# Why Serious Traders Use RFQ for Better Pricing on Complex Derivatives ▴ Guide

**Published:** 2025-08-23
**Categories:** Guide

---

![Intersecting opaque and luminous teal structures symbolize converging RFQ protocols for multi-leg spread execution. Surface droplets denote market microstructure granularity and slippage](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution.jpg)

![A stylized abstract radial design depicts a central RFQ engine processing diverse digital asset derivatives flows. Distinct halves illustrate nuanced market microstructure, optimizing multi-leg spreads and high-fidelity execution, visualizing a Principal's Prime RFQ managing aggregated inquiry and latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-execution-engine-optimizing-digital-asset-derivatives-market-microstructure-for-institutional-liquidity-aggregation.jpg)

## The Liquidity Command Layer

Executing complex derivatives trades in the crypto market requires a fundamental shift from participating in the market to directing it. The Request for Quote (RFQ) system is the procedural embodiment of this shift. It is a private negotiation channel where a trader broadcasts a specific order ▴ often a large block or a multi-leg options structure ▴ to a select group of institutional [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). These providers then compete, returning their best executable price directly to the trader.

This mechanism operates parallel to the public [central limit order book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), offering a discrete and highly efficient venue for substantial transactions. The purpose of this separated liquidity layer is clear ▴ it is engineered to neutralize the two primary costs of executing institutional-size trades, which are market impact and information leakage. Placing a significant order onto the public book signals intent to the entire market, inviting front-running and causing the price to move unfavorably before the order is fully filled ▴ a phenomenon known as slippage. RFQ provides a structural solution by containing the negotiation to a private, competitive auction, ensuring the final transaction price remains uncompromised by the order’s own weight in the market.

Understanding the mechanics of RFQ begins with recognizing its role in overcoming liquidity fragmentation. In quote-driven markets, especially for instruments that are less liquid than spot assets, visible [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) depth can be misleading. It often fails to represent the true volume available to be traded at a firm price. The RFQ process summons this latent liquidity on demand.

When a request is sent, liquidity providers can price the trade based on their internal risk models and inventory, without needing to publicly post their full capacity. For the trader, this means accessing a much deeper pool of liquidity than is visibly apparent. The process is straightforward and powerful ▴ the trader specifies the instrument, size, and potentially the structure; the platform transmits this request to multiple dealers; dealers respond with firm quotes within a short time frame; the trader then selects the most competitive quote to execute. This entire interaction is typically anonymous until the point of trade confirmation, preserving the trader’s strategic intentions. It is a systematic method for achieving price discovery and execution certainty in a single, contained event.

![A sleek, institutional-grade Crypto Derivatives OS with an integrated intelligence layer supports a precise RFQ protocol. Two balanced spheres represent principal liquidity units undergoing high-fidelity execution, optimizing capital efficiency within market microstructure for best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-3.jpg)

![A precision digital token, subtly green with a '0' marker, meticulously engages a sleek, white institutional-grade platform. This symbolizes secure RFQ protocol initiation for high-fidelity execution of complex multi-leg spread strategies, optimizing portfolio margin and capital efficiency within a Principal's Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-platform-secure-rfq-protocol-initiation-for-optimal-block-trade-execution.jpg)

## The Precision Trading Arsenal

Deploying capital with precision requires tools that match the sophistication of the strategy. The [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) serves as the primary conduit for translating complex market views into cleanly executed trades, particularly within the crypto options landscape. It provides the operational control necessary to manage risk and entry points for strategies that are otherwise difficult to implement on a public exchange. Mastering its application is a defining step in elevating trading operations from retail methods to institutional-grade execution.

![A precision-engineered system with a central gnomon-like structure and suspended sphere. This signifies high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engine-for-institutional-digital-asset-derivatives-rfq.jpg)

## Executing Complex Volatility Structures

Multi-leg options strategies are the building blocks of sophisticated volatility and directional trades. Structures like straddles, collars, and calendar spreads require the simultaneous execution of multiple contracts to function as designed. Attempting to build these positions leg by leg on a [public order book](https://prime.greeks.live/area/public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) introduces significant execution risk, known as “leg-in risk.” Market movements between the execution of each leg can turn a theoretically profitable setup into an immediate loss. The RFQ system is engineered to solve this problem entirely.

A trader can package a multi-leg strategy as a single, indivisible transaction and request a quote for the entire structure at a net debit or credit. Liquidity providers assess the risk of the combined position and return a single, firm price. This guarantees that all legs are filled at the intended prices, preserving the precise risk-reward profile of the strategy. This is the professional standard for deploying options spreads, transforming a high-risk manual process into a single, decisive execution event.

![A central dark aperture, like a precision matching engine, anchors four intersecting algorithmic pathways. Light-toned planes represent transparent liquidity pools, contrasting with dark teal sections signifying dark pool or latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-9.jpg)

## A Practical Application the Bitcoin Collar

Consider a trader holding a substantial Bitcoin position who wishes to protect against downside risk while financing the hedge by selling an upside call. This structure, a collar, involves buying a protective put and selling a covered call. Using RFQ, the trader defines the entire structure in one request.

- **Strategy Definition:** The trader specifies the simultaneous purchase of a 3-month BTC $90,000 put and the sale of a 3-month BTC $120,000 call against their spot holdings.

- **RFQ Initiation:** The request is sent to multiple market makers, who see the package as a single item. They compete to offer the best net price for the combined structure, perhaps a small net credit or a zero-cost implementation.

- **Guaranteed Execution:** The trader accepts the best quote, and both the put and call options are executed simultaneously. The hedge is established perfectly, without the risk of the market moving after buying the put but before selling the call.

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

## Block Trading Major Crypto Assets

Executing a large order of BTC or [ETH options](https://prime.greeks.live/area/eth-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) presents a clear challenge. A multi-million-dollar premium order placed on the public book would consume multiple levels of liquidity, resulting in significant slippage and a suboptimal average entry price. Furthermore, the appearance of such a large order would alert the market to significant institutional activity, potentially triggering adverse price movements. Block trading via RFQ is the designated solution for this scenario.

> Institutional crypto trading has adopted RFQ networks and block-trade venues for options, perps, and spot, allowing traders to get firm quotes from market makers and cross-size afterward, without relying on public books.

The process allows a trader to privately negotiate a single price for the entire block with a competitive group of liquidity providers. This ensures the final execution price is known and fixed before the trade occurs, eliminating slippage entirely. The trade is then reported to the exchange as a block, maintaining transparency without disrupting the market’s price discovery process during the sensitive negotiation phase. This discretion is invaluable for funds and serious traders whose performance is heavily dependent on execution quality.

![A sharp, dark, precision-engineered element, indicative of a targeted RFQ protocol for institutional digital asset derivatives, traverses a secure liquidity aggregation conduit. This interaction occurs within a robust market microstructure platform, symbolizing high-fidelity execution and atomic settlement under a Principal's operational framework for best execution](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

## Execution Quality Comparison RFQ Vs Public Order Book

The tangible benefit of RFQ for block trades is best illustrated through a direct comparison. The following table outlines the expected outcomes for a trader looking to purchase 500 BTC call options on a public exchange versus through an RFQ platform like [greeks.live](https://prime.greeks.live/area/greeks-live/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

| Execution Metric | Public Order Book Execution | RFQ Block Trade Execution |
| --- | --- | --- |
| Price Discovery | Sequential, based on visible book depth. | Competitive, based on quotes from multiple dealers. |
| Slippage | High. The order “walks the book,” filling at progressively worse prices. | Zero. The price is agreed upon for the full size before execution. |
| Market Impact | High. The large order is visible and signals buying pressure to the market. | Minimal. The negotiation is private, and the trade is reported post-execution. |
| Execution Certainty | Uncertain. A limit order may only partially fill if the market moves away. | Guaranteed. The full block is executed at the agreed-upon price. |
| Leg-in Risk (for spreads) | High. Each leg is executed independently, exposing the trader to price moves. | None. Multi-leg structures are priced and executed as a single package. |

![Sleek, layered surfaces represent an institutional grade Crypto Derivatives OS enabling high-fidelity execution. Circular elements symbolize price discovery via RFQ private quotation protocols, facilitating atomic settlement for multi-leg spread strategies in digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-trading-system-core.jpg)

## Hedging Systemic Portfolio Risk Anonymously

For traders managing a significant portfolio, hedging is not an occasional task but a continuous operational requirement. A fund needing to hedge its exposure to a market downturn must be able to purchase a large quantity of put options without signaling its defensive posture to the broader market. Broadcasting this intent could trigger the very sell-off the hedge is meant to protect against. The RFQ system provides the necessary layer of privacy for such sensitive operations.

A request for a large block of puts can be sent to a trusted circle of liquidity providers, ensuring the portfolio’s defensive strategy remains confidential until the execution is complete. This operational security is a cornerstone of professional risk management, enabling large players to manage their positions without causing self-inflicted market turbulence.

![Precision metallic component, possibly a lens, integral to an institutional grade Prime RFQ. Its layered structure signifies market microstructure and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-institutional-digital-asset-rfq-execution-engine.jpg)

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

## Beyond the Single Trade

Mastery of the RFQ mechanism extends beyond executing individual trades with precision. It involves integrating this capability into a broader, systemic approach to portfolio management and alpha generation. The consistent ability to achieve [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) on large and complex trades becomes a durable competitive edge, compounding over time. Advanced applications of RFQ are less about single transactions and more about building robust, scalable, and efficient trading systems that operate at an institutional caliber.

![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)

## Integrating RFQ into Algorithmic Frameworks

Sophisticated trading operations often blend automated strategies with discretionary execution. An algorithmic model might identify a strategic opportunity that requires a large, foundational position to be established. While the algorithm may handle smaller, high-frequency adjustments by interacting with the [public order](https://prime.greeks.live/question/can-the-smart-trading-tool-execute-an-order-that-is-hidden-from-the-public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) book, the core position is best executed via RFQ. This hybrid approach allows a trading system to leverage the strengths of both execution venues.

An API-driven RFQ process can be integrated directly into a firm’s trading infrastructure, allowing the system to automatically solicit quotes for large blocks when specific conditions are met. This creates a powerful synergy, combining the relentless market monitoring of an algorithm with the deep liquidity and minimal impact of the RFQ channel for size-sensitive executions.

![A central, metallic, complex mechanism with glowing teal data streams represents an advanced Crypto Derivatives OS. It visually depicts a Principal's robust RFQ protocol engine, driving high-fidelity execution and price discovery for institutional-grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-8.jpg)

## Systematic Yield Generation and Position Rolling

For portfolios focused on generating yield through strategies like covered calls, operational efficiency is paramount. A large fund might hold thousands of ETH and need to sell call options against this position on a weekly or monthly basis. Executing this volume on the public market would depress the premiums received. Using RFQ, the entire block of calls can be sold at a single, competitive price.

When it comes time to “roll” the position ▴ closing the expiring options and opening new ones for the next cycle ▴ the entire multi-leg operation can be executed as a single RFQ transaction. This programmatic use of RFQ transforms a cumbersome, high-slippage process into a streamlined and efficient engine for generating consistent yield at scale. The reduction in transaction costs flows directly to the portfolio’s bottom line.

![A precise, metallic central mechanism with radiating blades on a dark background represents an Institutional Grade Crypto Derivatives OS. It signifies high-fidelity execution for multi-leg spreads via RFQ protocols, optimizing market microstructure for price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-microstructure-hub.jpg)

## The Unseen Information Advantage

Engaging with the RFQ market provides a subtle yet significant information advantage. While each individual request is discrete, the pattern of quotes received from different liquidity providers over time paints a rich picture of market dynamics. A trader may observe that certain market makers are consistently aggressive bidders for upside volatility or are more willing to absorb downside risk. This provides insight into dealer positioning and institutional sentiment that is completely invisible to those who only observe the public order book.

This “dealer axe” awareness can inform future trading decisions, helping a trader understand where the deepest pockets of liquidity may lie for certain types of structures. It is a qualitative edge that develops from being an active and respected participant in the institutional liquidity ecosystem.

![Abstract system interface with translucent, layered funnels channels RFQ inquiries for liquidity aggregation. A precise metallic rod signifies high-fidelity execution and price discovery within market microstructure, representing Prime RFQ for digital asset derivatives with atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-optimized-high-fidelity-execution-interface.jpg)

## An Operator’s Mindset

The transition to using professional-grade execution tools reflects a deeper evolution in a trader’s perspective. It marks the point where one ceases to be a passive participant reacting to market prices and becomes an active operator engineering desired outcomes. The central limit order book presents a world of given prices; the RFQ system opens a world of negotiated prices. This distinction is the very essence of market sophistication.

It is the understanding that for trades of consequence, the price is not something you take, but something you make through a controlled, competitive process. Commanding this process is the definitive attribute of a serious market operator, turning the structural challenges of liquidity and market impact into a source of strategic advantage.

![A sleek, metallic mechanism with a luminous blue sphere at its core represents a Liquidity Pool within a Crypto Derivatives OS. Surrounding rings symbolize intricate Market Microstructure, facilitating RFQ Protocol and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-crypto-derivatives-rfq-protocol-core-mechanism.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">
![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </a><a href="https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dual-toned cylindrical component features a central transparent aperture revealing intricate metallic wiring. This signifies a core RFQ processing unit for Digital Asset Derivatives, enabling rapid Price Discovery and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book is a digital repository that aggregates all outstanding buy and sell orders for a specific financial instrument, organized by price level and time of entry. </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 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)

## 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">
![Robust polygonal structures depict foundational institutional liquidity pools and market microstructure. Transparent, intersecting planes symbolize high-fidelity execution pathways for multi-leg spread strategies and atomic settlement, facilitating private quotation via RFQ protocols within a controlled dark pool environment, ensuring optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-prime-os.jpg)

## Rfq System

Meaning ▴ An RFQ System, or Request for Quote System, is a dedicated electronic platform designed to facilitate the solicitation of executable prices from multiple liquidity providers for a specified financial instrument and quantity. </a><a href="https://prime.greeks.live/area/public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked concentric layers, bisected by a precise diagonal line. This abstract depicts the intricate market microstructure of institutional digital asset derivatives, embodying a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/multi-layered-digital-asset-derivatives-rfq-protocol-architecture.jpg)

## 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/area/eth-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

## Eth Options

Meaning ▴ ETH Options are standardized derivative contracts granting the holder the right, but not the obligation, to buy or sell a specified quantity of Ethereum (ETH) at a predetermined price, known as the strike price, on or before a specific expiration date. </a><a href="https://prime.greeks.live/area/greeks-live/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, two-tone devices precisely stacked on a stable base represent an institutional digital asset derivatives trading ecosystem. This embodies layered RFQ protocols, enabling multi-leg spread execution and liquidity aggregation within a Prime RFQ for high-fidelity execution, optimizing counterparty risk and market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-prime-os-architecture.jpg)

## Greeks.live

Meaning ▴ Greeks.live defines a real-time computational framework for continuous calculation and display of derivatives risk sensitivities, or "Greeks," across digital asset options and structured products. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, institutional-grade device, with a glowing indicator, represents a Prime RFQ terminal. Its angled posture signifies focused RFQ inquiry for Digital Asset Derivatives, enabling high-fidelity execution and precise price discovery within complex market microstructure, optimizing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-terminal-facilitating-high-fidelity-price-discovery-and-optimal-liquidity-aggregation.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/question/can-the-smart-trading-tool-execute-an-order-that-is-hidden-from-the-public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract depiction of an advanced institutional trading system, featuring a prominent sensor for real-time price discovery and an intelligence layer. Visible circuitry signifies algorithmic trading capabilities, low-latency execution, and robust FIX protocol integration for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-protocols.jpg)

## Public Order

A Smart Trading tool executes hidden orders by leveraging specialized protocols and routing logic to engage with non-displayed liquidity, minimizing market impact. </a>

**Tags:** [ETH Options](https://options.greeks.live/area/eth-options/), [BTC Collar](https://options.greeks.live/area/btc-collar/), [Deribit](https://options.greeks.live/area/deribit/), [Multi-Leg Spreads](https://options.greeks.live/area/multi-leg-spreads/), [Order Book](https://options.greeks.live/area/order-book/), [Anonymous Trading](https://options.greeks.live/area/anonymous-trading/)	

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- 
### [A Trader’s Guide to Minimizing Slippage in Volatile Markets](https://options.greeks.live/guide/a-traders-guide-to-minimizing-slippage-in-volatile-markets/)
![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)

Mastering RFQ systems transforms slippage from a cost into a controlled variable, unlocking a new source of execution alpha.

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---

**Original URL:** https://options.greeks.live/guide/why-serious-traders-use-rfq-for-better-pricing-on-complex-derivatives/
