# Why Professional Traders Use RFQ for Bitcoin Derivatives Execution ▴ Guide

**Published:** 2025-08-10
**Categories:** Guide

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![Precisely engineered circular beige, grey, and blue modules stack tilted on a dark base. A central aperture signifies the core RFQ protocol engine](https://options.greeks.live/wp-content/uploads/2025/07/core-prime-os-rfq-engine-digital-asset-derivatives-trading-system-execution.jpg)

![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](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)

## The Calibration of Liquidity

Executing digital asset derivatives with institutional-grade precision begins with a fundamental shift in perspective. The process transcends passive interaction with a [public order book](https://prime.greeks.live/area/public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), moving into a domain where liquidity is actively sourced and commanded. This is the operational environment of the Request for Quote (RFQ) system, a private negotiation channel between a trader and a network of professional liquidity providers. An RFQ is initiated when a trader broadcasts a desired trade ▴ specifying the instrument and size, without revealing the direction ▴ to a select group of [market makers](https://prime.greeks.live/question/what-are-the-primary-risks-for-market-makers-in-an-rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

These market makers then compete, returning their best bid and offer for that specific trade. The trader retains complete control, selecting the most favorable quote to execute against. This mechanism provides a direct conduit to deep, often un-displayed liquidity, ensuring that large or complex positions can be filled with minimal friction and predictable pricing.

The structural integrity of this execution method offers a powerful countermeasure to the challenges inherent in open, transparent markets. Public central limit order books (CLOBs), while foundational to modern trading, present distinct disadvantages for professional operations. Large orders placed directly on a CLOB can signal intent to the broader market, creating adverse price movements before the full order is even filled. This phenomenon, known as slippage, represents a direct cost to the trader.

The RFQ process, by its private and competitive nature, mitigates this information leakage. The initial request is directionless, and the subsequent quotes are visible only to the requester, preventing the market from reacting to the trader’s activity. It transforms execution from a public broadcast into a discreet, competitive auction.

> RFQ executes your orders at the best available price, potentially reducing slippage compared to traditional order book executions.

Understanding this distinction is the first step toward operating with a professional toolkit. The crypto market’s structure, characterized by high volatility and fragmented liquidity across numerous venues, amplifies the need for such sophisticated execution tools. Price volatility can dramatically alter the cost of a trade in milliseconds, making price certainty a valuable commodity. RFQ provides this certainty by locking in a price with a specific counterparty before execution.

Furthermore, liquidity for many derivative instruments is not concentrated in a single public pool but is held by a diverse set of market-making firms. An [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) aggregates this fragmented liquidity, allowing traders to tap into deeper pools than are visible on any single exchange’s [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This capacity to source liquidity on demand is a defining characteristic of professional trading operations, enabling them to execute strategies with an efficiency that public markets alone cannot offer.

![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)

![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 Precision Execution of Complex Strategies

Deploying capital with surgical accuracy requires tools designed for specific outcomes. The RFQ system is the definitive mechanism for translating complex derivatives strategies from theory into precisely costed, efficiently executed positions. It is particularly potent for multi-leg options structures, where the simultaneous execution of all components at a desired net price is paramount. Attempting to “leg into” a complex options position on a [public order](https://prime.greeks.live/guide/why-private-rfq-networks-offer-superior-pricing-to-public-order-books/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) book ▴ executing each part of the trade sequentially ▴ exposes the trader to significant execution risk.

Price movements between the execution of each leg can turn a theoretically profitable setup into a loss. The RFQ system solves this by treating the entire multi-leg structure as a single, indivisible package. Professional traders can request a quote for a complete Bitcoin collar (a protective combination of buying a put and selling a call) or an Ethereum straddle (buying both a call and a put at the same strike price), receiving a single, net price from market makers for the entire position.

![An abstract metallic circular interface with intricate patterns visualizes an institutional grade RFQ protocol for block trade execution. A central pivot holds a golden pointer with a transparent liquidity pool sphere and a blue pointer, depicting market microstructure optimization and high-fidelity execution for multi-leg spread price discovery](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-market-microstructure-optimization.jpg)

## Commanding Price on Multi-Leg Structures

The strategic application of RFQ for options spreads is a core discipline for institutional traders. Consider the objective of harvesting yield or hedging a core Bitcoin holding. A common strategy is the [cash-and-carry](https://prime.greeks.live/area/cash-and-carry/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) trade, which involves buying a spot asset and simultaneously selling a futures contract against it to capture the basis. An RFQ allows a trader to request a quote for both the spot purchase and the futures sale as a single unit, ensuring a specific net entry price for the entire arbitrage.

This removes the risk of the basis changing between the two open-market executions. Similarly, for constructing a covered call, a trader can package the purchase of BTC with the sale of a call option, receiving a single quote that guarantees the net cost basis of the entire hedged position. This atomic execution is a critical advantage. It transforms a probabilistic exercise on a public market into a deterministic one within a private auction.

![Two off-white elliptical components separated by a dark, central mechanism. This embodies an RFQ protocol for institutional digital asset derivatives, enabling price discovery for block trades, ensuring high-fidelity execution and capital efficiency within a Prime RFQ for dark liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-4.jpg)

## A Framework for RFQ Strategy Execution

A disciplined approach is essential for integrating RFQ into an active trading book. The process moves from strategic objective to precise execution through a clear sequence of operations. This framework ensures that every RFQ is purposeful and optimized for the best possible outcome.

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**Strategy Formulation** ▴ The process begins with a clear portfolio objective. This could be generating income, hedging downside risk, or expressing a view on volatility. The chosen derivatives structure ▴ be it a simple covered call, a risk reversal, or a complex multi-leg butterfly spread ▴ is designed to achieve this specific goal.
The key inputs are the underlying asset (e.g. BTC or ETH), the desired expiration dates, and the strike prices that align with the market view.

- 
**RFQ Construction** ▴ With the strategy defined, the trader constructs the RFQ package. On a platform like [Deribit](https://prime.greeks.live/area/deribit/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) or [Paradigm](https://prime.greeks.live/area/paradigm/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), this involves specifying each leg of the trade. For a protective ETH collar, the RFQ would contain two legs ▴ the purchase of a specific put option and the sale of a specific call option.
The trader specifies the quantity for the structure but, crucially, not the direction (buy or sell). This directional neutrality is fundamental to preventing information leakage.

- 
**Dealer Selection and Dissemination** ▴ The trader chooses which market makers will receive the request. Platforms often allow for broadcasting to all available liquidity providers or selecting a smaller, curated subset. For highly specialized or very large trades, a trader might select only those market makers known to have the most competitive pricing for that particular type of structure. The RFQ is then sent, initiating a short auction window, often lasting only milliseconds.

- 
**Quote Evaluation and Execution** ▴ Market makers respond with firm, executable bids and offers for the entire packaged strategy. The trader is presented with a list of competing two-sided quotes. This is the critical decision point.
The trader evaluates the quotes based on the net price and can choose to execute by hitting either the bid or the offer from the most competitive market maker. The execution is instantaneous and guarantees the fill for the entire structure at the quoted price, with zero slippage.

![A central reflective sphere, representing a Principal's algorithmic trading core, rests within a luminous liquidity pool, intersected by a precise execution bar. This visualizes price discovery for digital asset derivatives via RFQ protocols, reflecting market microstructure optimization within an institutional grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## Minimizing Frictional Costs in Block Trading

For institutional-sized positions, the primary adversary is market impact. A large block order for Bitcoin perpetual swaps or options, if fed into the public order book, would consume layers of liquidity, causing the execution price to slip progressively further from the initial quote. This slippage is a direct frictional cost that erodes the alpha of the trading strategy.

RFQ is the designated tool for executing block trades specifically because it circumvents the public liquidity stack. By negotiating directly with the largest market makers, a trader gains access to their full balance sheet liquidity, which is substantially deeper than what they might display on the central order book.

> Daily block volumes on platforms with RFQ capabilities have reached as high as 30% of total options market volumes, demonstrating its importance for institutional-scale trading.

This process is structurally designed to minimize costs. The competitive nature of the multi-dealer auction ensures that the resulting price is often superior to what could be achieved on the CLOB, even before accounting for slippage. Market makers, competing for the flow, are incentivized to tighten their spreads. Furthermore, platforms like Deribit have specific, often lower, fee structures for designated block trades executed via RFQ, adding another layer of cost efficiency.

This combination of deep liquidity access, competitive pricing, and reduced fees makes RFQ the unequivocal standard for professional block execution in crypto derivatives. A visible intellectual grappling with the concept might lead one to question the market makers’ incentive. They provide this superior pricing because the RFQ flow is less “toxic.” Unlike an anonymous market order on the CLOB which could be from a highly informed trader exploiting a short-term alpha, an RFQ is understood to be a professional entity managing a large position. This reduced adverse selection risk allows the market maker to quote more aggressively, a benefit that is passed directly to the trader initiating the RFQ. The system fosters a symbiotic relationship where traders receive better execution, and market makers can price risk more accurately.

![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)

![A dark, metallic, circular mechanism with central spindle and concentric rings embodies a Prime RFQ for Atomic Settlement. A precise black bar, symbolizing High-Fidelity Execution via FIX Protocol, traverses the surface, highlighting Market Microstructure for Digital Asset Derivatives and RFQ inquiries, enabling Capital Efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-1.jpg)

## The Systematic Integration of Sourced Liquidity

Mastery of the RFQ mechanism extends beyond single-trade execution into the realm of holistic portfolio management. Advanced trading operations view RFQ not as a situational tool, but as a continuously integrated liquidity source that informs and enables higher-level strategies. This perspective treats the network of market makers as a private, on-demand liquidity pool that can be systematically accessed to manage complex risk profiles and execute sophisticated portfolio-level adjustments with unparalleled efficiency. The ability to source liquidity privately and at a guaranteed price allows for a more dynamic and aggressive approach to risk management and alpha generation across an entire portfolio.

![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)

## Dynamic Hedging and Portfolio Rebalancing

A core challenge for any large portfolio is maintaining a target risk exposure in the face of volatile markets. For a fund with a large, multi-faceted position in Bitcoin and Ethereum, maintaining a precise portfolio delta requires constant adjustment. Using public markets for these rebalancing trades would be inefficient and costly, telegraphing the fund’s strategy and incurring slippage on every adjustment. Integrating an RFQ workflow allows a portfolio manager to execute large, delta-hedging trades with futures or options quickly and discreetly.

For example, if a portfolio’s delta has drifted due to a sharp market move, the manager can send out a single RFQ for the precise notional value of futures required to neutralize the unwanted exposure, executing the entire hedge in one transaction at a fixed price. This transforms rebalancing from a costly, reactive scramble into a precise, efficient, and proactive calibration. The same principle applies to managing other Greeks; a portfolio’s vega or gamma exposure can be adjusted with similar precision through multi-leg option RFQs.

![Abstract geometric planes and light symbolize market microstructure in institutional digital asset derivatives. A central node represents a Prime RFQ facilitating RFQ protocols for high-fidelity execution and atomic settlement, optimizing capital efficiency across diverse liquidity pools and managing counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-intelligence.jpg)

## Advanced Use Cases for Integrated RFQ

The true power of RFQ is realized when it becomes a foundational component of a firm’s trading infrastructure, enabling strategies that are otherwise impractical to execute. This is the frontier of professional crypto derivatives trading.

- 
**Cross-Exchange Arbitrage at Scale** ▴ The fragmented nature of crypto liquidity creates arbitrage opportunities between different exchanges. A trader might identify a pricing discrepancy in BTC options between two different venues. Executing this arbitrage with market orders is fraught with risk. An RFQ system, particularly one that aggregates liquidity across venues, allows a trader to construct a single RFQ to simultaneously buy the underpriced option and sell the overpriced one, locking in the spread without execution risk.

- 
**Volatility Surface Trading** ▴ Professional volatility traders manage positions across numerous strikes and expirations. They trade the shape of the volatility surface itself. An RFQ allows them to execute complex volatility structures, such as selling an expensive short-dated straddle against the purchase of a cheaper long-dated strangle, as a single, packaged trade. This guarantees the execution of their nuanced view on the term structure of volatility.

- 
**Bespoke Derivatives Creation** ▴ The most advanced application of RFQ is the creation of customized derivatives. A fund may require a specific risk-reversal structure with non-standard expiration dates to hedge a venture investment’s lock-up period. Through an RFQ to select market makers, they can effectively create a market for this bespoke instrument, negotiating a price for a product that does not exist on any public exchange. This is the pinnacle of commanding liquidity on demand.

This systematic integration requires a robust operational setup. It involves leveraging APIs to automate the construction and dissemination of RFQs based on real-time portfolio risk metrics. As institutional adoption of crypto derivatives matures, the competitive edge will be defined by the sophistication of these integrated trading systems. The ability to see portfolio risk and instantly address it with a discreet, competitively priced, large-scale transaction via RFQ is a defining characteristic of a market leader.

It represents a state of operational superiority, turning market volatility from a threat into a field of opportunity that can be managed and exploited with precision. This is the end state of mastering the RFQ. It is complete control.

![A central RFQ engine flanked by distinct liquidity pools represents a Principal's operational framework. This abstract system enables high-fidelity execution for digital asset derivatives, optimizing capital efficiency and price discovery within market microstructure for institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-optimal-execution-for-digital-asset-derivatives.jpg)

## The Trader as Price Commander

The journey through the mechanics and strategies of the Request for Quote system culminates in a powerful realization. The tools you deploy define the limits of your potential. Engaging with the market through a professional-grade execution framework elevates your role from a passive price taker, subject to the whims of a public order book, to an active commander of liquidity. It instills a process of intentionality, where every large or complex trade is preceded by a strategic sourcing of the best possible price from a competitive field.

This is more than a tactical advantage; it is a fundamental re-engineering of your relationship with the market. The confidence derived from knowing you can execute complex, multi-leg structures at a guaranteed price, or hedge significant risk without alerting the entire ecosystem, becomes the bedrock of a more ambitious and sophisticated trading career. The path forward is clear ▴ to operate at the highest level, you must employ the tools built for that purpose. The RFQ system is the key to that control room.

![Illuminated conduits passing through a central, teal-hued processing unit abstractly depict an Institutional-Grade RFQ Protocol. This signifies High-Fidelity Execution of Digital Asset Derivatives, enabling Optimal Price Discovery and Aggregated Liquidity for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-best-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/area/public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Public Order Book

Meaning ▴ The Public Order Book constitutes a real-time, aggregated data structure displaying all active limit orders for a specific digital asset derivative instrument on an exchange, categorized precisely by price level and corresponding quantity for both bid and ask sides. </a><a href="https://prime.greeks.live/question/what-are-the-primary-risks-for-market-makers-in-an-rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A Prime RFQ interface for institutional digital asset derivatives displays a block trade module and RFQ protocol channels. Its low-latency infrastructure ensures high-fidelity execution within market microstructure, enabling price discovery and capital efficiency for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-engine-high-fidelity-execution-digital-asset-derivatives.jpg)

## Market Makers

A market maker's primary risks in an RFQ system are adverse selection, inventory exposure, and information leakage from the quote process itself. </a><a href="https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated mechanical system featuring a translucent, crystalline blade-like component, embodying a Prime RFQ for Digital Asset Derivatives. This visualizes high-fidelity execution of RFQ protocols, demonstrating aggregated inquiry and price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-microstructure-1.jpg)

## Order Book

Meaning ▴ An Order Book is a real-time electronic ledger detailing all outstanding buy and sell orders for a specific financial instrument, organized by price level and sorted by time priority within each level. </a><a href="https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric planes in teal, navy, and grey intersect. A central beige object, symbolizing a precise RFQ inquiry, passes through a teal anchor, representing High-Fidelity Execution within Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution-liquidity-aggregation-price-discovery-market-microstructure.jpg)

## Rfq System

Meaning ▴ An RFQ System, or Request for Quote System, is a dedicated electronic platform designed to facilitate the solicitation of executable prices from multiple liquidity providers for a specified financial instrument and quantity. </a><a href="https://prime.greeks.live/guide/why-private-rfq-networks-offer-superior-pricing-to-public-order-books/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent sphere, bisected by dark rods, symbolizes an RFQ protocol's core. This represents multi-leg spread execution within a high-fidelity market microstructure for institutional grade digital asset derivatives, ensuring optimal price discovery and capital efficiency via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocols-high-fidelity-execution.jpg)

## Public Order

Stop chasing prices on public screens. </a><a href="https://prime.greeks.live/area/cash-and-carry/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished, dark blue domed component, symbolizing a private quotation interface, rests on a gleaming silver ring. This represents a robust Prime RFQ framework, enabling high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/optimized-execution-for-institutional-digital-asset-derivatives-rfq.jpg)

## Cash-And-Carry

Meaning ▴ Cash-and-Carry signifies a market-neutral arbitrage strategy that involves the simultaneous acquisition of an underlying asset in the spot market and the concurrent sale of a corresponding futures contract on that same asset. </a><a href="https://prime.greeks.live/area/paradigm/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Paradigm

Meaning ▴ A paradigm represents a fundamental conceptual framework or a prevailing model that dictates the design, operation, and interpretation of systems within a specific domain, such as digital asset market microstructure or derivative product structuring. </a><a href="https://prime.greeks.live/area/deribit/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A spherical system, partially revealing intricate concentric layers, depicts the market microstructure of an institutional-grade platform. A translucent sphere, symbolizing an incoming RFQ or block trade, floats near the exposed execution engine, visualizing price discovery within a dark pool for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-engine-microstructure.jpg)

## Deribit

Meaning ▴ Deribit functions as a centralized digital asset derivatives exchange, primarily facilitating the trading of Bitcoin and Ethereum options and perpetual swaps. </a>

**Tags:** [RFQ System](https://options.greeks.live/area/rfq-system/), [Best Execution](https://options.greeks.live/area/best-execution/), [Volatility Trading](https://options.greeks.live/area/volatility-trading/), [Crypto RFQ](https://options.greeks.live/area/crypto-rfq/), [Multi-Leg Execution](https://options.greeks.live/area/multi-leg-execution/), [Minimize Slippage](https://options.greeks.live/area/minimize-slippage/)	

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- 
### [Unlock Institutional-Grade Liquidity for Your Crypto Options Block Trades Today](https://options.greeks.live/guide/unlock-institutional-grade-liquidity-for-your-crypto-options-block-trades-today/)
![A multi-faceted algorithmic execution engine, reflective with teal components, navigates a cratered market microstructure. It embodies a Principal's operational framework for high-fidelity execution of digital asset derivatives, optimizing capital efficiency, best execution via RFQ protocols in a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

Command institutional-grade liquidity and execute complex crypto options trades with zero slippage using RFQ systems.

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---

**Original URL:** https://options.greeks.live/guide/why-professional-traders-use-rfq-for-bitcoin-derivatives-execution/
