> For the complete documentation index, see [llms.txt](https://docs.strikefinance.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.strikefinance.org/perpetuals/strike-rfq.md). # Strike RFQ ## Bringing global liquidity to Strike > **Coming soon:** Strike RFQ is not yet available to traders. This page describes the intended experience. Strike RFQ helps bring liquidity fragmented across global markets onto one unified order book. When more depth is needed, participating market makers, called **Quoters**, can look across venues such as Binance, Hyperliquid, Lighter, and other major markets, then compete to bring that liquidity directly onto Strike's order book. Strike's CLOB + RFQ hybrid is designed to support just-in-time (JIT) liquidity by helping Quoters prepare ordinary public-book liquidity near possible execution. Just-in-time liquidity is the product objective and design theme. It is not an RFQ type, protocol term, order type, separate execution path, or liquidity guarantee. The formal system language remains **RFQ** and **Prospective RFQ**, and all orders continue to execute through Strike's standard order book. ### When the order book is not deep enough RFQ is designed for moments when a larger position may face high slippage or insufficient depth. Strike may recommend an RFQ when a Market-order draft has large USD notional, its estimated slippage is high, or the visible book cannot fill it. Giving Quoters time to add depth before you trade can reduce slippage and improve the pricing available for larger orders. You can request more liquidity, trade against the current book immediately, change your order, or walk away. Requesting liquidity never places a trade or commits you to one. ### From request to deeper liquidity 1. Choose the market and enter the size you want to trade. 2. Select **Request Quote** to ask for more liquidity. 3. Strike sends the request to authorized Quoters. They see the market and requested size, but not whether you intend to buy or sell. Your identity and account details are also not shared. 4. Quoters assess liquidity across the markets they trade and compete by adding or improving ordinary orders on Strike. 5. Review the updated Strike order book. If the price and depth work for you, place your order as normal. Only authorized Quoters receive the RFQ. Any orders they place are ordinary public-book orders that the entire market can see and compete with. RFQs remain active for up to one minute, limiting how long Quoters treat each request as current. Quoters can update or remove their orders as market conditions change. ### A $1 million BTC trade Suppose BTC is trading near $70,000 and the Strike order book currently has about $700,000 of usable depth. You want to place a $1 million BTC-USD trade. The opportunity is there, but the visible book is too shallow. You submit an RFQ. Quoters assess the BTC liquidity available across the markets they trade. Because the RFQ does not reveal your intended direction, Quoters may add bids, asks, or both near the current market, increasing the visible depth available before you decide whether to trade. The deeper book is visible to you and the rest of the market. Other participants can respond with an even better price. If the execution looks right, you place a normal Strike order. ### Why Strike uses a CLOB + RFQ hybrid #### Global reach, Strike execution Liquidity can come from a global market, but your trade does not need to leave Strike. It still uses Strike's standard order book, matching engine, margin system, and fee schedule. #### Open competition A closed firm RFQ process directs order flow to designated Quoters. Traders and bots outside that group cannot see the request or compete before a quote is accepted. Strike's RFQ remains restricted to authorized Quoters, but they respond by adding or improving ordinary orders on Strike's public CLOB. Those orders give the wider market a chance to react and improve the price before the requester trades. #### No added delay for time-sensitive orders Strike may alert Quoters to potential take-profit, stop-loss, trailing-stop, or liquidation flow before it becomes executable. These Prospective RFQ signals are uncertain and may never result in a trade. Triggered orders never wait for an RFQ response or negotiation. They enter the normal execution flow as soon as they are eligible. #### One market, not two Strike does not split liquidity between a public order book and a separate private RFQ market. All trades continue to follow Strike's normal matching and execution rules. The tradeoff is that RFQ does not guarantee or reserve a price. In return, pricing stays live, visible, and open to competition until you choose to trade. ### What "liquidity prepared" means "Liquidity prepared" means at least one Quoter has reported preparing ordinary order-book liquidity. Strike does not verify or reserve that liquidity. It is an opportunity, not a promise. The price is not locked, the liquidity is not reserved, and a fill is not guaranteed. Orders can move, fill, or be canceled as the market changes. Always review the live order book and current execution estimate before placing your trade. Normal Strike fees, margin requirements, order priority, and matching rules apply.