RFQ, is an electronic notification sent to a selection of counterparties of choice (Makers) requesting a price quote for a specific options or futures strategy. It enables traders to anonymously access aggregated liquidity and pricing from several makers at a time, it is especially useful for large size orders when the depth of the market cannot meet the requirement. Given more and more traditional financial institutions entering the crypto market, RFQ can play an important role in the growth of institutional crypto option trading.
With this partnership, when a user uses RFQ on Bit.com, Bit.com calls Paradigm to obtain quotations from multiple makers and push best quotations to the user. If a user accepts the quotation and confirms the transaction, Bit.com will call Paradigm to initiate the transaction and complete the settlement on Bit.com.
*RFQ support BTC and ETH options.
*Valid time of the RFQ’s single inquiry and transaction: 120 seconds by default. The
inquiry will become invalid after 120 seconds. User needs to reinitiate another inquiry
*User's enquiry will be anonymous.
Users need to meet the following requirements to use the RFQ product:
1. User account needs to be whitelisted (ask your Bit.com sales representative or email email@example.com to request for the activation);
2. User has completed KYC2 verification on Bit.com;
3. User has created an API Key with the permission of Block trade and Read on Bit.com;
4. User has bound the API Key of Paradigm on Bit.com.
Preparation before RFQ trading：
1. Create API key on Bit.com API page;
2. Add your Bit.com account on Paradigm website and bind the key and secret that you have created in step1;
3. Create Paradigm API key on the paradigm website;
4. Add you Paradigm account into the Bit.com API page and bind the Paradigm API key and secret that you have created in step3（Username must be consist with username created in step2）;
5. Complete and pass the KYC2 verification in Bit.com website.
Create an API Key with Read & Block Trade permission on Bit.com
Binding Bit.com API in Paradigm
Create Paradigm API
Binding Paradigm API in Bit.com
RFQ operation process:
1. Enter the trading page and select RFQ mode;
2. Enter the trading quantity and clicks on [Inquiry] bottom to make an enquiry;
3. Wait for the counter parties to make a bilateral quotation, the page will displays the best bid/ask price;
4. Clicks on buy/sell button to agree the transaction;
5. Initiate transaction and clearing to get the transaction result.