# Why Your Large Trades Are Costing You Money and How to Fix It ▴ Guide

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

---

![Precision metallic components converge, depicting an RFQ protocol engine for institutional digital asset derivatives. The central mechanism signifies high-fidelity execution, price discovery, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-precision.jpg)

![A precision engineered system for institutional digital asset derivatives. Intricate components symbolize RFQ protocol execution, enabling high-fidelity price discovery and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-4.jpg)

## The Invisible Architecture of Cost

Every significant market action you take leaves a footprint. For traders operating with size, the market does not simply absorb your orders; it reacts to them. The price you see quoted on screen represents liquidity available for a standard transaction size. Your intention to transact a quantity far exceeding that standard introduces a new dynamic.

The very act of executing your large trade moves the prevailing price. This phenomenon is [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a direct cost incurred from consuming available liquidity. Placing a large buy order pushes the price up as it works through the [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), while a large sell order pushes it down. The difference between your expected fill price and your actual average fill price is slippage. These are not fees or commissions; they are fundamental costs of transacting at scale, embedded into the market’s structure itself.

The [public order book](https://prime.greeks.live/area/public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the visible stream of bids and offers, represents only one layer of market liquidity. It is the most accessible layer, but often the thinnest. A vast ocean of liquidity exists beyond this visible spectrum, held by institutional [market makers](https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), proprietary trading firms, and large funds. These participants possess the capacity to absorb significant orders, yet they do not rest their full inventory on the public books where it would be exposed to constant, high-frequency predation.

Accessing this deeper liquidity requires a different set of tools and a different method of communication. The objective is to engage with these large-scale counterparties directly, without broadcasting your intentions to the entire market and triggering the very price impact you seek to manage.

> Market impact is one of the most important sources of trading cost for financial investors executing large orders.

A [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 provides a formal mechanism for this professional communication. It is a structured messaging system that allows a trader to solicit firm, executable prices for a specific trade from a select group of [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Consider it a private, digital auction for your order. You define the instrument, whether a simple block of shares or a complex multi-leg options strategy, and the size.

Designated market makers then receive this request and respond with their best bid and offer, competing directly with one another to win your business. This entire process occurs off the central market, preserving the anonymity of your interest. The result is a system that centralizes competitive [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for a specific, large-scale need, delivering price certainty and efficient execution.

This approach fundamentally changes the execution dynamic. You are moving from being a passive price taker in a public market to becoming an active price solicitor in a private one. The power shifts toward the initiator of the trade, who can now evaluate competing, firm quotes simultaneously. For complex derivatives trades, this is particularly potent.

A four-legged options structure can be priced and executed as a single, unified transaction, eliminating the risk of price slippage between the individual legs, a concept known as “[leg risk](https://prime.greeks.live/area/leg-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)”. The [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the conduit to the deep liquidity required for professional-level trading, a tool engineered for precision, discretion, and cost efficiency in executing trades that would otherwise disrupt the visible market.

![A polished, dark spherical component anchors a sophisticated system architecture, flanked by a precise green data bus. This represents a high-fidelity execution engine, enabling institutional-grade RFQ protocols for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-core.jpg)

![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)

## The Operator’s Handbook for Precision Execution

Transitioning from theoretical understanding to practical application is what separates consistently profitable traders from the crowd. The tools for managing large order costs are accessible, yet their effective deployment requires a specific skillset and a clear operational framework. This section provides a detailed guide to using RFQ systems and block trading venues, moving from high-level concepts to actionable, repeatable processes.

Mastering these systems is about building a professional execution practice into your trading routine, ensuring your strategic insights are not eroded by transactional friction. This is your operational manual for commanding liquidity on your own terms.

![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)

## Mastering the Request for Quote System

The RFQ system is your primary tool for engaging with [institutional liquidity](https://prime.greeks.live/area/institutional-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the options market. Its utility shines brightest when dealing with complexity, size, or illiquidity. Knowing precisely when and how to deploy it is a strategic advantage.

![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

## When to Deploy the RFQ

Certain situations signal the clear superiority of an RFQ execution. Integrating this recognition into your pre-trade process is a key discipline. You should instinctively turn to the RFQ system under the following conditions:

- **Complex Multi-Leg Options Strategies** Any strategy involving two or more legs, such as spreads, condors, or collars, is a prime candidate. The RFQ process prices the entire package as one instrument, giving you a single, net price and removing the risk of an adverse price move while you execute each leg individually. 

- **Illiquid Options Series** For options on less-traded underlyings, or for strikes and expirations far from the current price, the public bid-ask spread is often extremely wide with minimal size. An RFQ can generate a competitive market where none is visibly apparent, forcing liquidity providers to offer a much tighter price for your specific size. 

- **Large Single-Leg Options Orders** When your desired size on a single-leg option trade, such as a simple call or put purchase, significantly exceeds the displayed quantity on the lit market, an RFQ is the proper tool. It prevents you from telegraphing your full size and walking the price up or down against your own interests.

- **Block-Sized ETF Trades** While ETFs are often highly liquid, executing a block-sized order can still incur significant market impact. An RFQ allows you to source a price for the entire block from authorized participants and market makers, often at a price superior to what could be achieved by working the order on the public exchange. 

![Abstract institutional-grade Crypto Derivatives OS. Metallic trusses depict market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-optimizing-rfq-protocols-for-high-fidelity-execution-via-prime-os.jpg)

## A Practical Walkthrough a Multi-Leg Options RFQ

Let’s operationalize this with a common institutional strategy ▴ executing a protective collar on a large stock position. A trader holds 100,000 shares of stock XYZ, currently trading at $500. The goal is to protect against a downturn while financing the purchase of that protection by selling a call option.

The trader decides to buy the 3-month $450 put and sell the 3-month $550 call against their stock position. The size of this trade (1,000 contracts for each leg) makes it a poor fit for the public order book.

The process using an RFQ system is methodical and precise:

- **Strategy Construction** Within the trading platform, the trader builds the collar as a single, unified strategy. They specify the underlying (XYZ), the expiration (3-month), and the legs (Long 1000 $450 Puts, Short 1000 $550 Calls). The platform recognizes this as a packaged trade.

- **Initiating The Request** The trader selects the “Request for Quote” or “RFQ” execution option for this packaged strategy. This opens a new interface where they can manage the request.

- **Selecting Liquidity Providers** The platform will present a list of available institutional market makers who are active in this underlying. The trader can select a subset of these providers (typically 3-7 to ensure competitive tension without revealing the order to too many parties) to receive the request. This selection can be guided by past experience with the quality of their quotes. 

- **Submitting The Anonymous Request** The trader submits the RFQ. The system sends an anonymous, electronic message to the selected market makers. The message contains only the instrument’s details and the requested size. The market makers do not know the identity of the trader or the direction of their interest (i.e. whether they are buying or selling the collar). 

- **Analyzing The Competitive Responses** Within seconds, the market makers respond with live, two-sided markets (a bid and an offer) for the entire collar package, priced as a net debit or credit. The trader’s screen populates with these competing quotes in real-time. For example, they might see responses like:

<li>[Market Maker](https://prime.greeks.live/area/market-maker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) A ▴ -$5.10 / -$4.90

- Market Maker B ▴ -$5.15 / -$4.85

- Market Maker C ▴ -$5.20 / -$4.95

This means Market Maker B is willing to buy the collar for a $4.85 credit or sell it for a $5.15 debit. The spread between the best bid and best offer is now just $0.30 ($5.15 – $4.85), a significant improvement over the likely spread on the individual legs in the public market.</li>
- **Execution** The trader can now act on these firm quotes. They can lift the offer or hit the bid to execute the entire 2,000-contract trade in a single click. The transaction is confirmed, and the entire collar is established at a known, fixed price.
There is no leg risk and minimal information leakage to the broader market. 

![Abstract layers and metallic components depict institutional digital asset derivatives market microstructure. They symbolize multi-leg spread construction, robust FIX Protocol for high-fidelity execution, and private quotation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

## Sourcing Size through Block Trading Venues

For simple equity blocks or other non-options instruments, a different set of tools comes into play. The objective remains the same ▴ execute a large order without adverse price impact. This is the domain of specialized trading venues and the algorithms designed to interact with them.

![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)

## Understanding Dark Pools and Crossing Networks

[Dark pools](https://prime.greeks.live/area/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are private exchanges, regulated as Alternative Trading Systems (ATS), where institutions can post [large orders](https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) without displaying them publicly. The name comes from this lack of transparency. Orders are matched based on rules within the pool, typically at the midpoint of the national best bid and offer (NBBO) from the lit markets. A crossing network is a similar concept, often run by a broker-dealer to match buy and sell orders for its own clients internally.

The primary benefit of these venues is the ability to find a counterparty for a large block of stock anonymously. If a match is found, the trade executes without ever appearing on a public order book, causing virtually no direct market impact.

> More than 80% of US stock trades are algorithmic, a strategy that often involves interacting with non-public liquidity venues to manage large orders.

![A sleek, institutional-grade RFQ engine precisely interfaces with a dark blue sphere, symbolizing a deep latent liquidity pool for digital asset derivatives. This robust connection enables high-fidelity execution and price discovery for Bitcoin Options and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-linking-deep-liquidity-pools.jpg)

## The Role of Execution Algorithms

It is rare for a single, matching counterparty to be waiting in a dark pool at the exact moment you wish to trade. Therefore, traders use sophisticated [execution algorithms](https://prime.greeks.live/area/execution-algorithms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to intelligently work a large order over time, seeking liquidity across multiple venues, both dark and lit. These are not trading strategies in themselves; they are execution tactics designed to achieve a specific price benchmark while minimizing costs. An institutional trader does not simply “buy” 1 million shares; they deploy an algorithm to execute that purchase according to a specific logic.

Here are three foundational execution algorithms:

| Algorithm | Execution Logic | Primary Objective | Key Consideration |
| --- | --- | --- | --- |
| VWAP (Volume-Weighted Average Price) | Breaks the order into smaller pieces and executes them in proportion to historical volume patterns throughout the day. | To have the order’s average execution price match the volume-weighted average price of the stock for that day. | Relies on historical volume profiles, which may not match the current day’s actual trading activity. |
| TWAP (Time-Weighted Average Price) | Executes equal-sized pieces of the order at regular time intervals throughout the day (e.g. 1,000 shares every 5 minutes). | To spread the execution evenly over a specified time period, minimizing time-based bias. | Does not adapt to intraday volume fluctuations, potentially trading heavily in quiet periods. |
| POV (Percentage of Volume) | Participates in the market by executing orders that equate to a set percentage of the real-time trading volume. | To maintain a consistent participation rate, adapting to the market’s actual activity level. | Execution speed is entirely dependent on market volume; in a slow market, the order may take a long time to complete. |

These algorithms are the workhorses of institutional trading desks. A portfolio manager might instruct their trader to “buy 500,000 shares of AAPL, not to exceed 10% of the volume.” The trader would then deploy a POV algorithm with a 10% participation target. The algorithm would then begin to intelligently slice the order into smaller child orders, sending them to various dark pools and public exchanges, always maintaining its target participation rate until the full parent order is complete. This systematic, automated approach allows for the efficient execution of large orders with controlled market impact.

![Precision-engineered multi-vane system with opaque, reflective, and translucent teal blades. This visualizes Institutional Grade Digital Asset Derivatives Market Microstructure, driving High-Fidelity Execution via RFQ protocols, optimizing Liquidity Pool aggregation, and Multi-Leg Spread management on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-multi-vane-system-illustrating-institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-optimized-liquidity-aggregation-prime-os-high-fidelity-execution.jpg)

![A sleek, dark teal, curved component showcases a silver-grey metallic strip with precise perforations and a central slot. This embodies a Prime RFQ interface for institutional digital asset derivatives, representing high-fidelity execution pathways and FIX Protocol integration](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine.jpg)

## From Execution Tactic to Portfolio Doctrine

Mastering advanced execution systems is more than a method for cost savings on individual trades. It represents a fundamental shift in how you operate within the market. This capability, once integrated, becomes a core component of your entire portfolio management doctrine. It infuses your strategy with a new level of operational robustness, allowing you to act on your convictions with speed and scale.

The confidence that you can deploy or adjust significant positions efficiently, without fighting against self-inflicted costs, is a profound strategic asset. It allows you to focus your mental capital on alpha generation, knowing the execution component is handled with professional-grade precision.

![A sleek, domed control module, light green to deep blue, on a textured grey base, signifies precision. This represents a Principal's Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery, and enhancing capital efficiency within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-for-institutional-digital-asset-rfq-execution.jpg)

## Liquidity Sourcing as a Risk Management System

Markets are dynamic systems, and liquidity is not a constant. During periods of high stress or volatility, the liquidity visible on public order books can evaporate in an instant. Spreads widen dramatically, and the cost of executing even moderately sized orders can become prohibitive. It is in these moments that access to deeper, institutional liquidity pools through RFQ and block venues becomes a critical risk management system.

While others are unable to adjust their positions or are forced to accept punitive pricing, you have a direct line to market makers and liquidity providers who are equipped to price and handle size even in adverse conditions. This capability allows you to manage risk proactively, adjusting your portfolio’s exposures when it matters most, transforming a moment of market panic into a controlled, strategic action.

![A futuristic, metallic structure with reflective surfaces and a central optical mechanism, symbolizing a robust Prime RFQ for institutional digital asset derivatives. It enables high-fidelity execution of RFQ protocols, optimizing price discovery and liquidity aggregation across diverse liquidity pools with minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-platform-for-institutional-digital-asset-derivatives-rfq-protocol-optimized-execution-management-system-with-robust-liquidity-sourcing.jpg)

## Integrating Advanced Execution into Portfolio Rebalancing

Portfolio management at scale involves periodic rebalancing. These are not small, speculative trades; they are large, strategic adjustments designed to bring the portfolio back to its target allocations. Executing these rebalancing trades through the public market can be a significant drag on performance. The very act of selling winners and buying laggards at size would create adverse price moves, detracting from the returns you have generated.

By using block trading algorithms and RFQ systems for the options overlays, you can execute these large-scale rebalancing operations with minimal friction. This ensures that your portfolio’s performance is a true reflection of your strategic decisions, undiluted by the structural costs of implementation. It makes your entire management process more efficient and your returns more robust.

![An intricate, transparent digital asset derivatives engine visualizes market microstructure and liquidity pool dynamics. Its precise components signify high-fidelity execution via FIX Protocol, facilitating RFQ protocols for block trade and multi-leg spread strategies within an institutional-grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-liquidity-ecosystem.jpg)

## The Psychological Edge of Execution Certainty

The final, and perhaps most significant, evolution is psychological. A great deal of a trader’s mental energy can be consumed by the uncertainty and stress of execution. Worrying about slippage, being filled on all legs of a complex position, or telegraphing your intent to the market creates a cognitive burden. It breeds hesitation and can lead to suboptimal decisions.

Developing a mastery of professional execution systems removes this entire class of concerns. It builds a foundation of confidence. You can research and develop your strategic ideas knowing that you have a reliable, repeatable, and efficient process for translating those ideas into market positions. This frees you to think more clearly and act more decisively.

Your focus elevates from the minutiae of the transaction to the grander vision of your market strategy. This is the ultimate edge ▴ a state of operational excellence that allows your strategic insights to be fully expressed.

![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

## Your New Market Vista

The market’s structure contains layers of opportunity. Viewing execution not as a simple transaction but as a strategic discipline opens a new perspective on what is possible. The tools and systems of professional traders are designed around a core principle ▴ control your engagement with the market. By internalizing this principle, you equip yourself to operate with a new level of intent, precision, and authority in every position you take.

![A central RFQ engine orchestrates diverse liquidity pools, represented by distinct blades, facilitating high-fidelity execution of institutional digital asset derivatives. Metallic rods signify robust FIX protocol connectivity, enabling efficient price discovery and atomic settlement for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-liquidity-orchestration.jpg)

## Glossary

<a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark blue, precision-engineered blade-like instrument, representing a digital asset derivative or multi-leg spread, rests on a light foundational block, symbolizing a private quotation or block trade. This structure intersects robust teal market infrastructure rails, indicating RFQ protocol execution within a Prime RFQ for high-fidelity execution and liquidity aggregation in institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-multi-leg-spreads-best-execution-capital-efficiency.jpg)

## Market Impact

Meaning ▴ Market impact, in the context of crypto investing and institutional options trading, quantifies the adverse price movement caused by an investor's own trade execution. </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 focused view of a robust, beige cylindrical component with a dark blue internal aperture, symbolizing a high-fidelity execution channel. This element represents the core of an RFQ protocol system, enabling bespoke liquidity for Bitcoin Options and Ethereum Futures, minimizing slippage and information leakage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-engine-core-precision-component.jpg)

## Order Book

Meaning ▴ An Order Book is an electronic, real-time list displaying all outstanding buy and sell orders for a particular financial instrument, organized by price level, thereby providing a dynamic representation of current market depth and immediate liquidity. </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">
![A macro view reveals the intricate mechanical core of an institutional-grade system, symbolizing the market microstructure of digital asset derivatives trading. Interlocking components and a precision gear suggest high-fidelity execution and algorithmic trading within an RFQ protocol framework, enabling price discovery and liquidity aggregation for multi-leg spreads on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-precision-engine.jpg)

## Public Order Book

Meaning ▴ A Public Order Book is a transparent, real-time electronic ledger maintained by a centralized cryptocurrency exchange that openly displays all active buy (bid) and sell (ask) limit orders for a particular digital asset, providing a comprehensive and immediate view of market depth and available liquidity. </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">
![A meticulously engineered mechanism showcases a blue and grey striped block, representing a structured digital asset derivative, precisely engaged by a metallic tool. This setup illustrates high-fidelity execution within a controlled RFQ environment, optimizing block trade settlement and managing counterparty risk through robust market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-rfq-execution.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/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered multi-layered architecture depicts institutional digital asset derivatives platforms, showcasing modularity for optimal liquidity aggregation and atomic settlement. This visualizes sophisticated RFQ protocols, enabling high-fidelity execution and robust pre-trade analytics](https://options.greeks.live/wp-content/uploads/2025/08/modular-digital-asset-derivative-prime-os-for-institutional-rfq-and-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 slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.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/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered metallic component with a central circular mechanism, secured by fasteners, embodies a Prime RFQ engine. It drives institutional liquidity and high-fidelity execution for digital asset derivatives, facilitating atomic settlement of block trades and private quotation within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-platform-rfq-engine-for-high-fidelity-execution-and-atomic-settlement-of-block-trades.jpg)

## Price Discovery

Meaning ▴ Price Discovery, within the context of crypto investing and market microstructure, describes the continuous process by which the equilibrium price of a digital asset is determined through the collective interaction of buyers and sellers across various trading venues. </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 sleek, multi-layered institutional crypto derivatives platform interface, featuring a transparent intelligence layer for real-time market microstructure analysis. Buttons signify RFQ protocol initiation for block trades, enabling high-fidelity execution and optimal price discovery within a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-precision-execution-rfq-protocol-intelligence-layer.jpg)

## 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/leg-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A close-up of a sophisticated, multi-component mechanism, representing the core of an institutional-grade Crypto Derivatives OS. Its precise engineering suggests high-fidelity execution and atomic settlement, crucial for robust RFQ protocols, ensuring optimal price discovery and capital efficiency in multi-leg spread trading](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-institutional-digital-asset-derivatives.jpg)

## Leg Risk

Meaning ▴ Leg Risk, in the context of crypto options trading, specifically refers to the exposure to adverse price movements that arises when a multi-leg options strategy, such as a call spread or an iron condor, cannot be executed simultaneously as a single, atomic transaction. </a><a href="https://prime.greeks.live/area/institutional-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A macro view of a precision-engineered metallic component, representing the robust core of an Institutional Grade Prime RFQ. Its intricate Market Microstructure design facilitates Digital Asset Derivatives RFQ Protocols, enabling High-Fidelity Execution and Algorithmic Trading for Block Trades, ensuring Capital Efficiency and Best Execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-core-system-for-institutional-digital-asset-derivatives-rfq-protocol-execution-and-advanced-market-microstructure-optimization.jpg)

## Institutional Liquidity

Meaning ▴ Institutional Liquidity refers to the substantial depth and breadth of trading interest and available capital provided by large financial entities, including hedge funds, asset managers, and specialized market-making firms, within a particular financial market or asset class. </a><a href="https://prime.greeks.live/area/market-maker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent, blue-tinted sphere, anchored to a metallic base on a light surface, symbolizes an RFQ inquiry for digital asset derivatives. A fine line represents low-latency FIX Protocol for high-fidelity execution, optimizing price discovery in market microstructure via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-rfq-protocol-sphere-high-fidelity-execution-gateway.jpg)

## Market Maker

Meaning ▴ A Market Maker, in the context of crypto financial markets, is an entity that continuously provides liquidity by simultaneously offering to buy (bid) and sell (ask) a particular cryptocurrency or derivative. </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">
![Intersecting translucent blue blades and a reflective sphere depict an institutional-grade algorithmic trading system. It ensures high-fidelity execution of digital asset derivatives via RFQ protocols, facilitating precise price discovery within complex market microstructure and optimal block trade routing](https://options.greeks.live/wp-content/uploads/2025/07/precision-algorithmic-execution-infrastructure-for-institutional-digital-asset-derivatives-leveraging-advanced-rfq-protocols.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/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract composition of interlocking, precisely engineered metallic plates represents a sophisticated institutional trading infrastructure. Visible perforations within a central block symbolize optimized data conduits for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.jpg)

## Dark Pools

Meaning ▴ Dark Pools are private trading venues within the crypto ecosystem, typically operated by large institutional brokers or market makers, where significant block trades of cryptocurrencies and their derivatives, such as options, are executed without pre-trade transparency. </a><a href="https://prime.greeks.live/area/execution-algorithms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic, circular mechanism, a precision control interface, rests on a dark circuit board. This symbolizes the core intelligence layer of a Prime RFQ, enabling low-latency, high-fidelity execution for institutional digital asset derivatives via optimized RFQ protocols, refining market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Execution Algorithms

Meaning ▴ Execution Algorithms are sophisticated software programs designed to systematically manage and execute large trading orders in financial markets, including the dynamic crypto ecosystem, by intelligently breaking them into smaller, more manageable child orders. </a>

**Tags:** [Leg Risk](https://options.greeks.live/area/leg-risk/), [Large Orders](https://options.greeks.live/area/large-orders/), [Multi-Leg Strategy](https://options.greeks.live/area/multi-leg-strategy/), [Execution Algorithms](https://options.greeks.live/area/execution-algorithms/), [Alternative Trading System](https://options.greeks.live/area/alternative-trading-system/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/)	

## Discover More

- 
### [Achieve Zero Slippage on Six-Figure Crypto Trades](https://options.greeks.live/guide/achieve-zero-slippage-on-six-figure-crypto-trades/)
![An abstract, precisely engineered construct of interlocking grey and cream panels, featuring a teal display and control. This represents an institutional-grade Crypto Derivatives OS for RFQ protocols, enabling high-fidelity execution, liquidity aggregation, and market microstructure optimization within a Principal's operational framework for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/08/integrated-principal-trading-system-modules-for-institutional-digital-asset-derivatives-rfq-execution-and-optimized-market-microstructure.jpg)

Execute six-figure crypto trades with zero slippage. This is the institutional method for commanding liquidity on your terms.

- 
### [Gain an Edge by Mastering Institutional Trade Execution](https://options.greeks.live/guide/gain-an-edge-by-mastering-institutional-trade-execution/)
![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. This signifies precise algorithmic trading and risk management for digital asset derivatives, optimizing capital efficiency in market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-institutional-digital-asset-derivatives-execution.jpg)

Gain an edge by mastering the institutional tools that command liquidity and minimize transaction costs.

- 
### [Minimize Slippage and Maximize Returns with Private Liquidity Sourcing](https://options.greeks.live/guide/minimize-slippage-and-maximize-returns-with-private-liquidity-sourcing/)
![An institutional-grade RFQ Protocol engine, with dual probes, symbolizes precise price discovery and high-fidelity execution. This robust system optimizes market microstructure for digital asset derivatives, ensuring minimal latency and best execution.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

Command your execution. Access private liquidity for large-scale trades with zero slippage and absolute price certainty.

- 
### [Secure Guaranteed Prices on Six-Figure Trades Using RFQ Systems](https://options.greeks.live/guide/secure-guaranteed-prices-on-six-figure-trades-using-rfq-systems/)
![A precision-engineered institutional digital asset derivatives execution system cutaway. The teal Prime RFQ casing reveals intricate market microstructure. Bright blue internal elements represent dynamic liquidity pools, enabling high-fidelity execution and efficient RFQ protocols for multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-core-engine.jpg)

Command guaranteed prices for six-figure trades and execute complex options strategies with zero slippage.

- 
### [Mastering RFQ Systems for Precision Options Execution](https://options.greeks.live/guide/mastering-rfq-systems-for-precision-options-execution/)
![A scratched blue sphere, representing market microstructure and liquidity pool for digital asset derivatives, encases a smooth teal sphere, symbolizing a private quotation via RFQ protocol. An institutional-grade structure suggests a Prime RFQ facilitating high-fidelity execution and managing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocols-optimizing-digital-asset-derivative-execution-microstructure.jpg)

Master RFQ systems to command institutional liquidity and execute large options trades with precision and anonymity.

- 
### [Access Deep Liquidity for Your Block Trades with This System](https://options.greeks.live/guide/access-deep-liquidity-for-your-block-trades-with-this-system/)
![A focused view of a robust, beige cylindrical component with a dark blue internal aperture, symbolizing a high-fidelity execution channel. This element represents the core of an RFQ protocol system, enabling bespoke liquidity for Bitcoin Options and Ethereum Futures, minimizing slippage and information leakage.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-engine-core-precision-component.jpg)

Access institutional-grade liquidity and execute block trades with precision using the RFQ system.

- 
### [Why Professional Traders Use RFQ for Large Cap Crypto Positions](https://options.greeks.live/guide/why-professional-traders-use-rfq-for-large-cap-crypto-positions/)
![A sleek, futuristic mechanism showcases a large reflective blue dome with intricate internal gears, connected by precise metallic bars to a smaller sphere. This embodies an institutional-grade Crypto Derivatives OS, optimizing RFQ protocols for high-fidelity execution, managing liquidity pools, and enabling efficient price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-facilitating-high-fidelity-execution-and-optimal-market-microstructure-with-prime-os-intelligence.jpg)

Command your execution for large-cap crypto trades with the institutional edge of RFQ, ensuring price certainty and minimal impact.

- 
### [Beyond the Order Book the Institutional Approach to Liquidity and Price Discovery](https://options.greeks.live/guide/beyond-the-order-book-the-institutional-approach-to-liquidity-and-price-discovery/)
![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)

Go beyond the order book to command institutional-grade liquidity and pricing for your trades.

- 
### [Why Public Order Books Are Costing You Money on Large Trades](https://options.greeks.live/guide/why-public-order-books-are-costing-you-money-on-large-trades/)
![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)

Command your execution price for large trades by moving beyond public order books and engaging private, competitive liquidity.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Guide",
            "item": "https://options.greeks.live/guide/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "Why Your Large Trades Are Costing You Money and How to Fix It",
            "item": "https://options.greeks.live/guide/why-your-large-trades-are-costing-you-money-and-how-to-fix-it/"
        }
    ]
}
```

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

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/guide/why-your-large-trades-are-costing-you-money-and-how-to-fix-it/"
    },
    "headline": "Why Your Large Trades Are Costing You Money and How to Fix It \u25b4 Guide",
    "description": "Stop paying for size. Command institutional liquidity and execute large trades with precision using professional systems. \u25b4 Guide",
    "url": "https://options.greeks.live/guide/why-your-large-trades-are-costing-you-money-and-how-to-fix-it/",
    "datePublished": "2025-08-06T01:24:33+00:00",
    "dateModified": "2025-10-26T15:27:34+00:00",
    "articleSection": [
        "Guide"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-framework-precision-microstructure-component.jpg",
        "caption": "A sleek, dark, precision-engineered metallic channel with a central textured block suggests a highly controlled execution environment. This visualizes an institutional RFQ system for digital asset derivatives, optimizing market microstructure for best execution. It represents precise management of block trades and multi-leg spreads, leveraging dark pool mechanisms for latent liquidity. Integrated via FIX Protocol within an Execution Management System EMS, this robust Principal's operational framework ensures minimal slippage and optimal price discovery."
    },
    "keywords": [
        "Alternative Trading System",
        "Block Trade",
        "Dark Pools",
        "Execution Algorithms",
        "Institutional Liquidity",
        "Large Orders",
        "Leg Risk",
        "Liquidity Providers",
        "Market Impact",
        "Market Maker",
        "Market Makers",
        "Market Microstructure",
        "Multi-Leg Strategy",
        "Options Trading",
        "Order Book",
        "Price Discovery",
        "Public Order Book",
        "Request for Quote",
        "RFQ System",
        "Slippage Cost",
        "VWAP"
    ]
}
```

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


---

**Original URL:** https://options.greeks.live/guide/why-your-large-trades-are-costing-you-money-and-how-to-fix-it/
