⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
perpRFQ on Lighter
Verified against Lighter's official docs on 2026-09-29. The eligible-market list changes; the docs page is the current copy.
A large market order on a thin book walks through several price levels. perpRFQ is Lighter's answer for select markets: you ask market makers for a price on your size first, and trade only if the quote suits you. The docs pitch it as a way to "trade select tickers in size, even when visible liquidity is limited."
How a request works
- Be whitelisted. The docs head the steps "address must be whitelisted"; the RFQ order type is not open to every account.
- Pick RFQ in the order panel on an eligible market, then enter side and size and request a quote.
- Market makers respond. They "will only see the requested size, not the trade side", and have 10 seconds to respond. They can keep adjusting their price until you execute.
- You decide. The screen shows an estimated execution price and slippage. "Your execution window is of 2 minutes", and execution goes through the order book.
Hiding the side is the design choice that matters. A maker who knows you are a buyer can shade the ask; one who sees only size has to quote a price it is willing to trade either way.
Cost and markets
"RFQ orders are subject to a 1 bps points fee for Standard Accounts." That is 0.01% of notional, on accounts that otherwise pay nothing (see Lighter fees). The docs list 21 crypto markets, including BTC, ETH, SOL, XMR and PAXG, and 27 real-world-asset markets, from gold, silver and oil to SPY, QQQ, NVDA, TSLA and Korean names such as Samsung and SK Hynix.
FAQ
Is the quoted price guaranteed?
The screen shows an estimated execution price and slippage, and makers can adjust pricing until you execute. Treat the estimate as an estimate.
Can I use RFQ on any Lighter market?
No, only the listed tickers, and only from a whitelisted address. For other ways to work a large order, see Lighter order types (TWAP and chase).
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