Is ‘Last Look’ More Prevalent in Cryptocurrency Derivatives or Traditional Interest Rate Swaps?

'Last look' has historically been more prevalent in traditional Over-The-Counter (OTC) markets, such as Foreign Exchange (FX) and certain Interest Rate Swaps, where bilateral relationships and credit risk are key. While some crypto OTC desks may use it, the trend in regulated, exchange-like crypto derivatives RFQ platforms is often toward 'firm' quotes without 'last look' to increase transparency and competitiveness.