RFQ improvementsFollowing the feedback we received from the community, we've updated how orders are executed on RFQ markets and added more detail on execution prices to the order form to make the process more intuitive and efficient for users. We've also aligned funding rates with the venue each market tracks, so that they reflect market conditions more accurately.
Market ordersBefore: every market order started execution from the Mark Price, regardless of where the indicative book actually was, and re-priced toward your Max Slippage limit until the order was filled by liquidity providers.
Now: execution starts from the Best Bid / Best Ask of the indicative order book, and re-prices from there toward your Max Slippage limit, which remains the worst price you can get filled at.
Mark Price is still used as a reference guard: if the indicative order book has deviated by 3% or more from it (Best Ask 3% or more above Mark Price when buying, Best Bid 3% or more below Mark Price when selling), execution starts from the Mark Price instead. Either way, execution starts from whichever of the two prices is better for you, Mark Price or Best Bid / Best Ask.
For API traders: a dedicated field is now available to set the execution start price explicitly.
Note: TP/SL and conditional orders continue to be executed from the Mark Price, since the Mark Price is what triggers them.
Limit ordersBefore: any limit order crossing the Mark Price was filled at exactly the price you placed it at, regardless of where the indicative book was at that moment.
Now: for both UI and API traders, crossing is determined against the indicative order book instead. A limit order crossing the book (buy above Best Ask / sell below Best Bid) is executed as a market order: execution starts from the Best Ask / Best Bid and re-prices toward your limit price, which remains the worst price you can get filled at, so you may end up filled better than your limit price.
Full logic:
https://docs.extended.exchange/extended-resources/trading/rfq-executionExecution prices in the UIEach side of the order form on RFQ markets now shows two prices: Estimated, the average you're likely to fill at across current indicative liquidity, and Worst, the furthest it can reprice to under your Max Slippage.
Funding rates and price feedsFunding on RFQ markets is now consistently taken from the same venue that provides the underlying price feed.
Earlier this month, we changed how funding works on RFQ markets that use Binance as their underlying price source: those markets started taking funding rates directly from Binance instead of having them calculated independently. Now we've done the same for markets that follow Hyperliquid. As a result, funding rates reflect market conditions more accurately and stay in line with the venue each market tracks.
We've also moved the underlying price feed for the following markets from Hyperliquid to Binance, where liquidity for these instruments is deeper: $SKHYNIX, $SAMSUNG, $INTC, $CRCL, $EWY, $TSLA, $AMD, $HOOD, $COIN, $META, $ORCL, $AAPL, $MSFT, $BABA, $AMZN, $PLTR. For these markets, index, mark price and funding now follow Binance.
What's nextAs we continue improving the RFQ product, our next steps include:
1. Improving how market orders reprice between the best indicative price and your max slippage, the size of the steps and how they're spread across the window, to ensure more efficient execution.
2. Providing market-specific metrics on historical execution quality, benchmarked against the indicative order book
