What is RFQ?
Request for Quote (RFQ) is an order type on Coinbase Prime that allows liquidity providers (LPs) to participate in a short duration competitive auction for an order. Clients request a quote, LPs provide their best bid and ask prices, and the best price is returned to the client with a price-hold to decide on execution. RFQ is designed for clients seeking a guaranteed and competitive fixed price inclusive of fees for their orders.
How it works
Quote request: Clients place a request for quote order type via UI or API. LPs participate in a brief auction to provide competitive pricing.
Quote response: The winning quote from a single LP is returned to the client, inclusive of all fees and commissions.
Price hold: Clients have a limited time to accept the quote:
UI Orders: 3 seconds (refreshable up to 20 times).
API Orders: 1 second.
Execution: Once the client accepts, the trade is executed immediately at the quoted price.
Timeout: If the quote is not accepted during the hold period, it expires, and the quote is no longer actionable and a new quote would need to be requested.
Key features
Available surfaces: RFQ is accessible via UI, REST API, and FIX API.
All-inclusive pricing: The quoted price includes trading fees, and can also include any financing fees if desired. .
Fill-or-kill: RFQ orders either execute fully or expire.
Off-CLOB execution: Trades occur directly with the winning LP, not on a central limit order book.
Benefits of RFQ
Pricing transparency: All-inclusive pricing simplifies cost management.
Price certainty: Ideal for knowing your exact price before executing in illiquid markets or periods of lower liquidity.
Slippage Sensitive: Execute large trades without interacting with live order books
Low size minimum: Suitable for trades below typical OTC minimums
Order requirements
RFQ supports select trading pairs with specific size constraints to ensure liquidity. For details on supported pairs and order limits, contact your Account Manager or Prime Operations team.
1. What happens if I don't accept a quote in time?
Quotes that expire cannot be executed. You will need to initiate a new RFQ.
2. Why don’t expired RFQs appear in my activity logs?
Only executed RFQs are treated as live orders and visible in reports.
3. Can I see the fee breakdown for RFQ trades?
Yes, fee details are available on the post trade report.
4. Is RFQ available on other Coinbase products?
No, RFQ is currently available only on Coinbase Prime.
5. How does settlement work?
Settlement occurs instantly when a client accepts the winning quote, following the same process as other Prime trades and can be executed using trade finance, if available.