Institutions Flock to Deribit, Pushing Block RFQ Volume to $23 Billion Since Launch

Fintech-Focused Newsletter Style

Deribit’s RFQ Tool Quietly Powers $23B in Trades—Now Handles 1 in 4 Block Orders

While much of crypto’s spotlight is on price action, Deribit has been quietly building real infrastructure. Its RFQ platform, launched just four months ago, has already seen $23 billion in volume and now supports over a quarter of block trades on the exchange.

The tool lets large players—funds, prop desks, and HFT firms—request pricing on custom trade structures without tipping their hand to the market. Liquidity providers respond with real-time quotes, and the taker can trade against the best bid or offer. It’s like over-the-counter trading, but faster, more transparent, and embedded directly into Deribit’s interface.

“We’re seeing strong momentum among institutional users,” said Deribit CEO Luuk Strijers, who called the RFQ system a key step in improving execution quality and preserving anonymity.

Here’s how the monthly volume has grown:

• March: $883M
• April: $6.3B
• May: $9.8B
• First half of June: $6B+

As institutions look for serious execution tools in crypto, Deribit’s RFQ model is turning into one of the most used—and most under-the-radar—liquidity innovations of 2025.