Quote sorting

Published on 30 June 2022Updated on 18 July 20242 min read6

How does Block Trading by OKX determine which quote is the "best quote" to show on the first line for my RFQ on the RFQ Board?

The best price, bid and ask, will be sorted to the top, independent of the Maker. This means that the best bid may have been provided by a different Maker than the best ask.

For quotes on RFQs where the quote currency of all legs are the same, the best bid is simply the highest value, while the best ask is the lowest. For two identical quotes, the one that was submitted earlier will be given priority and sorted higher. To determine the best quote on RFQs with multiple quote currencies, we first convert each leg's price into USD and then sort using the same logic as above: best bid being the highest value and best ask being the lowest. We understand and appreciate that this method may not result in the most optimal quote being sorted first for all Takers, and therefore encourage our users to evaluate all quotes on complicated RFQs such as these in order to determine for their own situation what the best quote is.

Only the top three quotes, bid and ask, will be visible on the website. To see additional quotes, please use the API to see all Makers' quotes.

Expired and canceled quotes will be visible on the RFQ board for your RFQ only if there are fewer than three active quotes. Active quotes will always be sorted higher than expired and canceled quotes. Similar to active quotes, expired and canceled quotes will be sorted best first, with earlier quotes received preference for identical quotes.

I see multiple Anonymous makers submitting quotes for my RFQ, however after they expire I only see one expired quote with the "ANON" desk ticker. Why does this not show expired quotes by all of the Anonymous makers?

In order to help ensure that Makers who wish to remain anonymous are protected, we do not show more than one expired or canceled anonymous quote on the RFQ Board. If multiple Makers are submitting quotes anonymously, when the quotes expire or are canceled they will be treated as if they were from the same maker when being sorted as expired or canceled quotes, below any active quotes.

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