# What Is the Concept of "Firmness" in a Quoted Price on an RFQ Platform? ▴ Learn

**Published:** 2025-11-15
**Categories:** Learn

---

## What Is the Concept of “Firmness” in a Quoted Price on an RFQ Platform?

Firmness refers to the commitment of a Liquidity Provider (LP) to execute a trade at the quoted price and size. A "firm" quote means the LP is obligated to trade at that price, which is essential for institutional execution certainty.

Non-firm quotes are indicative and can be withdrawn or repriced, introducing execution risk. Institutional RFQ platforms typically require firm quotes up to a certain size.

What Is the Concept of a ‘Pre-Commitment’ and How Does It Differ from the ‘Commitment’ Step?

Can Front-Running Occur on a Request for Quote (RFQ) Options Platform?

How Do ‘Indicative Quotes’ Differ from ‘Firm Quotes’ in an RFQ System?

What Is the ‘Commitment’ Step in a Commit-Reveal Scheme and What Information Does It Contain?

## Discover More

- 
### [Explain the Difference between ‘Theoretical Price’ and ‘Quoted Price’ in an RFQ](https://crypto.greeks.live/learn/explain-the-difference-between-theoretical-price-and-quoted-price-in-an-rfq/)
![Reflective semiconductor wafers overlap a dark, intricately perforated metallic component suggesting micro-machinery necessary for high-frequency trading infrastructure or hardware wallet validation mechanisms. The juxtaposition symbolizes the confluence of physical state security, or tangible collateralization underpinning digital asset exchange. This structure evokes concepts of base layer settlement layers or the physical security required for custody solutions like cold storage entropy generation, crucial for managing off chain ledger state security protocols. Terms like slippage minimization, collateralization ratios, and atomic swaps manifest in this material juxtaposition. The smooth reflective plane hints at pristine data integrity requisite for transparent on chain governance models and secure private key derivation across decentralized autonomous organizations utilizing complex derivatives strategies.](https://crypto.greeks.live/wp-content/uploads/2025/10/Crystalline-Silicon-Wafers-Intersecting-Precision-Machined-Spindle-Components-High-Frequency-Trading.jpg)

Theoretical price is the model-calculated fair value; Quoted price is the theoretical price plus a margin for costs and profit.

- 
### [How Does ‘Fill Rate’ Specifically Measure Quote Competitiveness on an RFQ Platform?](https://crypto.greeks.live/learn/how-does-fill-rate-specifically-measure-quote-competitiveness-on-an-rfq-platform/)
![A sharply faceted, star-like geometric construct composed of translucent material exhibiting cyan birefringence dominates the dark field, resting precariously upon a dark mechanical assembly suggesting complex substrate integration. This represents the inherent geometric complexity within synthetic asset creation, mirroring the payoff structure of exotic options like digital binary payoffs or rainbow options on underlying crypto primitives. The sharp points symbolize potential maximal profit or catastrophic loss scenarios defining straddles and strangles in decentralized finance DeFi risk modeling. Precision engineering implies algorithmic stability required for high-frequency trading HFT across decentralized exchanges DEX liquidity pools. The interplay of reflected light on the glassy surfaces evokes the constant revaluation inherent in determining true implied volatility across perpetual swaps and leveraged yield farming instruments.](https://crypto.greeks.live/wp-content/uploads/2025/10/Crystalline-Bifurcation-of-Digital-Asset-Futures-Utilizing-Volatility-Surface-Skew-Projections.jpg)

Fill rate directly measures competitiveness by showing the percentage of quotes accepted by the counterparty on the RFQ platform.

- 
### [What Are the Risks of a Centralized Oracle in a Decentralized Derivatives Platform?](https://crypto.greeks.live/learn/what-are-the-risks-of-a-centralized-oracle-in-a-decentralized-derivatives-platform/)
![This close-up showcases a finely machined coupling device featuring a flexible light-green substrate component inscribed with alphanumeric identifiers suggesting serial traceability or blockchain ledger epochs. The central metallic nexus connects two distinct cylindrical conduits, one matte white/dark blue and the other light cyan/dark blue, suggesting bifurcated liquidity pools or separate ledger states. This configuration conceptually represents the secure atomic swap settlement layer facilitating trustless cross-chain derivatives execution against underlying crypto collateral pools. The precision engineering echoes the immutability required for smart contract logic managing perpetual futures contract obligations or options clearing mechanisms within DeFi frameworks, emphasizing verifiable on-chain settlement protocols. Keywords include atomic swap cross-chain settlement derivatives collateralization liquidity pools smart contract ledger epochs perpetual futures options clearing DeFi frameworks.](https://crypto.greeks.live/wp-content/uploads/2025/10/Tokenized-Asset-Interconnectivity-Mechanism-Illustrating-Decentralized-Exchange-Atomic-Swaps-Mechanisms.jpg)

A centralized oracle presents a single point of failure and a high risk of intentional price manipulation, leading to incorrect settlements or liquidations.

- 
### [In What Scenario Would a Trader Set the Limit Price Far from the Stop Price?](https://crypto.greeks.live/learn/in-what-scenario-would-a-trader-set-the-limit-price-far-from-the-stop-price/)
![This macro photograph reveals stacked, toroidal structures featuring a highly polished, deep teal zenith encased by concentric bands of dark gray and cream-colored polymers, set against absolute black. The composition evokes the complex layering inherent in financial instruments, specifically referencing the concept of an options volatility skew or a multi-tiered collateral structure within decentralized finance DeFi options vaults. The smooth, convex teal surface might symbolize an in the money ITM option premium or a projected net asset value NAV target for a structured product. The alternating bands suggest the nested risk profiles of synthetic assets or dynamic hedging mechanisms managing delta exposure across various strike prices. This visual architecture mirrors the intricate mechanics of perpetual swaps and their implied contract specifications requiring robust oracle integration for fair liquidation thresholds and collateral ratios within regulated crypto derivatives marketplaces.](https://crypto.greeks.live/wp-content/uploads/2025/10/Layered-Synthetic-Material-Geometry-Suggesting-Collapsed-Volatility-Surface-In-Decentralized-Derivatives-Protocols.jpg)

When execution certainty is prioritized over price certainty, especially in extremely volatile markets with high expected slippage.

- 
### [Does a Decentralized Exchange (DEX) Futures Platform Have a Clearing House Equivalent?](https://crypto.greeks.live/learn/does-a-decentralized-exchange-dex-futures-platform-have-a-clearing-house-equivalent/)
![This visualization suggests a complex mirroring suggesting underlying market structure akin to hedging synthetic positions across perpetual swaps and options clearinghouses. The central object, resembling a transceiver component or liquidity pool node, is bisected by orthogonal light beams indicating bifurcation in capital allocation strategies. The aqua/teal planar elements suggest leveraged positions navigating stochastic volatility models influencing strike price perception. This composition evokes the arbitrage potential between spot exchange pricing and off-exchange derivative execution, specifically highlighting the transient nature of realized versus implied volatility across DeFi yield farming protocols. It conceptually models risk parity allocation strategies balancing delta exposure against theta decay in leveraged token structures.](https://crypto.greeks.live/wp-content/uploads/2025/10/Symmetry-Reflections-Revealing-Implied-Volatility-Surface-Dynamics-in-Decentralized-Finance.jpg)

A DEX replaces the clearing house with a smart contract or collateral pool for automated, trustless margin and settlement.

- 
### [What Is the Term for a Call Option When the Underlying Price Equals the Strike Price?](https://crypto.greeks.live/learn/what-is-the-term-for-a-call-option-when-the-underlying-price-equals-the-strike-price/)
![This abstract visualization portrays a highly polished, reflective spheroid encased by a sharp, planar ring structure suggesting orbital mechanics or controlled boundaries within a dark void, illuminated by a subtle blue-green gradient suggesting an external light source or nebula. The spheroid surface mirrors an inner stellar field implying embedded liquidity pools or tokenomics visibility. This structure conceptually represents the encapsulation of complex smart contract logic for yield farming strategies or a perpetual futures settlement layer. The central aperture suggests a staking mechanism or a validated collateralized debt position CDP core. Such architecture mirrors the need for transparent but contained governance mechanisms governing decentralized autonomous organization DAO structures, critical for managing volatile options pricing models and synthetic asset creation via algorithmic arbitrage. Keywords include tokenomics embedded liquidity collateralized debt position perpetual futures settlement layer options pricing models synthetic asset creation decentralized autonomous organization DAO governance mechanism.](https://crypto.greeks.live/wp-content/uploads/2025/10/Conceptualizing-Decentralized-Finance-Protocol-Governance-Through-Spherical-Derivative-Structures.jpg)

The option is At-The-Money (ATM), with zero intrinsic value.

- 
### [What Are the Key Differences between an RFQ Platform and a Central Limit Order Book (CLOB)?](https://crypto.greeks.live/learn/what-are-the-key-differences-between-an-rfq-platform-and-a-central-limit-order-book-clob/)
![This abstract composition depicts a point of equilibrium between divergent structural elements suggesting derivate hedging mechanics. Two light-infused metallic spars intersect precisely, representing leveraged exposure or perhaps the cross-section of a strike price mechanism. Dark, reflective spheres demonstrate asset concentration points contrasting against vast, smooth white surfaces symbolizing underlying collateral or synthetic constructs. The cyan luminescence evokes real-time data streams crucial for calculating instantaneous Greeks exposure. This setup conceptually models the delicate balance required in executing complex structured products like perpetual swaps or achieving delta-neutrality amid fluctuating market microstructure and systemic liquidity stress testing against implied volatility surfaces.](https://crypto.greeks.live/wp-content/uploads/2025/10/Crystalline-Bifurcation-of-Volatility-Skew-Intersecting-Spherical-Asset-Allocation-Vectors.jpg)

RFQ is private, quote-based, and ideal for block trades; CLOB is public, order-driven, and transparent.

- 
### [What Is a Request for Quote (RFQ) System and How Does It Inherently Mitigate Front-Running?](https://crypto.greeks.live/learn/what-is-a-request-for-quote-rfq-system-and-how-does-it-inherently-mitigate-front-running/)
![A macro perspective reveals a sharply pointed crystalline structure emerging from a metallic flange bolted onto a matte black, curved surface. Translucent cyan elements suggest cooled liquid or hardened resin interfaces. This symbolizes the sharp execution risk inherent in high-frequency crypto arbitrage and structured product settlement. The spire represents the precise strike price vector in a digital asset options contract, possibly referencing perpetual swaps or futures rolling. The underlying dark sphere suggests the volatility surface geometry or deep liquidity pool management in decentralized finance DeFi collateralization schemas, emphasizing capital efficiency, gamma exposure risk, and slippage minimization within complex derivative strategies like volatility selling or directional delta hedging for synthetic asset issuance against secured stablecoin reserves.](https://crypto.greeks.live/wp-content/uploads/2025/10/High-Precision-Cryogenic-Spire-Mechanism-on-Dark-Spherical-Substrate-Reflecting-Collateralized-Debt-Positions.jpg)

RFQ is a private trading system where quotes are requested, preventing front-running by keeping order intention hidden.

- 
### [Explain the Concept of “Price Impact” on a Decentralized Exchange (DEX)](https://crypto.greeks.live/learn/explain-the-concept-of-price-impact-on-a-decentralized-exchange-dex/)
![This macro composition illustrates a highly structured mechanical intersection, symbolizing the critical nexus between tangible collateralization methods and intangible digital asset protocols. The dual metallic rods represent synchronized transaction conduits, perhaps akin to layer-two scaling solutions facilitating throughput, while the beige and teal structural elements suggest segregated accounts or collateral pools within a smart contract architecture. The sharp, dark negative space emphasizes transactional finality and the high-stakes environment of decentralized autonomous organizations DAO governance structures. This visualization captures the underlying physics required for robust over-the-counter OTC execution and non-custodial escrow functions, essential for mitigating counterparty risk in complex perpetual futures contracts and synthetic asset issuance, ensuring atomic settlement across disparate ledger states.](https://crypto.greeks.live/wp-content/uploads/2025/10/Precision-Engineered-Linkage-System-Demonstrating-Cross-Margin-Collateralized-Settlement-Mechanisms-in-Decentralized-Finance.jpg)

The price change within a liquidity pool caused by a trade's size, necessary to maintain the AMM's constant product formula.

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