Paradex, a decentralized derivatives exchange, has integrated a request-for-quote (RFQ) engine and used it to execute a $23 million block trade of XRP options. The move marks one of the largest single XRP options trades on a decentralized platform.
What the RFQ engine does
An RFQ engine lets large traders request price quotes from multiple market makers before executing a trade. Instead of hitting an order book and potentially moving the price, the trader gets firm quotes and can choose the best one. This is common in traditional finance for block trades — large orders that could otherwise cause slippage.
Paradex’s integration means institutional-sized XRP options can now be traded without the usual market impact. The $23 million block is a proof of concept.
Why XRP options matter
XRP is the native token of the XRP Ledger, used for cross-border payments. Options give buyers the right, but not the obligation, to buy or sell XRP at a set price by a certain date. Large block trades in options signal that sophisticated players are hedging or taking directional bets on XRP’s price.
Until now, most XRP options volume has been on centralized exchanges like Deribit. Paradex’s RFQ engine could pull some of that activity on-chain, where settlement is transparent and custody remains with the user.
What’s next for Paradex
The exchange has not announced which other assets or option structures it will support via RFQ. The $23 million trade suggests the engine can handle size, but liquidity depth and the number of participating market makers will determine whether it becomes a regular venue for large XRP options.
Paradex is also competing with other decentralized options platforms that have launched similar RFQ systems. The next test will be whether it can attract repeat block trades at comparable or larger sizes.
