of an RFQ is to consolidate interest and discover the true, executable price for a block-sized trade, mitigating the information leakage and price degradation that often accompany attempts to execute [large orders](https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) on a [central limit order book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CLOB).

The transition to electronic trading has brought efficiency, yet it has also atomized pools of liquidity. An options contract, with its multiple series defined by strike price and maturity, inherently divides market interest. An [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) counters this fragmentation by creating a direct, competitive auction for a specific, large order. It allows a trader to specify the exact parameters of a complex, multi-leg options strategy and receive a single, all-in price from multiple dealers simultaneously.

This dynamic introduces a competitive tension that benefits the price taker. Each participating market maker is aware they are competing for the order, which compels them to provide their most aggressive pricing. The result is a mechanism that synthesizes the targeted liquidity access of over-the-counter (OTC) trading with the security and clearing benefits of an exchange-listed transaction.

> A market with resilient liquidity maintains its depth and stability even when prices become volatile, a condition that RFQ systems are designed to leverage by sourcing deep, competitive quotes directly from principal market makers.

Understanding the [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is essential to appreciating the RFQ’s role. Traditional lit markets operate on a continuous auction model, where buyers and sellers meet through a CLOB. While effective for smaller, standard orders, this system can be inefficient for large blocks. Placing a large order on the book can signal intent to the broader market, causing prices to move adversely before the full order can be filled ▴ a phenomenon known as slippage or market impact.

[RFQ systems](https://prime.greeks.live/area/rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) operate as a distinct, complementary channel. They are designed for “Eligible Contract Participants” (ECPs), a designation that includes institutional investors, corporations, and high-net-worth individuals who require the capacity to execute large trades without disrupting the market. The process is governed by exchange rules, such as CME Group’s Rule 526, which outlines the parameters for eligible products, minimum size thresholds, and reporting requirements, ensuring a regulated and transparent framework for these privately negotiated trades.

![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)

![A precision-engineered RFQ protocol engine, its central teal sphere signifies high-fidelity execution for digital asset derivatives. This module embodies a Principal's dedicated liquidity pool, facilitating robust price discovery and atomic settlement within optimized market microstructure, ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## A Framework for Engineered Execution

Deploying an RFQ system is an active investment in execution quality. It is a strategic decision to move from passive order placement to active liquidity curation. The financial benefits manifest in tighter spreads, reduced slippage, and the ability to deploy complex strategies at scale.

This section details the practical application of RFQ systems for achieving specific, superior trading outcomes. The methodologies presented here are built upon the foundational principles of market structure and are designed for the operator focused on quantifiable performance improvement.

![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)

## Sourcing Block Liquidity with Discretion

The primary function of an [options RFQ](https://prime.greeks.live/area/options-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is to secure a firm price for a large order without telegraphing intent to the public market. This is particularly valuable for institutional traders managing significant positions in assets like BTC or ETH options, where anonymity is paramount. The process begins with the construction of the trade ▴ for instance, a 1,000-lot BTC straddle. Instead of breaking this order into smaller pieces and feeding them into the CLOB, the trader uses an RFQ platform to request quotes from a pre-selected group of five to seven specialist liquidity providers.

These providers respond with a firm bid and offer for the entire block. The trader can then execute the full order in a single transaction at the best price offered. This method provides price improvement over the National Best Bid and Offer (NBBO) and ensures the entire size is executed at a known price, eliminating the uncertainty of legging into a position in a volatile market.

![A central, metallic cross-shaped RFQ protocol engine orchestrates principal liquidity aggregation between two distinct institutional liquidity pools. Its intricate design suggests high-fidelity execution and atomic settlement within digital asset options trading, forming a core Crypto Derivatives OS for algorithmic price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-liquidity-aggregation-and-high-fidelity-execution.jpg)

## Executing Complex Multi-Leg Structures

Options strategies frequently involve multiple legs, such as collars (buying a protective put and selling a covered call) or vertical spreads. Executing these on a public exchange can introduce “legging risk” ▴ the risk that the market will move between the execution of the individual legs, resulting in a worse overall price. RFQ systems are engineered to solve this. A trader can submit a multi-leg options spread as a single package.

For example, an RFQ for an ETH collar would solicit a single, net debit or credit for the entire structure. Liquidity providers compete on the net price of the package, absorbing the execution risk of the individual legs. This is a critical advantage for deploying sophisticated hedging or income-generating strategies, as it guarantees the intended structure is implemented at a precise, predetermined cost basis. A study by Tradeweb highlighted an example where a vertical spread on an ETF was executed via RFQ at a price superior to the NBBO and at a size significantly larger than what was publicly quoted.

![A transparent, teal pyramid on a metallic base embodies price discovery and liquidity aggregation. This represents a high-fidelity execution platform for institutional digital asset derivatives, leveraging Prime RFQ for RFQ protocols, optimizing market microstructure and best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-2.jpg)

## A Comparative View of Execution Mechanisms

The decision to use an RFQ is a calculated one, based on the trade’s specific characteristics. The following provides a framework for evaluating RFQ against other common execution methods.

- **Central Limit Order Book (CLOB)** ▴ Best suited for small, liquid, single-leg orders where market impact is minimal. Its high transparency can become a liability for large orders, leading to information leakage.

- **Algorithmic Execution (e.g. TWAP/VWAP)** ▴ These algorithms break large orders into smaller pieces to minimize market impact over time. They are effective for patient execution but carry timing risk and may not be suitable for capturing a specific price point or for complex multi-leg structures.

- **Request for Quote (RFQ)** ▴ The optimal mechanism for large, complex, or sensitive orders. It centralizes liquidity for a specific trade, fosters price competition among dealers, and minimizes information leakage. Research indicates that for large orders, quote-driven systems like RFQ often result in better prices than order-driven markets.

![Precision-engineered metallic tracks house a textured block with a central threaded aperture. This visualizes a core RFQ execution component within an institutional market microstructure, enabling private quotation for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-framework-precision-microstructure-component.jpg)

## A Practical Application the Volatility Block Trade

Consider a portfolio manager who believes implied volatility in the crypto market is underpriced and wishes to execute a large long-straddle position on ETH. The desired trade is to buy 500 contracts of an at-the-money (ATM) call and 500 contracts of the corresponding ATM put.

- **Strategy Formulation** ▴ The objective is to gain long volatility exposure with a substantial position size. The primary risk is execution cost and slippage.

- **Venue Selection** ▴ Executing 1,000 total contracts through the CLOB would almost certainly move the market. The order would have to be worked over time, potentially at deteriorating prices. The RFQ is selected as the appropriate execution channel.

- **Liquidity Provider Curation** ▴ The manager selects a list of seven trusted liquidity providers known for their expertise in ETH volatility markets.

- **RFQ Submission** ▴ The two-leg straddle is submitted as a single package to the RFQ platform. The request is for a single price in USD or ETH for the entire 1,000-contract package.

- **Competitive Bidding** ▴ The seven providers respond within a short time frame (typically 15-30 seconds). The platform displays all quotes in real-time. The manager sees bids ranging from $2,550 to $2,590 per straddle.

- **Execution** ▴ The manager selects the best bid ($2,550) and executes the entire 500-lot straddle in a single click. The trade is done. It is reported to the exchange and cleared through a central counterparty, providing the security of a standard exchange transaction.

This entire process achieves the strategic objective with engineered precision. The portfolio manager has commanded liquidity on their terms, secured a competitive price through a private auction, and eliminated the execution risk associated with working a large, complex order in the public market.

![A sleek, multi-component device in dark blue and beige, symbolizing an advanced institutional digital asset derivatives platform. The central sphere denotes a robust liquidity pool for aggregated inquiry](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-platform-system.jpg)

![Three interconnected units depict a Prime RFQ for institutional digital asset derivatives. The glowing blue layer signifies real-time RFQ execution and liquidity aggregation, ensuring high-fidelity execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-liquidity-aggregation-os.jpg)

## The Systemic Integration of Execution Alpha

Mastery of the RFQ system transcends the optimization of individual trades. It involves the integration of this execution capability into the core of a portfolio management process. Consistent access to superior pricing and deep liquidity becomes a structural advantage, a source of persistent alpha that compounds over time.

This advanced application requires a shift in thinking, from viewing execution as a simple cost center to understanding it as a performance driver. The focus moves toward building a resilient operational framework that systematically leverages the benefits of private liquidity negotiation across all trading activities.

![A crystalline sphere, representing aggregated price discovery and implied volatility, rests precisely on a secure execution rail. This symbolizes a Principal's high-fidelity execution within a sophisticated digital asset derivatives framework, connecting a prime brokerage gateway to a robust liquidity pipeline, ensuring atomic settlement and minimal slippage for institutional block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-platform-optimizing-liquidity-and-risk-management-through-advanced-protocols.jpg)

## A Portfolio Approach to Cost Basis Reduction

The cumulative impact of seemingly small price improvements on a large portfolio is substantial. A trader who consistently achieves a few basis points of price improvement on every large hedge or position entry is systematically lowering their cost basis and enhancing their net returns. Integrating RFQ as the default execution method for all block-sized trades creates a disciplined process for harvesting these savings. This requires establishing internal protocols for when an order qualifies for RFQ treatment, curating and maintaining relationships with a diverse set of liquidity providers, and analyzing post-trade data to quantify the execution quality.

The goal is to build a feedback loop where execution data informs future trading decisions, continuously refining the process of liquidity sourcing. The ability to demonstrate reduced transaction costs is a powerful metric of operational efficiency.

> Research into market microstructure reveals that the informational content of options order flow holds predictive power regarding future price movements, an asymmetry that RFQ systems help mitigate for large traders by preventing their own orders from becoming adverse signals.

![A precision-engineered, multi-layered mechanism symbolizing a robust RFQ protocol engine for institutional digital asset derivatives. Its components represent aggregated liquidity, atomic settlement, and high-fidelity execution within a sophisticated market microstructure, enabling efficient price discovery and optimal capital efficiency for block trades](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine.jpg)

## Advanced Risk Management Frameworks

The capacity to execute large, complex options structures with precision enables more sophisticated risk management. A corporate treasurer needing to hedge a large foreign currency exposure or a fund needing to implement a portfolio-wide tail-risk hedge can use RFQ to implement the strategy without causing market disruption. For instance, executing a large options collar requires buying a put and selling a call. The RFQ system allows the treasurer to get a single, net-zero-cost quote for the entire structure, ensuring the hedge is put in place efficiently.

This reliability is critical during periods of market stress, when liquidity on public exchanges can evaporate. Having an established RFQ framework provides a resilient channel to manage risk precisely when it is most needed. This operational readiness is a key component of a robust institutional risk management system.

![A translucent sphere with intricate metallic rings, an 'intelligence layer' core, is bisected by a sleek, reflective blade. This visual embodies an 'institutional grade' 'Prime RFQ' enabling 'high-fidelity execution' of 'digital asset derivatives' via 'private quotation' and 'RFQ protocols', optimizing 'capital efficiency' and 'market microstructure' for 'block trade' operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## The Frontier of Liquidity Sourcing

The evolution of financial markets points toward increasingly sophisticated methods of liquidity discovery. The principles underlying RFQ systems are being integrated with more advanced technologies. Some platforms are beginning to incorporate elements of artificial intelligence to suggest optimal liquidity providers for a given trade based on historical performance. The future likely involves a hybrid model where automated systems handle standard flows while sophisticated traders use advanced RFQ mechanisms for high-stakes, complex trades.

Understanding the dynamics of RFQ markets, where dealers manage inventory risk and bridge gaps between buyers and sellers, provides a durable mental model for navigating this future. The core skill remains the ability to engineer a competitive environment to achieve the best possible execution, a principle that will persist across technological shifts.

![A central core represents a Prime RFQ engine, facilitating high-fidelity execution. Transparent, layered structures denote aggregated liquidity pools and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-institutional-digital-asset-derivatives-execution.jpg)

## An Invitation to Market Control

The tools of professional finance grant agency to those who master them. The capacity to engage with the market on your own terms, to solicit competitive bids for your specific needs, and to execute with precision is the defining characteristic of a sophisticated operator. The journey from understanding market mechanics to commanding them is one of process, discipline, and the strategic application of superior systems. The framework of a Request for Quote system offers more than just a method for trading; it provides a direct line to the heart of the market’s liquidity engine.

By internalizing its logic, a trader moves from being a price taker in a vast, impersonal ocean to becoming a discerning navigator, charting a direct course to their intended financial destination. This is the foundation of enduring performance.

![Intersecting dark conduits, internally lit, symbolize robust RFQ protocols and high-fidelity execution pathways. A large teal sphere depicts an aggregated liquidity pool or dark pool, while a split sphere embodies counterparty risk and multi-leg spread mechanics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-7.jpg)

## Glossary

<a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A spherical, eye-like structure, an Institutional Prime RFQ, projects a sharp, focused beam. This visualizes high-fidelity execution via RFQ protocols for digital asset derivatives, enabling block trades and multi-leg spreads with capital efficiency and best execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-prime-os-rfq-protocol-digital-asset-derivatives-block-trade-execution.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers (LPs) are critical market participants in the crypto ecosystem, particularly for institutional options trading and RFQ crypto, who facilitate seamless trading by continuously offering to buy and sell digital assets or derivatives. </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 central rod, symbolizing an RFQ inquiry, links distinct liquidity pools and market makers. A transparent disc, an execution venue, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-optimization.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/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated apparatus, potentially a price discovery or volatility surface calibration tool. A blue needle with sphere and clamp symbolizes high-fidelity execution pathways and RFQ protocol integration within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-institutional-digital-asset-derivatives-execution.jpg)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book (CLOB) is a foundational trading system architecture where all buy and sell orders for a specific crypto asset or derivative, like institutional options, are collected and displayed in real-time, organized by price and time priority. </a><a href="https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, bimodal digital asset derivatives execution interface, partially open, revealing a dark, secure internal structure. This symbolizes high-fidelity execution and strategic price discovery via institutional RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-price-discovery.jpg)

## Large Orders

Meaning ▴ Large Orders, within the ecosystem of crypto investing and institutional options trading, denote trade requests for significant volumes of digital assets or derivatives that, if executed on standard public order books, would likely cause substantial price dislocation and market impact due to the typically shallower liquidity profiles of these nascent markets. </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 precise optical sensor within an institutional-grade execution management system, representing a Prime RFQ intelligence layer. This enables high-fidelity execution and price discovery for digital asset derivatives via RFQ protocols, ensuring atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-high-fidelity-institutional-digital-asset-rfq-execution-system-lens.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/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A high-precision, dark metallic circular mechanism, representing an institutional-grade RFQ engine. Illuminated segments denote dynamic price discovery and multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-7.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure, within the cryptocurrency domain, refers to the intricate design, operational mechanics, and underlying rules governing the exchange of digital assets across various trading venues. </a><a href="https://prime.greeks.live/area/rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A centralized intelligence layer for institutional digital asset derivatives, visually connected by translucent RFQ protocols. This Prime RFQ facilitates high-fidelity execution and private quotation for block trades, optimizing liquidity aggregation and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocol-engine.jpg)

## Rfq Systems

Meaning ▴ RFQ Systems, in the context of institutional crypto trading, represent the technological infrastructure and formalized protocols designed to facilitate the structured solicitation and aggregation of price quotes for digital assets and derivatives from multiple liquidity providers. </a><a href="https://prime.greeks.live/area/options-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A split spherical mechanism reveals intricate internal components. This symbolizes an Institutional Digital Asset Derivatives Prime RFQ, enabling high-fidelity RFQ protocol execution, optimal price discovery, and atomic settlement for block trades and multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-revealing-rfq-execution-core-mechanics.jpg)

## Options Rfq

Meaning ▴ An Options RFQ, or Request for Quote, is an electronic protocol or system enabling a market participant to broadcast a request for a price on a specific options contract or a complex options strategy to multiple liquidity providers simultaneously. </a>

**Tags:** [Multi-Dealer Liquidity](https://options.greeks.live/area/multi-dealer-liquidity/), [Minimize Slippage](https://options.greeks.live/area/minimize-slippage/), [RFQ Systems](https://options.greeks.live/area/rfq-systems/), [Options Block Liquidity](https://options.greeks.live/area/options-block-liquidity/), [Large Orders](https://options.greeks.live/area/large-orders/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/)	

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### [What Are the Core Differences between RFQ and Central Limit Order Books for Institutional Crypto Options Trading?](https://options.greeks.live/question/what-are-the-core-differences-between-rfq-and-central-limit-order-books-for-institutional-crypto-options-trading/)
![Geometric planes and transparent spheres represent complex market microstructure. A central luminous core signifies efficient price discovery and atomic settlement via RFQ protocol. This visualizes multi-leg spread execution across diverse liquidity pools for institutional digital asset derivatives on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-4.jpg)

RFQ offers discreet, multi-dealer price discovery for block crypto options, while CLOBs provide transparent, continuous liquidity for smaller, standardized trades.

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---

**Original URL:** https://options.greeks.live/guide/minimize-slippage-and-command-liquidity-with-options-rfq-systems/
