Deribit’s RFQ Interface Sees Rapid Growth

Crypto derivatives exchange Deribit has witnessed remarkable success with its Block Request-for-Quote (RFQ) system, which has facilitated over $23 billion in trades since its launch in March 2025. The surge in activity highlights growing institutional interest in the platform, with the percentage of block trades via the RFQ interface rising to 27.5% in June, up from 17% in April and 21% in May.

Deribit, known for hosting the world’s largest crypto options market, introduced the RFQ tool to meet the specific trading needs of institutions and professional traders. The system allows participants to efficiently execute large trades without impacting the public order book, a key concern in volatile crypto markets.

A Closer Look at the Block RFQ Mechanism

The RFQ system enables large-scale trades to be conducted off-exchange through a streamlined quote mechanism. Typically, institutional takers request pricing for a single instrument or complex, multi-leg strategies involving spot, futures, or options. Market makers then respond with competitive single or double-sided quotes.

The best available bids and offers are displayed to the taker, who can then choose to execute the trade at the most favourable price. This model reduces market slippage and protects traders from revealing their full order intent, thus improving execution quality.

Luuk Strijers, CEO of Deribit, explained, “The RFQ system allows for multi-leg trades, multiple maker quotes, and greater price efficiency, improving execution for large OTC trades while minimising adverse selection.”

Institutionalisation of Crypto on the Rise

The increasing share of block trades through the RFQ system underscores the ongoing institutionalisation of the crypto space. Designed specifically for high-volume trading and sophisticated strategies, the RFQ tool is tailored to the demands of professional and agency-level participants.

Strijers added, “Block RFQ lets multiple liquidity providers compete on partial quotes. Makers benefit from reduced adverse selection, allowing tighter spreads, while takers enjoy improved pricing and anonymity options.”

This competitive model aligns with the trading habits of institutions seeking to execute significant transactions with precision and discretion, much like purchasing wholesale goods directly from a supplier rather than competing in a crowded retail market.

Volume Growth Reflects Soaring Demand

Since its inception, Deribit’s Block RFQ has seen exponential growth in trade volume. In its launch month of March, it handled $883 million worth of trades. Activity surged to $6.3 billion in April, followed by $9.8 billion in May. By mid-June alone, trading volume had already exceeded $6 billion, indicating sustained momentum.

This rising adoption signals that market participants increasingly prefer tailored, low-impact solutions for executing large trades. The RFQ system’s success also reinforces Deribit’s leadership position in the crypto derivatives space.

Deribit’s Expanding Derivatives Offering

Alongside its RFQ system, Deribit offers a robust suite of derivatives products, including options, futures, and spot trading across major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP. This comprehensive offering, coupled with the new RFQ tool, solidifies Deribit as a go-to platform for both institutional and high-frequency traders.

As the demand for more sophisticated trading infrastructure continues to grow, Deribit’s innovations in liquidity provision and execution quality are positioning it at the forefront of the institutional crypto trading ecosystem.