Deribit Launches Block Request-For-Quote (RFQ) Interface

Deribit, the leading crypto options exchange, has launched a Block Request-For-Quote (RFQ) interface that enables traders to execute large over-the-counter (OTC) trades more efficiently and with improved liquidity.

Key Features

• Accessibility: The feature is available to all users, with special tailoring for high-volume traders.
• Direct Negotiation: Traders can negotiate block trades directly without affecting public order books.
• Complex Trading Structures: The Block RFQ system supports combinations of options, futures, and spot pairs in a single trade with up to 20 legs, although it requires a higher minimum trade size.
• Multi-Maker Model: This model allows multiple liquidity providers to offer partial quotes, moving away from all-or-nothing fills. Third-party platforms can connect to the Block RFQ system to pool liquidity from various sources.

Deribit introduced this new system shortly after Sygnum Bank expanded its custody platform to encompass the derivatives exchange, and it is reportedly in talks with Kraken for a potential acquisition.