RFQ is an electronic notification sent to a selection of counterparties of choice (Makers) requesting a price quote for 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 options trading.
With this partnership, when a user uses RFQ on BIT, BIT calls Paradigm to obtain quotations from multiple makers and push the best quotations to the user. If a user accepts the quotation and confirms the transaction, BIT will call Paradigm to initiate the transaction and complete the settlement on BIT.
【Attention】
*RFQ supports coin-margined options and USD-margined options.
*Valid time of the RFQ’s single inquiry and transaction: 120 seconds by default. The
inquiry will become invalid after 300 seconds. The user needs to reinitiate another inquiry
again.
*User's inquiry will be anonymous.
Users need to meet the following requirements to use the RFQ product:
1. User has completed KYC2 verification on BIT;
2. User has created an API Key with the permission of Block trade on BIT;
3. User has bound the API Key of BIT on Paradigm;
4. User has bound the API Key of Paradigm on BIT.
Preparation before RFQ trading：
1. Create API key on BIT API page
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2. Bind your BIT API Key on Paradigm website
Open an account on Paradigm (www.paradigm.co) and bind BIT API key.
Name: enter a new name
Client ID: enter access key of step1
Client Secret: enter secret key of step1
3. Create Paradigm API key on the paradigm website
4. Bind Paradigm API Key on the website of BIT
Paradigm Credential Name: enter the API credential name created in step2;
Paradigm Access Key:enter the access key of step3;
Paradigm Secret Key: enter the secret Key of step3;
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 inquiry;
3. Wait for the counter parties to make a quotation, the page will displays the best bid/ask price;
4. Clicks on buy/sell button to complete the transaction.
