RFQ

RFQ markets match a taker's request against a maker's quote instead of a continuous book. Product behavior — who can quote, how prices are validated, how funding is sampled — is described in RFQ Markets. This page covers the SDK calls.

Request a quote (taker)

import { Side } from "@n1xyz/nord-ts";

const { actionId, orderId } = await user.placeRfqOrder({
  marketId,
  side: Side.Bid,
  size: 0.5,
  price: 50000,
  timeout: { seconds: 5 },   // optional request lifetime
  minimalFill: 0.1,          // optional minimum acceptable fill
  isReduceOnly: false,       // optional
  clientOrderId,             // optional
});

price is the limit for the request: the resulting execution may be better, never worse. orderId identifies the request to makers.

Fill a request (maker)

Makers watch for requests and respond with fillRfqOrder:

const result = await user.fillRfqOrder({
  marketId,
  orderId,
  price,
  minimumSize,     // optional
  maximumSize,     // optional
  isReduceOnly,    // optional
  timeout,         // optional
});

The result distinguishes a real trade from a price observation:

if (result.execution === null) {
  // Funding sampling only: no trade, no balance or position change.
} else {
  const { filledSize, executionPrice, tradeId } = result.execution;
}

result also carries actionId, orderId, makerAccountId, and takerAccountId.

warning

A null execution is not a failure and not a fill. Treating it as a trade double-counts volume and corrupts position tracking. This replaced the older RfqFillStatus field — see the Changelog entry for v20.0.0.

Watch for requests

const rfqSub = nord.subscribeRfqFills("BTCUSD"); // symbol or marketId
rfqSub.on("message", (update) => console.log(update));
rfqSub.on("error", (error) => console.error(error));

A maker loop typically subscribes to RFQ fill requests, prices each one from its own model, and calls fillRfqOrder while the request is still live. Requests expire, so respond within the request's timeout rather than retrying later.