RFQ (request for quote) and order books are the two main ways the price of a crypto option is set. An order book shows public buy and sell prices. An RFQ asks trading desks to price your exact trade. On crypto platforms, premium usually comes from an order book, an automated market maker (AMM), a vault auction, or an RFQ. For sellers choosing how their premium is set, RFQ and order books are the models that matter most. Primer: Crypto options explained.
Definitions
Order book. Buy and sell prices are posted publicly. You sell by accepting the best buy price, or buy by accepting the best sell price. Prices are continuous and visible to everyone. Examples: Deribit among centralized exchanges; Derive and Aevo onchain.
RFQ. You describe the trade (asset, amount, strike, expiry) and invite trading desks to quote. Quotes are valid for a short time. You accept one or none. Prices appear only when you ask, and stay private until you trade. Onchain examples: Rysk and Overcast.
Both get the trade done. They are good at different things.
Side by side
| Axis | Order book | RFQ |
|---|---|---|
| What you see | Posted buy and sell prices | Quotes on your terms |
| Best for | Standard contracts, frequent trading | Your own size, unusual strikes, large trades |
| Who sees your order | Everyone | Only the desks you ask |
| Speed race | Matters a lot | Matters less |
| Main cost | The gap between buy and sell prices | Depends on how many desks compete |
| How it feels | Pick a price on the screen | Ask, compare, accept |
Why sellers use RFQ
Covered calls and cash-secured puts usually start from something you own: you already hold the asset or the stablecoins, and you want a premium for a specific strike and date — not whichever standard contract happens to be listed.
RFQ fits that shape:
- You state size and terms once.
- Multiple desks quote a premium.
- You take the best acceptable quote.
- The trade settles onchain.
That is Overcast's model: quotes by RFQ, settlement onchain. How Overcast works · Onchain covered calls.
It matters most where no listed contract exists at all. A covered call on 20 tokenized shares has no equivalent on a market whose contracts cover 100 shares each, while a quote-driven market can price it. See Tokenized stock options.
Why order books still handle most of the volume
Most crypto options still trade on centralized order books. Deribit, the largest, reported about $60 billion of open interest when Coinbase completed its acquisition in August 2025. A continuously quoted market is better when:
- You adjust your position several times a day.
- You trade standard expiries and strikes.
- You need public prices to value your positions.
An order book with few orders at an unusual strike can be worse than one good quote. A busy order book for a popular expiry can beat an RFQ where few desks respond. Compare for the contract you actually want.
AMMs and vaults in one line
AMMs quote prices by formula from a pool of funds, so a price is always available. Vaults pool sellers' assets and auction options on a schedule, which is simple but gives you less control over the strike. Neither replaces the choice between RFQ and order book when you want your own terms. Context: Onchain options explained.
A seller’s decision rule
| Your situation | Lean toward |
|---|---|
| Standard expiry, liquid strike, frequent trading | Order book |
| Exact size, a specific strike, a large or unusual position | RFQ |
| Hands-off scheduled selling | Vault |
| A price that is always available | AMM |
Packaged exchange products such as dual investment show you an APR instead of a premium. Economically they are still an option you sell; you choose from the exchange's menu instead of an order book or an RFQ. Dual Investment vs Covered Calls.
FAQ
What does request-for-quote mean here?
You state the terms of your trade and invite trading desks to quote a premium. It is used for large or unusual trades, where a public order book has few orders or would reveal too much.
When does RFQ beat a book?
For selling options on your own terms, often. For liquid standard contracts and active trading, books usually win. “Better” is which platform clears your terms at an acceptable premium.
How does Overcast run it?
You request quotes for a covered call or a cash-secured put, trading desks compete on the premium, and the option is created and settled onchain when you accept.
Sources
- Deribit Joins Coinbase, Coinbase press release, 14 August 2025
- Best DeFi Options Protocols in 2026, Derive
- Derive Explained, Datawallet, 2026
- Rysk documentation, Rysk
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Risk disclosure and disclaimer
The content on this blog is published by Overcast for general information and education only. It does not constitute financial, investment, legal, tax or accounting advice, and it is not an offer, solicitation or recommendation to buy, sell or hold any asset or to use any product or strategy. It does not take into account your objectives, financial situation or needs. Consult a qualified professional before making any investment decision.
Writing options involves substantial risk. A covered call limits your upside and leaves you fully exposed to declines in the underlying asset. A cash-secured put can oblige you to buy an asset at a price above its market value at expiry. Premiums, yields and APRs shown are illustrative or historical, are not guaranteed and do not predict future results. Crypto assets and tokenized securities are highly volatile and may lose some or all of their value. Smart contracts may contain vulnerabilities, and onchain transactions are irreversible.
Products, assets and features mentioned may not be available in your jurisdiction. You are responsible for complying with the laws that apply to you. Information may be incomplete, contain errors or become outdated; Overcast makes no warranty as to its accuracy or completeness.
Overcast is in early access. Features, supported assets and availability described here may change before or after launch.
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