# Why Your Options Spreads Are Underperforming and How Pros Fix It ▴ Guide

**Published:** 2025-08-04
**Categories:** Guide

---

![A sophisticated, symmetrical apparatus depicts an institutional-grade RFQ protocol hub for digital asset derivatives, where radiating panels symbolize liquidity aggregation across diverse market makers. Central beams illustrate real-time price discovery and high-fidelity execution of complex multi-leg spreads, ensuring atomic settlement within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-facilitating-atomic-settlement-and-high-fidelity-execution-of-multi-leg-spreads.jpg)

![A sophisticated proprietary system module featuring precision-engineered components, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its intricate design represents market microstructure analysis, RFQ protocol integration, and high-fidelity execution capabilities, optimizing liquidity aggregation and price discovery for block trades within a multi-leg spread environment](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-proprietary-architecture-driving-high-fidelity-digital-asset-derivatives-execution-via-rfq-protocols-and-optimized-market-microstructure-dynamics.jpg)

## The Price You See and the Price You Get

The performance of your options strategies is a direct reflection of your execution quality. Many traders focus exclusively on entry and exit signals, believing the public quote, the National Best Bid and Offer ([NBBO](https://prime.greeks.live/area/nbbo/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)), represents a definitive transaction price. This assumption introduces a persistent drag on returns. The NBBO is a composite quote, an aggregation of the highest bid and lowest offer across multiple exchanges.

For a single stock, it provides a reasonable reference. For a [multi-leg options](https://prime.greeks.live/area/multi-leg-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) spread, it presents an incomplete and often misleading picture of the true, executable market.

Each leg of your spread exists in its own distinct liquidity pool. The price for one leg might be quoted on one exchange, while the best price for another leg resides on a completely different venue. Attempting to execute a complex spread by legging into it ▴ placing separate orders for each component ▴ exposes your position to significant operational risk. You might receive a fill on your short leg while the market for the long leg moves against you before your order is filled.

This is [leg risk](https://prime.greeks.live/area/leg-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a primary source of [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in spread trading. Slippage is the difference between the anticipated price of a trade and the price at which the trade is actually executed. This gap is a direct transaction cost, silently eroding the profitability of a well-conceived strategy.

Professional trading desks operate with a different understanding of the market. They recognize that the midpoint of a spread’s NBBO is a theoretical value, not a firm price. The true market is made by [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and market makers who maintain their own valuation models. These models account for the cost of hedging their own risk, order flow imbalances, and implied volatility skews across the entire options chain.

Their internal “fair value” for a spread is a proprietary calculation. Your order will only be filled if your price offers them an edge against their own valuation, a condition that is rarely transparent in the [public order book](https://prime.greeks.live/area/public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This is especially true in less liquid index products where quoted bid-ask spreads are wide and the market maker’s own pricing is incredibly precise. The challenge for the ambitious trader is to access this deeper, professional-grade liquidity directly.

> A trader executing a large options order by breaking it into smaller pieces throughout the day remains exposed to price risk, where the market may move against them or adjust to the persistent buying or selling pressure.

The mechanics of the public market are designed for standardized, smaller-scale transactions. When you place a complex spread order, you are asking the market to perform a non-standard task. The system is not built to seamlessly assemble your multi-leg position from fragmented liquidity pools at a single, optimal price. This structural inefficiency is the root cause of underperformance for many retail spread traders.

Your orders may go unfilled even when you offer a price that seems generous relative to the midpoint. The reason is that your price, while attractive on the surface, may not represent a profitable opportunity for the market makers who would ultimately take the other side of your trade. To achieve superior outcomes, you must adopt the tools and methodologies designed to operate within this professional market structure.

![A sleek, light interface, a Principal's Prime RFQ, overlays a dark, intricate market microstructure. This represents institutional-grade digital asset derivatives trading, showcasing high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-system.jpg)

![Precision-engineered modular components, with transparent elements and metallic conduits, depict a robust RFQ Protocol engine. This architecture facilitates high-fidelity execution for institutional digital asset derivatives, enabling efficient liquidity aggregation and atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-optimizing-high-fidelity-execution-and-liquidity-aggregation.jpg)

## The Professional’s Edge in Price Discovery

Superior trading outcomes are the product of superior execution mechanics. The professional community navigates the challenges of liquidity fragmentation and price discovery through a dedicated mechanism ▴ the [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) system. An RFQ is a formal, electronic inquiry sent to a select group of liquidity providers, requesting a firm, two-sided market for a specific, often complex, transaction. It is the digital equivalent of a trader in the open-outcry pit soliciting a market for a large or intricate order, yet it retains the anonymity and efficiency of electronic trading.

This process fundamentally changes the dynamic of execution. You are no longer passively seeking liquidity from the public order book; you are commanding it on your terms.

When you initiate an RFQ for a multi-leg options spread, the entire package is treated as a single, indivisible instrument. This immediately eliminates leg risk. The liquidity providers responding to your request are bidding on the spread itself, not its individual components. They compete to offer you the best price, creating a private, real-time auction for your order.

This competitive dynamic frequently results in [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ an execution price that is better than the prevailing NBBO. For a seller, this means a higher credit; for a buyer, a lower debit. These incremental gains, compounded over hundreds of trades, constitute a significant source of alpha.

![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)

## A Practical Application of RFQ

Consider a trader looking to execute a 5,000-lot vertical call spread on the iShares Russell 2000 ETF ([IWM](https://prime.greeks.live/area/iwm/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)). The public screen might show a wide or thin NBBO. By using an RFQ platform, the trader can solicit quotes from multiple dealers simultaneously and anonymously. In a documented example, a trader using the [Tradeweb](https://prime.greeks.live/area/tradeweb/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) RFQ platform received multiple competitive bids.

The best bid came in at $1.87 per spread, a $0.02 improvement over the NBBO of $1.85. This seemingly small increment translates into a $10,000 improvement on the total position (0.02 x 100 shares/option x 5,000 contracts). This is the tangible result of accessing institutional liquidity channels.

![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)

## The Core Advantages of the RFQ Process

The adoption of RFQ systems by professional traders is driven by a clear set of strategic benefits. These advantages address the primary points of failure in standard retail execution and provide a durable edge in the market.

- 
Consolidated Liquidity. An RFQ canvases a deep pool of professional liquidity providers, many of whom do not display their full order size on public exchanges. This allows you to execute large block trades in a single transaction, sourcing liquidity that is invisible to the broader market.

- 
Guaranteed Anonymity. The request is sent without revealing your identity. This prevents information leakage, which is critical when working with large orders.
Signaling your intentions to the market can cause prices to move against you before you have a chance to execute. RFQ maintains your strategic privacy.

- 
Elimination of Leg Risk. The entire spread is quoted and traded as a single unit. You are filled on all legs of your spread simultaneously at a single, agreed-upon price. This removes the risk of a partial fill or of the market moving between the execution of different legs.

- 
Competitive Price Improvement. By forcing liquidity providers to compete for your order, the RFQ process creates an environment conducive to price improvement. You are actively discovering the best possible price for your spread, a price that is often superior to the publicly quoted NBBO.

The transition to an RFQ-based execution model is a transition from being a price taker to a price maker. It is a proactive approach to trade implementation. You are no longer submitting an order and hoping for a favorable fill based on fragmented public data.

You are creating a competitive environment where the market’s most significant players are brought directly to you, bidding for the right to take the other side of your trade. This is how professional desks systematically secure better pricing and achieve more consistent fills on complex strategies.

![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)

![A sleek, modular institutional grade system with glowing teal conduits represents advanced RFQ protocol pathways. This illustrates high-fidelity execution for digital asset derivatives, facilitating private quotation and efficient liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-ecosystem-powering-high-fidelity-rfq-execution-and-optimal-liquidity-discovery.jpg)

## Integrating Elite Execution into Your Strategy

Mastering elite execution through RFQ systems is more than a method for improving the fill price on a single trade; it is a foundational component of a sophisticated, long-term portfolio strategy. The ability to transact large, complex positions with minimal market impact and at favorable prices opens new avenues for strategy deployment and [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Institutional traders view their execution capabilities as a distinct source of alpha. The cost savings and risk reduction achieved through superior execution directly enhance the risk-adjusted returns of the entire portfolio.

This approach is directly linked to the concept of [block trading](https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). A block trade is a large, privately negotiated securities transaction, almost always conducted by institutional investors. These trades are executed away from the public markets to avoid causing significant price fluctuations. The RFQ mechanism is one of the primary tools that facilitates modern, electronic block trading in the options market.

It provides the anonymity, liquidity sourcing, and price negotiation capabilities required to move substantial positions discreetly and efficiently. When you use an RFQ system, you are tapping into the same operational framework that hedge funds and asset managers use to implement their large-scale market views.

![A modular component, resembling an RFQ gateway, with multiple connection points, intersects a high-fidelity execution pathway. This pathway extends towards a deep, optimized liquidity pool, illustrating robust market microstructure for institutional digital asset derivatives trading and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocol-layer-connecting-institutional-digital-asset-liquidity-pools.jpg)

## Building a Resilient Portfolio with Professional Execution

The confidence that comes from knowing you can execute complex strategies reliably and at scale allows for a more advanced approach to portfolio construction. Strategies that might seem impractical due to execution risk suddenly become viable components of your toolkit.

![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)

## Advanced Strategy Deployment

Consider complex, multi-leg strategies like iron condors or butterflies on less liquid underlyings. For a retail trader, the leg risk and potential for wide spreads can make these trades prohibitively expensive. With an RFQ, you can get a firm, competitive market on the entire four-legged structure as a single package.

This transforms the trade from a high-risk execution gamble into a clean expression of your market thesis. You can focus on the strategic merits of the position, confident that your execution costs are contained.

![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)

## Systematic Risk Management

Professional execution is also a powerful risk management tool. Imagine a large, concentrated stock position that you need to hedge with a protective collar (selling a call and buying a put). Executing this two-legged options structure as a block via RFQ ensures you can establish the hedge at a known cost, without moving the price of the underlying stock against you. This precision is vital for managing portfolio-level risk, especially during volatile periods.

The ability to transact in size without signaling your intent to the market is a significant strategic advantage that institutions leverage continuously. Integrating this capability into your own process marks a definitive shift toward a more professional and resilient trading operation.

![A precise metallic and transparent teal mechanism symbolizes the intricate market microstructure of a Prime RFQ. It facilitates high-fidelity execution for institutional digital asset derivatives, optimizing RFQ protocols for private quotation, aggregated inquiry, and block trade management, ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-trading-systems-driving-high-fidelity-institutional-digital-asset-derivatives-rfq-execution-protocols.jpg)

## The Mandate for Precision

Your evolution as a trader is measured by the progressive replacement of assumption with precision. The market rewards participants who control every variable within their power. Believing the quoted price is the final price is an assumption. Executing a trade with the precision of a professional, by commanding liquidity and discovering the true market through a competitive process, is the foundation of a durable strategic edge.

The tools and methods of the world’s most sophisticated trading firms are no longer exclusively theirs. The mandate is to use them.

![A conceptual image illustrates a sophisticated RFQ protocol engine, depicting the market microstructure of institutional digital asset derivatives. Two semi-spheres, one light grey and one teal, represent distinct liquidity pools or counterparties within a Prime RFQ, connected by a complex execution management system for high-fidelity execution and atomic settlement of Bitcoin options or Ethereum futures](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure-2.jpg)

## Glossary

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

## Nbbo

Meaning ▴ NBBO, or National Best Bid and Offer, represents the highest bid price and the lowest offer price available across all competing public exchanges for a given security. </a><a href="https://prime.greeks.live/area/multi-leg-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Three parallel diagonal bars, two light beige, one dark blue, intersect a central sphere on a dark base. This visualizes an institutional RFQ protocol for digital asset derivatives, facilitating high-fidelity execution of multi-leg spreads by aggregating latent liquidity and optimizing price discovery within a Prime RFQ for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-best-execution-multi-leg-spreads-latent-liquidity-aggregation.jpg)

## Multi-Leg Options

Meaning ▴ Multi-Leg Options are advanced options trading strategies that involve the simultaneous buying and/or selling of two or more distinct options contracts, typically on the same underlying cryptocurrency, with varying strike prices, expiration dates, or a combination of both call and put types. </a><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 sleek, black and beige institutional-grade device, featuring a prominent optical lens for real-time market microstructure analysis and an open modular port. This RFQ protocol engine facilitates high-fidelity execution of multi-leg spreads, optimizing price discovery for digital asset derivatives and accessing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-engine-for-high-fidelity-price-discovery-and-latent-liquidity-aggregation-across-multi-leg-spreads.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/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric representation of an institutional RFQ protocol for digital asset derivatives. Two distinct segments symbolize cross-market liquidity pools and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-2.jpg)

## Slippage

Meaning ▴ Slippage, in the context of crypto trading and systems architecture, defines the difference between an order's expected execution price and the actual price at which the trade is ultimately filled. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered control mechanism, featuring a ribbed dial and prominent green indicator, signifies Institutional Grade Digital Asset Derivatives RFQ Protocol optimization. This represents High-Fidelity Execution, Price Discovery, and Volatility Surface calibration for Algorithmic Trading](https://options.greeks.live/wp-content/uploads/2025/07/principal-operational-framework-precision-calibration-for-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-prime-os-and-volatility-surface-optimization.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/public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark central hub with three reflective, translucent blades extending. This represents a Principal's operational framework for digital asset derivatives, processing aggregated liquidity and multi-leg spread inquiries](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-for-high-fidelity-digital-asset-derivatives.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/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting metallic structures symbolize RFQ protocol pathways for institutional digital asset derivatives. They represent high-fidelity execution of multi-leg spreads across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-framework-optimizing-multi-leg-spreads-and-liquidity-aggregation-for-best-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-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Symmetrical beige and translucent teal electronic components, resembling data units, converge centrally. This Institutional Grade RFQ execution engine enables Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, optimizing Market Microstructure and Latency via Prime RFQ for Block Trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-engine.jpg)

## Price Improvement

Meaning ▴ Price Improvement, within the context of institutional crypto trading and Request for Quote (RFQ) systems, refers to the execution of an order at a price more favorable than the prevailing National Best Bid and Offer (NBBO) or the initially quoted price. </a><a href="https://prime.greeks.live/area/tradeweb/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent, multi-faceted component, indicative of an RFQ engine's intricate market microstructure logic, emerges from complex FIX Protocol connectivity. Its sharp edges signify high-fidelity execution and price discovery precision for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimized-for-best-execution.jpg)

## Tradeweb

Meaning ▴ Tradeweb is an electronic trading platform primarily serving institutional clients across various asset classes, including fixed income, derivatives, and ETFs. </a><a href="https://prime.greeks.live/area/iwm/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Iwm

Meaning ▴ IWM refers to the iShares Russell 2000 ETF, an exchange-traded fund that tracks the performance of the Russell 2000 Index, representing approximately 2,000 small-capitalization U. </a><a href="https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two sleek, abstract forms, one dark, one light, are precisely stacked, symbolizing a multi-layered institutional trading system. This embodies sophisticated RFQ protocols, high-fidelity execution, and optimal liquidity aggregation for digital asset derivatives, ensuring robust market microstructure and capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-platform-architecture-high-fidelity-execution-protocols-and-liquidity-aggregation.jpg)

## Risk Management

Meaning ▴ Risk Management, within the cryptocurrency trading domain, encompasses the comprehensive process of identifying, assessing, monitoring, and mitigating the multifaceted financial, operational, and technological exposures inherent in digital asset markets. </a><a href="https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Smooth, reflective, layered abstract shapes on dark background represent institutional digital asset derivatives market microstructure. This depicts RFQ protocols, facilitating liquidity aggregation, high-fidelity execution for multi-leg spreads, price discovery, and Principal's operational framework efficiency](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-spreads.jpg)

## Block Trading

Meaning ▴ Block Trading, within the cryptocurrency domain, refers to the execution of exceptionally large-volume transactions of digital assets, typically involving institutional-sized orders that could significantly impact the market if executed on standard public exchanges. </a>

**Tags:** [Public Order Book](https://options.greeks.live/area/public-order-book/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Risk Management](https://options.greeks.live/area/risk-management/), [Execution Alpha](https://options.greeks.live/area/execution-alpha/), [Liquidity Providers](https://options.greeks.live/area/liquidity-providers/), [Leg Risk](https://options.greeks.live/area/leg-risk/)	

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### [How to Execute Complex Options Spreads at a Single Guaranteed Price](https://options.greeks.live/guide/how-to-execute-complex-options-spreads-at-a-single-guaranteed-price/)
![Three parallel diagonal bars, two light beige, one dark blue, intersect a central sphere on a dark base. This visualizes an institutional RFQ protocol for digital asset derivatives, facilitating high-fidelity execution of multi-leg spreads by aggregating latent liquidity and optimizing price discovery within a Prime RFQ for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-best-execution-multi-leg-spreads-latent-liquidity-aggregation.jpg)

Execute multi-leg options spreads at a single, guaranteed price, eliminating slippage and commanding institutional liquidity.

- 
### [Why Request for Quote Is the Professional Standard for Complex Derivatives](https://options.greeks.live/guide/why-request-for-quote-is-the-professional-standard-for-complex-derivatives/)
![Abstract visualization of an institutional-grade digital asset derivatives execution engine. Its segmented core and reflective arcs depict advanced RFQ protocols, real-time price discovery, and dynamic market microstructure, optimizing high-fidelity execution and capital efficiency for block trades within a Principal's framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-interface.jpg)

Master complex derivatives by commanding liquidity and executing large-scale trades with institutional-grade precision using RFQ.

- 
### [Why Request for Quote Systems Are Your Key to Execution Alpha](https://options.greeks.live/guide/why-request-for-quote-systems-are-your-key-to-execution-alpha/)
![Precision system for institutional digital asset derivatives. Translucent elements denote multi-leg spread structures and RFQ protocols. Perforated bar implies co-location for latency optimization within a Principal's operational framework, ensuring high-fidelity execution and best execution.](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

Command your execution, minimize your costs, and unlock a new tier of trading performance with professional-grade systems.

- 
### [Achieve Superior Pricing and Execution with the RFQ System](https://options.greeks.live/guide/achieve-superior-pricing-and-execution-with-the-rfq-system/)
![Central mechanical hub with concentric rings and gear teeth, extending into multi-colored radial arms. This symbolizes an institutional-grade Prime RFQ driving RFQ protocol price discovery for digital asset derivatives, ensuring high-fidelity execution across liquidity pools within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-protocol.jpg)

Command your price. Access institutional liquidity and execute large-scale trades with precision using the RFQ system.

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---

**Original URL:** https://options.greeks.live/guide/why-your-options-spreads-are-underperforming-and-how-pros-fix-it/
