Concepts
Request-for-Quote (RFQ)
RFQ is a trading model where a buyer (the taker) requests a price for a specific trade, and one or more sellers (makers) respond with firm, binding quotes. The taker then selects the best quote and executes it.
This is the model used by institutional OTC trading desks, and it produces far better outcomes than AMMs for large trades:
AMM vs RFQ Comparison
| Property | AMM (Uniswap-style) | RFQ (HyperDex) |
|---|---|---|
| Price source | Bonding curve (x·y=k) | Competing professional makers |
| Slippage | Always — increases with size | Zero — price is fixed at quote time |
| MEV exposure | High — mempool visible | None — price locked before on-chain submission |
| Large trade quality | Degrades with size | Consistent — makers hedge externally |
| Price transparency | On-chain visible | Private until settlement |