Deribit, the leading Crypto Options Exchange, has launched a Block Request (RFQ) interface for quotes, allowing traders to perform large-scale over-the-counter (OTC) trades with increased efficiency and liquidity.
According to a press release, this feature, available to all users, is customized to suit a large number of traders, allows for direct negotiation of block transactions without affecting the public book.
The block RFQ system supports complex trading structures, allowing users to combine up to 20 options, futures and spot pairs in one transaction, but with the system there is a higher minimum trading size.
The platform uses a multi-maker model that allows multiple liquidity providers to provide partial citations rather than require an all-or-nothing fill, allowing third-party platforms to connect to block RFQ systems to pool liquidity from multiple sources per release.
DeRibit announced the new system shortly after Sygnum Bank expanded its custody platform to include Derivatives Exchange. The trading platform is reportedly in consultation with Kraken about a potential acquisition.
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