API requests related to Block RFQ require a different scope than block trades. This was done because block trades can have an optional “block trade approval” where a different authenticated connection has to approve any block trade done with an API key with this optional feature. As Block RFQ is not a third party platform this is not needed and lengthy approval times can lead to adverse selection, especially in an anonymous market.
To listen for new Block RFQ or to retrieve all open Block RFQs, only block_rfq:read is needed. To also create RFQs or respond to RFQs, block_rfq_id:read_write is needed. These scopes can be added to new keys or existing keys.
With the private/create_block_rfq call the taker initiates a Block RFQ by specifying the instruments and entering amounts in base currency (for inverse futures in quote currency). The taker should also input the direction of the individual legs to specify the structure. By not specifying the makers variable all makers are automatically targeted.
{
"method": "private/create_block_rfq",
"params": {
"legs": [
{
"instrument_name": "BTC-14FEB25-100000-C",
"amount": 100,
"direction": "buy"
},
{
"instrument_name": "BTC-14FEB25-110000-C",
"amount": 100,
"direction": "sell"
}
]
},
"jsonrpc": "2.0",
"id": 1
}
The creation response will always contain empty bid and ask lists as these will populate only after makers respond. An empty list next to the makers variable means that all makers on the platform were targeted. The leg structure is broken down into ratios and a total amount as described in the “Pricing unit” section of Deribit Block RFQ article. Deribit also returns the combo_id which is the theoretical instrument name of the strategy’s order book. For custom strategies this field is empty. The member also gets information on timestamps and the block_rfq_id which is the unique identifier of the Block RFQ.
{
"jsonrpc": "2.0",
"id": 1,
"result": {
"state": "created",
"bids": [],
"asks": [],
"role": "taker",
"amount": 100,
"legs": [
{
"direction": "buy",
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1
},
{
"direction": "sell",
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1
}
],
"expiration_timestamp": 1738250740801,
"block_rfq_id": 1,
"combo_id": "BTC-CS-14FEB25-100000_110000",
"makers": [],
"min_trade_amount": 0.1,
"creation_timestamp": 1738250440801
}
}
Below is an example of how to create a Block RFQ structure containing a hedge leg.
{
"method": "private/create_block_rfq",
"params": {
"legs": [
{
"instrument_name": "BTC-14FEB25-100000-C",
"amount": 100,
"direction": "buy"
},
{
"instrument_name": "BTC-14FEB25-110000-C",
"amount": 100,
"direction": "sell"
}
],
"hedge": {
"instrument_name": "BTC-PERPETUAL",
"amount": 50000,
"direction": "sell",
"price": 100000
}
},
"jsonrpc": "2.0",
"id": 1
}
When creating a Block RFQ using the private/create_block_rfq method, takers can utilize the pre-allocation feature to split the total amount between their main account, sub-accounts, or broker-linked clients. Each allocation must specify either user_id (for direct allocation) or client_info object (for broker allocation), and amount.
Important
This functionality is available only when creating an Block RFQ from the main account.
Example for user_id
{
"method": "private/create_block_rfq",
"params": {
"legs": [
{
"instrument_name": "BTC-25JUL25",
"amount": 200000,
"direction": "buy"
}
],
"trade_allocations": [
{
"user_id": 1354,
"amount": 100000
},
{
"user_id": 1464,
"amount": 100000
}
],
"label": "test",
"makers": [],
"disclosed": true
},
"jsonrpc": "2.0",
"id": 6
}
Example for client_info and user_id
{
"method": "private/create_block_rfq",
"params": {
"legs": [
{
"instrument_name": "BTC-PERPETUAL",
"amount": 200000,
"direction": "buy"
}
],
"trade_allocations": [
{
"client_info" : {
"client_id" : 1,
"client_link_id" : 1
},
"amount": 100000
},
{
"user_id" : 7,
"amount" : 100000
}
],
"label": "test",
"makers": [],
"disclosed": true
},
"jsonrpc": "2.0",
"id": 6
}
Key requirements:
-
Allocated sizes must align to the minimum trade amount of the underlying instruments (as with quotes)
-
The sum of all allocations must equal the total RFQ size
-
Allocations may be below the minimum block size, as long as the total meets the requirement
-
Allocations are immutable once the RFQ is created
Margin Checks
-
Margin is validated per allocated account at the time of RFQ creation.
-
The creator doesn’t need funds if not allocating to himself.
-
In case of a failed check, the broker will be informed which allocation failed.
RFQ Lifecycle & Visibility
-
Publicly, the creator is still marked as taker.
-
Allocations are only visible to the creator and the individual recipients (each sees only their own).
-
Users allocated in the RFQ cannot quote on it to prevent self-trading.
-
RFQs respect the SMP (Self-Match Prevention) config: quoting is disallowed if any allocated user has the same RFQ identity as the maker.
Trade Behavior & Post-Trade Allocation
-
Only the creator sees the full breakdown of allocations.
-
Allocated users:
-
See only their share of the trade
-
Can see the total traded size (since the RFQ is public)
-
-
Fees are paid by the allocated users, but the fee rate is based on the RFQ creator, not individual accounts.
-
Allocated accounts can see their respective trades in their transaction log, just like with regular trades. This includes fee details, timestamps, and trade metadata.
Trade Visibility in API & Subscriptions
Allocated trades will appear in:
-
user.trades.* and other related subscriptions
-
private/get_user_trades_by_currency and related methods
The Block RFQ creation method private/create_block_rfq takes in an optional parameter disclosed. By default it is set to False but at least 5 makers need to be targeted for a valid anonymous Block RFQ. In non-anonymous RFQs we then pass the taker alias in a parameter called taker and add the maker aliases to the bid, ask and trade arrays. This information is stored historically. Makers cannot see the aliases of other makers in these arrays. Below is an example of a non-anonymous Block RFQ creation.
{
"method": "private/create_block_rfq",
"params": {
"legs": [
{
"instrument_name": "BTC-14FEB25-100000-C",
"amount": 100,
"direction": "buy"
},
{
"instrument_name": "BTC-14FEB25-110000-C",
"amount": 100,
"direction": "sell"
}
],
"disclosed": true
},
"jsonrpc": "2.0",
"id": 1
}
The taker notification channel provides updates about the status of the member’s created Block RFQ. The channel sends an update every time a field changes. This typically involves the state or new quotes coming in as bids or asks. An example response can be seen below.
channel: block_rfq.taker.{currency}
{
"jsonrpc": "2.0",
"method": "subscription",
"params": {
"channel": "block_rfq.taker.btc",
"data": {
"jsonrpc": "2.0",
"id": 1,
"result": {
"continuation": null,
"block_rfqs": [
{
"timestamp": 1738252420844,
"state": "filled",
"bids": [
{
"price": 0.03,
"amount": 100,
"last_update_timestamp": 1738252318903,
"execution_instruction": "all_or_none",
"makers": ["MAKER1"]
}
],
"asks": [],
"role": "taker",
"mark_price": 0.005396142,
"amount": 100,
"trades": [
{
"price": 0.01,
"direction": "buy",
"amount": 100,
"maker": "MAKER1"
}
],
"legs": [
{
"price": 0.03,
"direction": "buy",
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1
},
{
"price": 0.02,
"direction": "sell",
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1
}
],
"expiration_timestamp": 1738252585438,
"block_rfq_id": 1,
"combo_id": "BTC-CS-14FEB25-110000_100000",
"disclosed": false,
"makers": [],
"min_trade_amount": 0.1,
"creation_timestamp": 1738252285438
}
]
}
}
}
}
The maker channels returns information about all new Block RFQs a member is tagged in as a maker and any updates to the state. Below is an example of a maker being tagged in an RFQ.
channel: block_rfq.maker.{currency}
{
"jsonrpc": "2.0",
"method": "subscription",
"params": {
"channel": "block_rfq.maker.btc",
"data": {
"state": "open",
"role": "maker",
"combo_id": "BTC-CS-14FEB25-100000_110000",
"legs": [
{
"direction": "buy",
"instrument_name": "BTC-14MAR25-80000-C",
"ratio": 1
},
{
"direction": "sell",
"instrument_name": "BTC-14MAR25-80000-P",
"ratio": 1
}
],
"amount": 100,
"min_trade_amount": 0.1,
"expiration_timestamp": 1740742981931,
"taker": "BenTrades",
"creation_timestamp": 1740742681931,
"block_rfq_id": 1,
"taker_rating": 5-20,
"disclosed": true
}
}
}
Below is an example of the above RFQ being filled. The trade originated from two any_part_of quotes with two makers. In this example both makers are sub-accounts under the same main account. The subscription was opened for the sub-account which has the maker field in the trade tape. The maker was conveniently named ‘You’. This means that makers will receive trade information from this subscription for other makers as well. They will only receive the publicly visible information and private fields such as maker name will only be visible on their subscription.
{
"jsonrpc": "2.0",
"method": "subscription",
"params": {
"channel": "block_rfq.maker.btc",
"data": {
"timestamp": 1740742710983,
"state": "filled",
"role": "maker",
"combo_id": "BTC-CS-14FEB25-100000_110000",
"legs": [
{
"price": 0.03,
"direction": "buy",
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1
},
{
"price": 0.02,
"direction": "sell",
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1
}
],
"amount": 100,
"min_trade_amount": 0.1,
"mark_price": 0.005396142,
"trades": [
{
"price": 0.01,
"direction": "buy",
"amount": 50
},
{
"price": 0.01,
"maker": "YOU",
"direction": "buy",
"amount": 50
}
],
"expiration_timestamp": 1740742981931,
"taker": "BenTrades",
"creation_timestamp": 1740742681931,
"block_rfq_id": 1,
"disclosed": true
}
}
}
Takers also have the option to cancel a Block RFQ before it reaches its expiration using . This can be done by passing block_rfq_id to the private/cancel_block_rfq method.
{
"method" : "private/cancel_block_rfq",
"params" : {
"block_rfq_id" : 1
}
}
Makers respond to Block RFQs by placing quotes using private/add_block_rfq_quote method. Makers specify the Block RFQ by passing in the block_rfq_id and then echoing the legs in the ratio structure with a price next to each leg. Makers then specify whether this is their buy (bid) or sell price (ask). They also input an amount and an execution_instruction which can either be an all_or_none order or an any_part_of order. In the case of all_or_none the amount must always match the amount requested by the taker. In the case of any_part_of order makers can add multiple partial orders.
{
"method": "private/add_block_rfq_quote",
"params": {
"label": "test",
"block_rfq_id": 1,
"direction": "sell",
"legs": [
{
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1,
"direction": "buy",
"price": "0.03"
},
{
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1,
"direction": "sell",
"price": "0.02"
}
],
"amount": 100,
"execution_instruction": "all_or_none"
},
"jsonrpc": "2.0",
"id": 1
}
In the quote response, makers receive information about the status of their quote. This includes the quote_state and the unique block_rfq_quote_id. Deribit also calculates the aggregate price that was offered for the direction. If the Block RFQ is already traded, makers can also see the amount on this quote that was used to fill the trade.
{
"jsonrpc": "2.0",
"id": 1,
"result": {
"label": "test",
"price": 0.01,
"direction": "sell",
"amount": 100,
"legs": [
{
"price": 0.03,
"direction": "buy",
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1
},
{
"price": 0.02,
"direction": "sell",
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1
}
],
"block_rfq_id": 1,
"replaced": false,
"filled_amount": 0,
"last_update_timestamp": 1738251666989,
"execution_instruction": "all_or_none",
"block_rfq_quote_id": 1,
"creation_timestamp": 1738251666989,
"quote_state": "open"
}
}
When submitting a quote to a Block RFQ, makers can include an expires_at timestamp to indicate how long their quote remains valid.
Maker Behavior
When calling the method private/add_block_rfq_quote, a maker can include the expires_at parameter (in milliseconds since epoch) to specify when the quote should expire.
Example request:
{
"method": "private/add_block_rfq_quote",
"params": {
"label": "test1",
"block_rfq_id": 194,
"amount": 100000,
"direction": "sell",
"legs": [
{
"instrument_name": "BTC-25APR25",
"price": 86000,
"ratio": "1",
"direction": "buy"
}
],
"execution_instruction": "any_part_of",
"expires_at": 1745312540321
},
"jsonrpc": "2.0",
"id": 1
}
If the quote is not accepted before expires_at, it will automatically be excluded from consideration and execution.
Taker Visibility
Takers retrieving open RFQs using private/get_block_rfqs will see the expires_at field on each available quote.
Example taker response:
"asks": [
{
"amount": 200000,
"price": 86000,
"makers": [
"test_responder"
],
"last_update_timestamp": 1745312295333,
"expires_at": 1745312540321,
"execution_instruction": "any_part_of"
}
]
Aggregated Quotes
If a taker sees an aggregated quote (e.g., a single quote composed of multiple maker responses with execution_instruction: "any_part_of"):
-
The system will display only the closest (earliest)
expires_atamong the executable quotes. -
Quotes with later expiration timestamps are ignored in this context, as the earliest expiration is the limiting factor for execution.
Key Notes
-
expires_atis optional but recommended for time-sensitive pricing strategies. -
Once submitted, a quote’s expiration timestamp cannot be modified.
-
Expired quotes are automatically excluded from matching and display.
-
Expiration applies per quote, not to the entire RFQ.
Provides notifications on quotes submitted, edited or cancelled. This method is only available to makers and only displays their quotes.
channel: block_rfq.maker.quotes.any
{
"jsonrpc": "2.0",
"method": "subscription",
"params": {
"channel": "block_rfq.maker.quotes.any",
"data": [
{
"label": "test",
"price": 0.01,
"direction": "sell",
"amount": 100,
"legs": [
{
"price": 0.03,
"direction": "buy",
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1
},
{
"price": 0.02,
"direction": "sell",
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1
}
],
"block_rfq_id": 1,
"replaced": false,
"filled_amount": 0,
"last_update_timestamp": 1738251666989,
"execution_instruction": "all_or_none",
"block_rfq_quote_id": 1,
"creation_timestamp": 1738251666989,
"quote_state": "open"
}
]
}
}
To trade against active quotes, takers can submit a crossing order using private/accept_block_rfq method. In this order they specify the direction and price for which they are willing to trade. If the price in their order is at least as good as a price offered by a maker’s quote the trade happens at the best price.
{
"method": "private/accept_block_rfq",
"params": {
"block_rfq_id": 1,
"legs": [
{
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1,
"direction": "buy"
},
{
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1,
"direction": "sell"
}
],
"price": 0.01,
"direction": "buy",
"amount": 100
},
"jsonrpc": "2.0",
"id": 1
}
Takers can submit trigger orders directly within the Block RFQ flow by specifying the price they are willing to trade at.
The private/accept_block_rfq method is submitted by the taker and includes a time_in_force parameter that determines how the order behaves:
-
fill_or_kill(default): The order must be filled immediately and fully; otherwise, it fails. -
good_til_cancelled: The order is stored as a trigger and remains active until either matched or cancelled.
Order Matching Behavior
-
Immediate Match: If available maker liquidity meets or improves on the taker’s price, the trade executes immediately.
-
Trigger Mode: If not, the order becomes a trigger, waiting passively until a suitable maker quote appears.
-
One Active Order Per Side: Takers can only have one active trigger order per direction (buy or sell). Submitting a new one replaces the previous.
Example: Accepting an RFQ with a Limit Price
{
"method": "private/accept_block_rfq",
"params": {
"block_rfq_id": 129910,
"time_in_force": "good_til_cancelled",
"legs": [
{
"instrument_name": "BTC-29MAY25-100000-C",
"direction": "buy",
"ratio": "1"
},
{
"instrument_name": "BTC-29MAY25-101000-C",
"direction": "sell",
"ratio": "1"
}
],
"price": 0.01,
"direction": "sell",
"amount": 12.5
},
"jsonrpc": "2.0",
"id": 2
}
If the taker uses good_til_cancelled and no matching quote is available at submission time, the system will return a trade_trigger object with state: untriggered, indicating that the order is now waiting for a match.
{
"jsonrpc": "2.0",
"id": 2,
"result": {
"trade_trigger": {
"state": "untriggered",
"price": 0.01,
"direction": "sell"
}
}
}
Cancelling a Trigger Order in Block RFQ
If a taker has submitted a trigger order using time_in_force: good_til_cancelled, and the order is still untriggered, it can be cancelled at any time using the private/cancel_block_rfq_trigger method.
This is useful when the taker no longer wishes to wait for matching liquidity or wants to update their pricing.
Important
Cancelling a trigger does not close the Block RFQ itself.
Example Request
{
"method": "private/cancel_block_rfq_trigger",
"params": {
"block_rfq_id": 123
},
"jsonrpc": "2.0",
"id": 1
}
Example Response
The response returns the full Block RFQ object, including an updated trade_trigger field indicating that the trigger has been cancelled.
{
"jsonrpc": "2.0",
"id": 1,
"result": {
"creation_timestamp": 1730798381504,
"expiration_timestamp": 1730798481504,
"block_rfq_id": 123,
"role": "taker",
"state": "open",
"taker_rating": "1-2",
"makers": ["maker1", "maker2"],
"amount": 100,
"min_trade_amount": 10,
"legs": [
{
"instrument_name": "BTC-8NOV24-70000-C",
"ratio": 1
},
{
"instrument_name": "BTC-8NOV24-72000-C",
"ratio": 1
}
],
"combo_id": "BTC-CS-8NOV24-70000_72000",
"label": "My Block RFQ",
"app_name": "Example Application",
"mark_price": 0.025,
"disclosed": false,
"trade_trigger": {
"state": "cancelled",
"price": 0.01,
"direction": "buy",
"cancel_reason": "User cancelled"
}
}
}
Block RFQ trades are normal Deribit Block trades and are also reported as such. The only difference is the block_rfq_id field which can link multiple block trades together (in case the trade was executed as part of the multi-maker model).
{
"jsonrpc": "2.0",
"id": 1,
"result": [
{
"id": "BLOCK-701428",
"timestamp": 1738252420847,
"trades": [
{
"timestamp": 1738252420846,
"state": "filled",
"iv": 56.37,
"price": 0.0088,
"direction": "buy",
"index_price": 105782.69,
"profit_loss": 0,
"instrument_name": "BTC-14FEB25-100000-C",
"trade_seq": 4,
"api": true,
"mark_price": 0.00824031,
"amount": 100,
"order_id": "32032913453",
"matching_id": null,
"tick_direction": 0,
"fee": 0.00225,
"mmp": false,
"block_trade_id": "BLOCK-701428",
"block_rfq_id": 1,
"combo_id": "BTC-CS-14FEB25-100000_110000",
"post_only": false,
"reduce_only": false,
"self_trade": false,
"underlying_price": 106384.42,
"contracts": 100,
"trade_id": "193437641",
"fee_currency": "BTC",
"order_type": "limit",
"risk_reducing": false,
"block_trade_leg_count": 2,
"liquidity": "T"
},
{
"timestamp": 1738252420846,
"state": "filled",
"iv": 60.3,
"price": 0.0027,
"direction": "sell",
"index_price": 105782.69,
"profit_loss": 0,
"instrument_name": "BTC-14FEB25-110000-C",
"trade_seq": 5,
"api": true,
"mark_price": 0.00284417,
"amount": 100,
"order_id": "32032913451",
"matching_id": null,
"tick_direction": 0,
"fee": 0,
"mmp": false,
"block_trade_id": "BLOCK-701428",
"block_rfq_id": 1,
"combo_id": "BTC-CS-14FEB25-100000_110000",
"post_only": false,
"reduce_only": false,
"self_trade": false,
"underlying_price": 106384.42,
"contracts": 100,
"trade_id": "193437640",
"fee_currency": "BTC",
"order_type": "limit",
"risk_reducing": false,
"block_trade_leg_count": 2,
"liquidity": "T"
}
]
}
]
}
Makers can edit their quotes using private/edit_block_rfq_quote. This can be done either through a combination of the label and the block_rfq_id or by passing in the block_rfq_quote_id. In the example below the quote price is being updated using a block_rfq_id and a label.
{
"method" : "private/edit_block_rfq_quote",
"params" : {
"label" : "test",
"block_rfq_id" : 1,
"amount" : 100,
"direction" : "sell",
"legs" : [
{
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1,
"direction": "buy",
"price": 0.04
},
{
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1,
"direction": "sell",
"price": 0.02
}
],
"execution_instruction" : "all_or_none"
},
"jsonrpc" : "2.0",
"id" : 1
}
Makers can cancel their quotes using private/cancel_block_rfq_quote by passing in either a combination of the block_rfq_id and label or the block_rfq_quote_id.
{
"jsonrpc" : "2.0",
"id" : 1,
"method" : "private/cancel_block_rfq_quote",
"params" : {
"block_rfq_quote_id" : 1
}
}
Important
The cancel on disconnect functionality also applies to Block RFQ quotes, allowing makers to automatically cancel their quotes if the connection drops.
Makers can also cancel all of their outstanding quotes using one call of private/cancel_all_block_rfq_quotes. This call optionally takes the parameter block_rfq_id which either cancels all quotes on a specific Block RFQ or, if not provided, cancels quotes on all Block RFQs the maker responded to.
{
"jsonrpc" : "2.0",
"id" : 24,
"method" : "private/cancel_all_block_rfq_quotes",
"params" : {
"block_rfq_id" : 1
}
}
Members can retrieve information about both active and historical Block RFQs by using the private/get_block_rfqs call where the number of RFQs is specified by the count variable. The Block RFQs can optionally be filtered on state and role. To retrieve information for a single Block RFQ members can fill in the block_rfq_id variable. Active RFQs return the same response as newly created RFQs but with up to date information such as bids and asks. Historical RFQs record the best bid and ask offered at the time the Block RFQ was closed and any trades that occurred as a result of the Block RFQ.
{
"method" : "private/get_block_rfqs",
"params" : {
"block_rfq_id" : 1
},
"jsonrpc" : "2.0",
"id" : 2
}
If the Block RFQ is no longer open the response is structured as follows. To closed Block RFQs we also add an additional parameter included_in_taker_rating for takers which determines whether or not this Block RFQ will count towards their OTV ratio.
{
"jsonrpc": "2.0",
"id": 2,
"result": {
"continuation": null,
"block_rfqs": [
{
"timestamp": 1738252420844,
"state": "filled",
"bids": [
{
"price": 0.01,
"amount": 100,
"last_update_timestamp": 1738252318903,
"execution_instruction": "all_or_none",
"makers": [
"ANONYMOUS"
]
}
],
"asks": [
{
"price": 0.02,
"amount": 100,
"last_update_timestamp": 1738252285527,
"execution_instruction": "all_or_none",
"makers": [
"ANONYMOUS"
]
}
],
"role": "taker",
"mark_price": 0.005396142,
"amount": 100,
"trades": [
{
"price": 0.01,
"direction": "buy",
"amount": 100,
"maker": "ANONYMOUS"
}
],
"legs": [
{
"price": 0.03,
"direction": "buy",
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1
},
{
"price": 0.02,
"direction": "sell",
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1
}
],
"expiration_timestamp": 1738252585438,
"block_rfq_id": 1,
"combo_id": "BTC-CS-14FEB25-100000_110000",
"disclosed": false,
"included_in_taker_rating": true,
"makers": [],
"min_trade_amount": 0.1,
"creation_timestamp": 1738252285438
}
]
}
}
Only active quote information can be retrieved using private/get_block_rfq_quotes. Cancelled quotes and quotes on closed Block RFQs are not stored. Also past versions of edited quotes cannot be retrieved. Active quotes can be filtered by block_rfq_id. This parameter is optional and calling the method without it will return all active quotes. Information for a specific quote can also be retrieved using a combination of block_rfq_id and label or block_rfq_quote_id.
{
"jsonrpc" : "2.0",
"id" : 1,
"method" : "private/get_block_rfq_quotes",
"params" : {
"block_rfq_id" : 1
}
}
{
"jsonrpc": "2.0",
"id": 1,
"result": [
{
"label": "test",
"price": 0.01,
"direction": "sell",
"amount": 100,
"legs": [
{
"price": 0.03,
"direction": "buy",
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1
},
{
"price": 0.02,
"direction": "sell",
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1
}
],
"block_rfq_id": 1,
"replaced": false,
"filled_amount": 0,
"last_update_timestamp": 1738254302855,
"execution_instruction": "all_or_none",
"block_rfq_quote_id": 1,
"creation_timestamp": 1738254302855,
"quote_state": "open"
}
]
}
Public method public/get_block_rfq_trades provides information on trades that resulted from Block RFQs.
{
"method" : "public/get_block_rfq_trades",
"params" : {
"currency" : "BTC"
},
"jsonrpc" : "2.0",
"id" : 1
}
Below is an example response of trades coming from this endpoint.
{
"continuation": "1737538194561:4695",
"block_rfqs": [
{
"id": 1,
"timestamp": 1737726042985,
"direction": "buy",
"bid_price": 0.01,
"ask_price": 0.02,
"amount": 100,
"mark_price": 0.01,
"legs": [
{
"direction": "buy",
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1
},
{
"direction": "sell",
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1
}
],
"combo_id": “BTC-CS-14FEB25-100000_110000”,
"hedge": "undefined"
},
{
"id": 4951,
"timestamp": 1737724733876,
"direction": "sell",
"bid_price": -500,
"ask_price": null,
"amount": 100000,
"mark_price": -308.4,
"legs": [
{
"direction": "buy",
"instrument_name": "BTC-31JAN25",
"ratio": 1
},
{
"direction": "sell",
"instrument_name": "BTC-7FEB25",
"ratio": 1
}
],
"combo_id": null,
"hedge": "undefined"
}
]
}
Method private/get_block_rfq_makers can be called to retrieve a list of all available makers. It takes no parameters.
{
"method" : "private/get_block_rfq_makers",
"params" : {
},
"jsonrpc" : "2.0",
"id" : 1
}
For members who wish to price the whole structure as opposed to each leg separately we offer a leg pricing private/get_leg_prices method. This method takes in a Block RFQ structure with amounts (as if it is being submitted for the first time) and an aggregate price and returns the legs in the ratio structure and calculated valid prices for each which can be used to quote.
Note
Please note this call only works for conventional strategies and returns an error for custom ones.
{
"method": "private/get_leg_prices",
"params": {
"price": 0.01,
"legs": [
{
"instrument_name": "BTC-8NOV24-70000-C",
"amount": 100,
"direction": "buy"
},
{
"instrument_name": "BTC-8NOV24-72000-C",
"amount": 100,
"direction": "sell"
}
]
},
"jsonrpc": "2.0",
"id": 1
}
Returned is the ratio structure with a price for each leg.
Note
Please note that the returned prices will be valid for Block RFQ tick size not necessarily Deribit’s order book tick sizes in the given instruments.
{
"jsonrpc": "2.0",
"id": 1,
"result": {
"amount": 100,
"legs": [
{
"price": 0.0475,
"direction": "sell",
"instrument_name": "BTC-14FEB25-110000-C",
"ratio": 1
},
{
"price": 0.0575,
"direction": "buy",
"instrument_name": "BTC-14FEB25-100000-C",
"ratio": 1
}
]
}
}
Block RFQ trades are executed as block trades and appear as such in Deribit’s trade history such as public/get_last_trades_by_currency. Block trades that were executed as part of a Block RFQ also have a block_rfq_id field.
{
"jsonrpc": "2.0",
"id": 10,
"result": {
"trades": [
{
"timestamp": 1731580311926,
"price": 91314.5,
"direction": "buy",
"index_price": 91225.89,
"instrument_name": "BTC-PERPETUAL",
"amount": 18260,
"trade_seq": 114040640,
"mark_price": 91226,
"tick_direction": 1,
"contracts": 1826,
"trade_id": "192235370"
},
{
"timestamp": 1731580302276,
"iv": 106.47,
"price": 0.2,
"direction": "sell",
"index_price": 91227.09,
"instrument_name": "BTC-8NOV24-72000-C",
"combo_id": "BTC-CS-8NOV24-70000_72000",
"amount": 100,
"trade_seq": 231,
"mark_price": 0.21684268,
"tick_direction": 2,
"block_trade_id": "BLOCK-423",
"block_rfq_id": 1,
"contracts": 100,
"trade_id": "192235369",
"block_trade_leg_count": 2
},
{
"timestamp": 1731580302276,
"iv": 107.37,
"price": 0.3,
"direction": "buy",
"index_price": 91227.09,
"instrument_name": "BTC-8NOV24-70000-C",
"combo_id": "BTC-CS-8NOV24-70000_72000",
"amount": 100,
"trade_seq": 213,
"mark_price": 0.23542917,
"tick_direction": 0,
"block_trade_id": "BLOCK-423",
"block_rfq_id": 1,
"contracts": 100,
"trade_id": "192235368",
"block_trade_leg_count": 2
},
{
"timestamp": 1731580301165,
"price": 91314.5,
"direction": "buy",
"index_price": 91227.09,
"instrument_name": "BTC-PERPETUAL",
"amount": 18260,
"trade_seq": 114040639,
"mark_price": 91227.32,
"tick_direction": 0,
"contracts": 1826,
"trade_id": "192235367"
}
],
"has_more": true
},
}
Block RFQ supports Market Maker Protection (MMP) with settings and triggers that are managed separately from order book trading. MMP can be configured either via the web interface or using the API. To configure Block RFQ MMP settings and monitor it status, you can use the following WebSocket methods, which support the optional block_rfq flag:
When the block_rfq flag is set to true, the methods apply to Block RFQ MMP. When the flag is omitted or set to false, the methods apply to order book MMP.
To configure the Trade Count trigger for Block RFQ, use index_name=all in the private/set_mmp_config request.
Example request:
{
"method": "private/set_mmp_config",
"params": {
"block_rfq": true,
"trade_count_limit": 2,
"frozen_time": 0,
"index_name": "all",
"interval": 5
},
"jsonrpc": "2.0",
"id": 1
}
In order to receive real-time trigger notifications, subscribe to the user.mmp_trigger.{index_name} channel
-
Use
index_name=anyto receive notifications for all trigger types across currency pairs. -
Use
index_name=allto receive notifications only for the Trade Count trigger.