> For clean Markdown of any page, append .md to the page URL.
> For a complete documentation index, see https://docs.paradigm.co/llms.txt.
> For AI client integration (Claude Code, Cursor, etc.), connect to the MCP server at https://docs.paradigm.co/_mcp/server.

# RFQ - Request for Quotes

## DRFQv2 - API Workflows

In our test environment, Paradigm runs "Auto Market Makers". These desks, when included as counterparties in RFQs, will return + update prices and you are able to cross. This allows RFQ Creators to experience the end to end workflow.

Their desk names are "DSK2", "DSK3", "DSK4", "DSK5", and "MT2". They are a part of the `LP` counterparty list returned from \[GET] `/counterparties`.

### DRFQv2: High Level

RFQ Creators are referred to as *Taker's* and receivers of RFQs are referred to as *Maker's* throughout the documentation.

DRFQv2 is centred around the concepts of "RFQs", "Orders" and "Trades":

* RFQs are created by a single desk, the *Taker*, and are composed of one or more legs with attributes defined by the creator.
* *Makers*, who are included as counterparties in the RFQ, are able to submit Orders with leg pricing.
* *Takers* are able to submit an order with a LIMIT price to cross an existing *Maker* order.
* Trades occur when a *Taker* submits a crossing Order and the trade is sent to the underlying settlement venue for clearing.

At a high level, the DRFQv2 workflow is:

1. *Taker* creates an RFQ and chooses which counterparties to send it too.
2. *Maker(s)* submits an order to the RFQ.
3. *Taker* receives the order(s).
4. *Taker* submits an order with a crossing price and the trade is sent for clearing on the underlying settlement venue.
5. *Taker* & *Maker* receive confirmation that the trade has been successfully cleared or rejected at clearing by the underlying settlement venue.

Notes:

* Users who create the RFQ are regarded as the *Taker* in the trade by Paradigm and the underlying settlement venue.
* RFQ Markets have "Price" then "Time" matching prioritization. Meaning two Orders with the same price, but different `created_at` time attributes will result in the Order with the earlier `created_at` attribute having priority.
* Paradigm expires RFQs which do not trade after **5 minutes** from creation.

#### Key DRFQv2 Concepts [](#key-drfqv2-concepts)

In DRFQv2,

* Specific counterparties must be selected by the *Taker* to participate in the RFQ.
* There are NO partial fills. *Makers* must submit orders with corresponding order sizes that match the RFQ's `quantity` attribute.
* There is NO concept of a Order Book or a public auction. Only the RFQ creator is able to see all of the *Makers'* returned orders.
* *Takers* can choose to create an RFQ on a disclosed or an anonymous basis.
* *Makers* can NOT choose to submit Orders on an anonymous basis.
* It is possible for a Trade to be rejected at clearing by the underlying settlement venue.