How Does the CEX’S Fee Structure Compare to an RFQ Platform’s Model?

CEXs typically charge explicit transaction fees, known as taker/maker fees, based on volume, and a withdrawal fee. RFQ platforms, being non-custodial, often charge a subscription or platform access fee to institutions.

The execution cost on RFQ is often embedded in the bid/ask spread provided by the liquidity provider, making the cost less transparent but often better for large trades.