Are Crypto RFQs Primarily Used for Spot Trading or for Derivatives like Options?

Crypto RFQs are utilized for both spot trading and derivatives, but they are particularly dominant in the crypto derivatives market, especially for options and complex structured products. The bespoke nature of many derivative contracts makes them less suitable for standardized central limit order books.

RFQs allow traders to get quotes for specific strike prices, expiration dates, and strategies that are not available on exchanges. While also used for large spot trades, the complexity of derivatives makes the RFQ model indispensable in that sector.