How to use Deribit RFQ on SignalPlus?
Quick Start Guide: Master the Deribit RFQ Process in No Time!
Last updated
Quick Start Guide: Master the Deribit RFQ Process in No Time!
Last updated
Deribit RFQ (Request For Quote) is the "Bulk Inquiry Trading" feature. It allows users to negotiate prices and transactions directly between parties, bypassing the public order book (similar to exchange orders). With this feature, you can request customized quotes from market makers, helping you secure more competitive prices for your trades.
The RFQ feature becomes available as soon as the Deribit API is linked to your account. To use this, the API needs to have the appropriate permissions to access the RFQ functionality. If you haven't connected to the Deribit API yet, refer to the tutorial here: https://signalplus.gitbook.io/signalplus-tutorial/how-to-sign-up-and-create-api-keys/how-to-create-api-keys-deribit
Log in to your Deribit account, click on your profile picture in the top-right corner, and go to the "API" management section.
Find the API connected to SignalPlus and click "Edit"
Set the "Block RFQ" permission to Read_Write (the "Block Trade Read_Write" permission can also be set optionally) and click "OK".
After successfully enabling the Block RFQ permission, it is recommended to refresh the SignalPlus account management page.
Once these steps are completed, the RFQ feature will be ready for use!
❗ Important Note: If the API lacks the necessary permissions, you will encounter error messages when attempting to use the RFQ feature.
You can initiate an RFQ through two channels:
Deribit Block RFQ (recommended)
Paradigm Platform
By default, SignalPlus uses Deribit's Block RFQ channel. If needed, this can be changed in the "Preferences" section at the top-right of the SignalPlus homepage.
⚠️Notes :
Bybit users currently cannot use their own RFQ and must use the Paradigm platform.
OKX users will soon have access to their own RFQ functionality. Stay tuned.
When the RFQ is set to be initiated via Deribit's Block RFQ, select your Deribit account, and the RFQ feature will appear in the left sidebar menu
Options: BTC options, ETH options, SOLUSDC options, XRPUSDC optionsFutures: BTCUSD futures, BTCUSDC futures, BTCUSDT futures, ETHUSD futures, ETHUSDC futures, ETHUSDT futures, SOLUSDC futures, XRPUSDC futuresSpot: BTC/USDC, BTC/USDT, ETH/USDC, ETH/USDT, SOL/USDC, SOL/USDT, XRP/USDC
For example, when clicking on a position in the [option chain], RFQ is displayed in the top-right corner, and you can directly initiate an inquiry.
Similarly, in the "Futures/Spot Markets" section, click on a currency pair, and RFQ will appear in the top-right corner, allowing you to initiate an inquiry.
Initiate from the Smart Dealing Page
Create your portfolio strategy in Smart Dealing and then click "RFQ".
⚠️ Note: If your combination includes unsupported instruments, initiation will not be allowed.
Initiate from the Positions Page
View your positions in the "Positions" section under the "Order Monitor" Widget. If the product supports RFQ, an "RFQ" button will be displayed on the position item.
Click the "RFQ" menu on the left navigation bar of SignalPlus, click "Create RFQ", and freely build the required product portfolio.
Due to Deribit's restrictions on RFQ initiation, please be aware of the following:
If the minimum quantity specified by Deribit is not reached, the system will display an error when initiating.
Option Strategy:
BTC: Total sum of all option legs must be ≥ 25 BTC.
ETH: Total sum of all option legs must be ≥ 250 ETH.
XRP, SOL: Total sum of Mark Price * Qty of all option legs must be ≥ 2500 USDC.
Futures Strategy:
BTCUSD futures: Total sum of all futures legs must be ≥ 200K USD.
ETHUSD futures: Total sum of all futures legs must be ≥ 100K USD.
USDC futures (BTCUSDC, ETHUSDC, SOLUSDC, XRPUSDC): Total sum of all futures legs must be ≥ 200K USDC.
USDT futures (BTCUSDT, ETHUSDT, SOLUSDT, XRPUSDT): Total sum of all futures legs must be ≥ 200K USDT.
Spot Strategy:
BTC, ETH, SOL, XRP: Spot quantity must be ≥ 10.
The RFQ system is anonymous, and you must select at least 5 market makers; otherwise, the RFQ cannot be submitted.
Account asset requirements
When initiating an RFQ, your account must have sufficient USDC or other related assets; otherwise, the RFQ cannot be initiated. (If your account lacks USDC, the system will display an "insufficient assets" message when attempting to initiate an RFQ related to USDC.
Click on the "RFQ" menu in the left navigation to enter the RFQ management page, which is divided into 3 tabs:
The inquiries you initiated will be displayed, allowing you to directly view the quotes and complete the transaction. Once the RFQ receives quotes, the list will show the quotation details. You can click the "Buy" or "Sell" button to complete the transaction, or visit the details page to review the quotes and place an order.
Received RFQ
Displays received inquiries (visible only to Deribit market makers; this page will be empty for regular users).
How to Become an RFQ Market Maker: You need to apply and be approved by Deribit. Only accounts set as market makers by Deribit will receive large inquiries from regular users.
Recent publicly traded block trading records are available for reference.
On the "My Inquiry" page and the "Close" tab, you can view the completed RFQ transaction status.
Under "My Orders" on the SignalPlus homepage, go to "Transaction History" to view the historical transaction information of RFQs.
Q1: The RFQ page won’t open, what should I do?
Please ensure that the API is correctly bound and has the "Block RFQ" permission.
Q2: Why do I see "insufficient market makers" when initiating an RFQ?
The system currently requires at least 5 market makers to be selected. You can add them in the initiation interface.
Q3: Can I send an RFQ with a Bybit account?
Bybit currently doesn’t support its own RFQ and requires the Paradigm platform. More exchanges will be supported in the future.
Q4: Why am I seeing the message "the minimum bulk inquiry quantity has not been reached" when initiating an RFQ?
For BTC options, the minimum quantity is 25 BTC; for ETH options, it is 250 ETH.
