RFQ and Block Trading Rules

Updated: 9 May 2026

1. Status of these rules

1.1 These RFQ and Block Trading Rules form part of the Trading Rules incorporated into the Terms of Use.

1.2 These rules apply to RFQ, block, OTC, principal, streamed price, negotiated, or similar transactions made available through or in connection with the Application or Derive Protocol.

2. RFQ mechanics

2.1 RFQ, block, OTC, principal, streamed price, and similar transactions may be subject to different execution, matching, risk, margin, pricing, confirmation, cancellation, review, settlement, and market integrity rules than orderbook transactions.

2.2 An RFQ response or quote may be treated as firm and executable only for the specified instrument, direction, size, price, expiry, quote duration, account, counterparty, and other parameters specified in the response, and remains subject to the Terms of Use, Trading Rules, risk checks, Mistrade rules, Erroneous Transaction rules, market integrity review, and technical feasibility.

2.3 A quote materially disconnected from prevailing market conditions, mark prices, theoretical values, implied volatility, put-call parity, or comparable venue pricing is subject to review as a potential Mistrade or Erroneous Transaction regardless of whether it was displayed, transmitted, accepted, or executed. No RFQ participant should assume that a quote materially disconnected from prevailing market conditions will necessarily be treated as final merely because it was displayed, transmitted, accepted, or executed.

3. User responsibility

3.1 You are responsible for all RFQs, quotes, responses, orders, cancellations, acceptances, and executions submitted through your wallet, account, subaccount, API keys, session keys, bots, algorithms, systems, agents, service providers, or other tools.

3.2 You must not submit RFQs, quotes, responses, orders, or cancellations that are non-bona fide, misleading, manipulative, abusive, disruptive, excessive, malformed, or inconsistent with fair and orderly market operation.

3.3 Where you submit RFQ quotes or responses in your capacity as a market maker or liquidity provider, you are responsible for ensuring that your quote logic, pricing models, and systems produce quotes that are reasonably connected to prevailing market conditions, mark prices, theoretical values, implied volatility, put-call parity, and comparable venue pricing at the time of submission.

4. RFQ review and corrective action

4.1 We may reject, suspend, review, cancel, adjust, or otherwise treat as erroneous any RFQ response, quote, or execution that appears to be materially disconnected from prevailing market conditions, mark price, theoretical value, implied volatility, put-call parity, comparable venues, external reference prices, or expected execution parameters, based on contemporaneous market data or other objective evidence available at the relevant time.

4.2 We may review RFQ activity where there is abnormal concentration, repeated execution at materially dislocated prices, abnormal quote-to-fill patterns, abnormal RFQ-to-trade patterns, near-expiry sensitivity, unusual settlement impact, unusual margin impact, market maker quoting errors, system malfunction, API malfunction, UI issue, or other relevant issue.

4.3 While RFQ activity is under review, we may restrict trading through the Application, restrict withdrawals through the Application subject to the time limits set out in section 4.3.7 of the Terms of Use, suspend access to markets through the Application, suspend RFQ functionality, suspend API access, limit account functionality through the Application, or take other temporary measures reasonably necessary to protect users, market integrity, settlement, or orderly operation. Any such restriction applies only to the Application layer and does not constitute custody of, or a lien or charge over, any crypto assets.

5. Voluntary resolution

5.1 Where a disputed RFQ, potential Mistrade, potential Erroneous Transaction, or market integrity issue arises, we may permit, facilitate, recognize, or require records of a voluntary resolution between counterparties.

5.2 A voluntary resolution may include a voluntary unwind, offsetting transaction, price adjustment, cash adjustment, fee rebate, release, or other commercial resolution.

5.3 A voluntary resolution may be subject to our approval, technical feasibility, account state, risk checks, settlement checks, recordkeeping requirements, and any conditions we reasonably consider appropriate.

5. Voluntary resolution

5.1 Where a disputed RFQ, potential Mistrade, potential Erroneous Transaction, or market integrity issue arises, we may permit, facilitate, recognize, or require records of a voluntary resolution between counterparties.

5.2 A voluntary resolution may include a voluntary unwind, offsetting transaction, price adjustment, cash adjustment, fee rebate, release, or other commercial resolution.

5.3 A voluntary resolution may be subject to our approval, technical feasibility, account state, risk checks, settlement checks, recordkeeping requirements, and any conditions we reasonably consider appropriate.

6. Market maker and liquidity provider quote controls

6.1 We may make available market maker protection tools, RFQ controls, quote limits, max quantity limits, max delta limits, max loss limits, quote exhaustion limits, kill switches, market suspension tools, API throttles, and other risk controls.

6.2 Market makers and liquidity providers remain responsible for all quotes, RFQ responses, orders, API messages, algorithms, systems, bots, agents, and service providers used through their accounts, whether or not any market maker protection tool is available, enabled, disabled, triggered, delayed, unavailable, incorrectly configured, or fails to operate as expected.

6.3 The availability of any market maker protection tool does not guarantee that losses will be prevented or limited.

6.4 A market maker or liquidity provider may not rely on the availability or non-availability of any Application-level or protocol-level protection as a guarantee that erroneous, unintended, excessive, stale, or loss-making quotes, RFQ responses, orders, or transactions will be prevented, cancelled, adjusted, or reversed.

6.5 Market makers and liquidity providers are responsible for testing and verifying that any market maker protection tool, kill switch, or risk control they rely on is correctly configured and operational before and during active quoting. We do not warrant that any protection tool is correctly configured, calibrated, or operational at any time.

6. Market maker and liquidity provider quote controls

6.1 We may make available market maker protection tools, RFQ controls, quote limits, max quantity limits, max delta limits, max loss limits, quote exhaustion limits, kill switches, market suspension tools, API throttles, and other risk controls.

6.2 Market makers and liquidity providers remain responsible for all quotes, RFQ responses, orders, API messages, algorithms, systems, bots, agents, and service providers used through their accounts, whether or not any market maker protection tool is available, enabled, disabled, triggered, delayed, unavailable, incorrectly configured, or fails to operate as expected.

6.3 The availability of any market maker protection tool does not guarantee that losses will be prevented or limited.

6.4 A market maker or liquidity provider may not rely on the availability or non-availability of any Application-level or protocol-level protection as a guarantee that erroneous, unintended, excessive, stale, or loss-making quotes, RFQ responses, orders, or transactions will be prevented, cancelled, adjusted, or reversed.

6.5 Market makers and liquidity providers are responsible for testing and verifying that any market maker protection tool, kill switch, or risk control they rely on is correctly configured and operational before and during active quoting. We do not warrant that any protection tool is correctly configured, calibrated, or operational at any time.

Trade

About

DRV

Stats

Insights

Enter App