Creating a Request for Quotation (RFQ) is a powerful way to access competitive pricing and execute large-volume trades efficiently in digital assets. Whether you're new to institutional-grade trading tools or looking to refine your strategy, this guide walks you through every step of building and managing an RFQ on a professional trading platform.
This comprehensive walkthrough covers core functionalities such as adding multiple legs, anonymizing submissions, selecting counterparties, modifying entries, leveraging risk analysis tools, and understanding key pricing metrics—all while maintaining full control over your trade execution.
Adding Multiple Legs to Your RFQ
To begin constructing a multi-leg RFQ, click on Custom Strategy and select your desired trade direction (buy/sell) and volume to add the first leg. Alternatively, explore the Presets section by clicking its icon to choose from pre-configured strategies that may include single or multi-leg positions designed for common market views.
Once the initial instruction is set, continue expanding your strategy by clicking Add Trade Instruction, selecting another preset, or editing the Product field. This flexibility allows traders to build complex derivatives or spot-based strategies with ease.
👉 Discover how to build advanced trading strategies with confidence.
Submitting an Anonymous RFQ
Privacy matters in large-volume trading. After adding your final trade leg, simply toggle on the Anonymous switch located beneath the last instruction. When enabled, your identity remains hidden from all counterparties throughout the quotation process.
Note: While counterparty traders won’t see your details, the exchange (e.g., OKX) and support team retain visibility for compliance and operational purposes.
Selecting and Managing Counterparties
Under the last added instruction, click Select Counterparty to open a dropdown menu listing available market makers. Your selection determines which liquidity providers can view and respond to your RFQ.
By default, all eligible counterparties are selected. Use individual checkboxes to customize your list—adding or removing specific firms based on performance history, spreads, or preferred relationships.
⚠️ You can select up to 15 counterparties per RFQ. If broader distribution is needed, consider submitting additional requests.
Modifying an Existing RFQ
Need to adjust your strategy before submission? Two intuitive methods allow quick edits:
Direct Field Editing: In the position builder, click any editable field:
- Dropdown fields (e.g., expiry date, strike price) open selection menus.
- Numeric inputs (e.g., quantity) activate text boxes for direct entry.
- Binary options (e.g., buy/sell, call/put, coin-margined/USDT-margined) toggle via buttons.
- Re-selecting Products: Click the current value in the Product field or use Add Trade Instruction at the end of your strategy. This reopens the product selector where you can locate and revise existing legs.
These tools ensure precision and adaptability during strategy construction.
Using Risk Analysis Tools Effectively
The Risk Analysis chart on the homepage visualizes expected profit and loss (P&L) per unit of exposure across potential price movements of the underlying asset.
- The Y-axis shows P&L; values above the X-axis indicate profit, below indicate loss.
- Two lines appear: one for expiration date P&L, and another for interim P&L on a selected date.
- Adjust the timeline using the slider above the chart to analyze risk dynamics over time.
Additionally, click the Margin popup to view margin requirements and Greek risk indicators (Delta, Gamma, Vega, Theta) for each underlying currency in your strategy—critical for managing portfolio-level risk exposure.
👉 Learn how real-time risk analytics can improve your trading decisions.
Updating Price Charts
Stay informed with live market data:
- Click the candlestick chart icon located to the right of any trade instruction.
- Or use the dropdown menu at the top of the chart window to switch between different timeframes or instruments.
These updates help validate pricing assumptions before finalizing your RFQ.
Understanding Preset Strategy Labels
Preset strategies are tagged based on expected market behavior:
- Bullish: Anticipates rising asset prices.
- Bearish: Designed for declining markets.
- Neutral: Suitable when price stability is expected.
- Volatile: Optimized for high-magnitude price swings.
These labels streamline strategy selection based on your current market outlook.
Entering Orders by Target Value
Instead of specifying a fixed number of coins, you can input a target dollar value (e.g., $100,000 worth of BTC). To enable this:
- Open the Product selector.
- Click the arrow inside the quantity input box to switch modes.
This feature is currently supported only for spot trading pairs, making it easier to manage capital allocation without manual calculations.
Changing Option Type or Margin Currency
Switching Between Call and Put Options
Click the Call or Put button directly on an options leg to toggle between bullish and bearish exposure.
Changing Margin Type (Coin-Margined vs. USDT-Margined)
For futures or perpetual contracts, click the displayed margin type (e.g., "Coin-Margined" or "USDT-Margined") to switch—provided both variants exist for the selected contract on the platform.
This flexibility supports diverse risk management preferences and collateral strategies.
FAQ: Common Questions About RFQs
Q: What does “Est. Value” mean?
A: "Estimated Value" reflects the approximate notional value of a trade leg based on current order book data. It helps assess scale before submission. Actual execution value may vary depending on maker quotes.
Q: How is “Combo Price” calculated?
A: Combo Price sums up all leg prices using current market data. For strategies involving multiple base currencies (e.g., BTC/USDT spot + ETH/USD options), values are converted into USD equivalents for comparison. Final settlement still occurs in each leg’s original currency.
Q: Why did some counterparties disappear after I created my RFQ?
A: Market makers set their own quoting limits by product and asset. If your RFQ includes instruments they don’t support, they’re automatically filtered out. Consider splitting complex multi-leg requests into smaller RFQs to increase response rates.
Q: Can I save custom trading pairs or counterparties?
A: Yes. In the product menu, click the star icon next to a currency pair to add it to Favorites. Similarly, star counterparty codes under the counterparty selector. Note: OTC trading only supports saving full pairs—not individual contracts.
Q: What’s the minimum trade size for an RFQ?
A: The total notional value must be at least $1,000 USD equivalent. This can be achieved through net positions (e.g., $800 long + $200 short). Values are calculated using real-time order book rates.
Q: How many legs can I include in one strategy?
A: A single RFQ supports up to 15 legs, enabling sophisticated hedging, spread trading, or volatility plays across spot, futures, and options markets.
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Final Tips for Effective RFQ Usage
Building a successful RFQ isn’t just about filling out forms—it’s about precision, privacy, and preparation. Always review your risk profile using built-in analytics, verify counterparty availability, and use target-value inputs when managing portfolio allocations.
Whether you're executing a simple spot purchase or a complex options spread, mastering these tools empowers you to trade smarter and more securely in over-the-counter markets.
👉 Start building your next RFQ with powerful tools and deep liquidity.