This article addresses international perpetuals (derivatives) available outside of the United States. Learn more about Coinbase’s Derivatives products on the Derivatives help page.
Request for quote (RFQ) is an execution method that matches eligible orders through a 50-millisecond auction window to ensure you receive optimal pricing and liquidity. Upon order submission:
The exchange determines if your order is eligible for RFQ. If it is, the order enters a 50-millisecond auction where liquidity providers submit price quotes. Ineligible orders are routed to the standard order book (CLOB).
If the quoted price beats the execution from the CLOB, the order is executed through RFQ. Otherwise, it’s executed through the CLOB.
Note: RFQ is a non-guaranteed execution enhancement designed to optimize fill quality. If orders are routed to RFQ, clients are guaranteed execution at the same or better price than the order book
RFQ benefits
RFQ executes your orders at the best available price, potentially reducing slippage compared to traditional order book executions.
You can check the Fill Type in Order Details to see if the order was executed via RFQ or CLOB.
Eligible Orders
Eligible marketable orders may be executed via RFQ. Coinbase Advanced handles this process automatically for qualifying orders, ensuring seamless execution without additional action from you.