The new institutional-grade RFQ system is officially live on Coincall – Coincall

We have upgraded our Request for Quote (RFQ) engine to a Two-Way (Double-Sided) Model, designed specifically to optimize execution, enhance privacy, and streamline the workflow for institutional clients and professional market makers.

Here is what this upgrade means for your trading strategy:

Solving Block Trade Liquidity

Seamless Execution: The RFQ system solves liquidity fragmentation, allowing users to execute large-volume trades efficiently with automated and real-time Market Makers.
Zero Impact: By moving large trades off the public order book, you avoid signaling risk and slippage.
Eliminating Resting Order Risk: Bypass the uncertainty of large limit orders. The RFQ system locks in prices instantly, bridging the gap between your target price and actual market execution.

Why We Upgraded to Two-Way RFQ

Enhanced Institutional Privacy: The most significant upgrade is the introduction of Two-Way Quoting. When an institution initiates an RFQ, the system now requests both a Bid and an Ask. This hides your directional intent (whether you are buying or selling), preventing the counterparty from front-running or widening the spread.
Optimized Pricing: We actively monitor quote quality. The new system incentivizes Market Makers to provide tighter spreads through quality tracking and reward mechanisms.

New Features & Capabilities

Institutional Interface: A redesigned UI tailored for professionals. Takers can easily track inquiries, while Makers have a dedicated dashboard for rapid response.
Flexible Strategy Creation: Support for single-leg and complex multi-leg strategies (e.g., Options Spreads). Users can customize expiration, strike prices, and quantity with ease.
Transparent Analytics: Before execution, view detailed breakdowns of Position Greeks, as well as real-time changes to Initial Margin (IM) and Maintenance Margin (MM).
Safety Protocols: Execution requires a two-step confirmation to prevent errors.

Note on Inverse Inquiries:
If a user creates an "Inverse" RFQ (reverse direction), the system will generate an inverse field. Please note this may result in an inverted price display. Always check the Trading Direction indicator to confirm whether you are paying or receiving the premium.

Tips💡

If you are uncomfortable with the Buy/Sell directions when requesting for a multi-leg option, you are advised to build your options structure in the directions that you wish to trade, and always look at the "Buy" direction.

Step-by-step guide on how to create, customize, and execute a Block Trade/RFQ (Request for Quote)

Step 1: Initiate the Request

Navigate to the main trading dashboard.
Locate and click the green Create button in the top-left corner of the screen (next to the "Assets" dropdown).
This will open the strategy builder modal.

Step 2: Select Your Strategy

In the "Custom" pop-up window, you will see tabs for different option strategies (Straddle, Strangle, Butterfly, etc.).
Select any strategies ie. Call/Put Spread (as seen in the screenshots, this is for a Vertical Spread).
Note: The interface defaults to a "Call Spread" (Buy Lower Strike Call + Sell Higher Strike Call)"

Step 3: Configure Trade Parameters

Asset: Ensure BTC (or your desired asset) is selected at the top.
Expiry Date: Choose the expiration date for both legs (e.g., 23 Jan 26).
Strike Price:
- Click the dropdown arrow on the Strike column to select your specific strike prices.
- Example shown: Buying the 97,000 Strike and Selling the 98,000 Strike.
Side & Amount: Set your quantity (e.g., 1 BTC) and ensure the sides are correct (Buy low strike / Sell high strike for a Bull Call Spread).

Step 4: Analyze Risk & Send RFQ

Review Analysis: On the right side of the window, review the "Expected PnL" chart and the "Greeks" (Delta, Gamma, Vega, Theta) to understand the risk profile.
Send: Once satisfied with the setup, click the large green Send RFQ (2) button at the bottom.
(The number (2) indicates you are requesting quotes for a 2-leg strategy).

Step 5: Review Incoming Quotes

Your request will appear in the "My RFQs" list at the top of the dashboard.
Wait a moment for Market Makers to respond. You will see prices populate under the "Bid" and "Ask" columns.
Select a Quote:
- If you want to Buy the strategy (debit), click the green price button.
- If you want to Sell the strategy (credit), click the red price button.
- Example shown: The cursor hovers over the Green (Buy) button at a price of 410.

Note💡
The bid and ask prices displayed are based on per quantity. If you wish to know the total premium that you will receive or pay, please multiply the Quantity * Price to get the total premium.

Step 6: Confirm and Execute

A "Details" panel will slide out on the right side.
Final Check: Review the "Portfolio Risk Impact" to see how this trade affects your account's total Delta/Vega.
Confirm: Click the Confirm button on the price quote to execute the trade immediately.
Positions：Executed block will be shown under 'Positions'