Deribit’s Block RFQ Platform Records $23 Billion in Trades, Driven by Growing Institutional Activity

Deribit’s RFQ Tool Surpasses $23B as Institutions Flock to Off-Book Crypto Trades

Institutional interest in crypto derivatives is picking up speed, and Deribit is quickly becoming the go-to venue for large, discreet trades.

Since its March 2025 launch, Deribit’s Block Request-for-Quote (RFQ) platform has processed over $23 billion in cumulative trading volume, according to new figures shared by the exchange. The RFQ system now accounts for 27.5% of all block trades on Deribit, a sharp rise from 17% in April and 21% in May.

The RFQ platform offers a more refined approach to crypto execution. Instead of routing large orders through the open order book — where they risk slippage and price impact — institutions can request pricing for either simple trades or complex strategies across spot, futures, and options. Liquidity providers respond with competing quotes, and the best bid/ask is presented to the trader for execution.

“We designed RFQ to meet the needs of institutional and agency desks,” said Luuk Strijers, CEO of Deribit. “They want efficiency, competitive pricing, and anonymity — especially when working large multi-leg positions.”

The growth speaks for itself:

March: $883M in volume
April: $6.3B
May: $9.8B
First half of June: already above $6B

Strijers emphasized that the RFQ structure doesn’t just benefit takers. Market makers also gain from reduced adverse selection, allowing them to quote tighter spreads without the same risks present on traditional order books.

“It’s a win-win,” he said. “Takers get better fills, makers manage risk more effectively, and the entire market becomes more efficient.”

As crypto markets mature, Deribit’s RFQ success highlights a broader trend: institutions want better tools, deeper liquidity, and less friction. Deribit, it seems, is listening.