Combos Request-for-Quote (RFQ)

What combo RFQ is

Combo RFQ is a private, sealed-bid auction for multi-leg combo (parlay) prediction-market contracts. A requester (taker) opens an RFQ on a combo — a single tradable bundle of two or more prediction-market contracts — and market makers respond with private quotes during a short auction window. The best quote is selected, the requester accepts it, the winning maker confirms, and the trade settles.

The quoting window is sealed from every customer: quote submissions and withdrawals are not delivered to the requester or other makers while the auction is open. After close, only the selected quote is disclosed privately to the requester; losing quotes remain undisclosed.

The entire maker surface is WebSocket: discovery and deliveries arrive as streams, and quotes are submitted as request/response methods on the same connection.

End-to-end flow

Code
 Requester                    Venue                        Makers
 ─────────                    ─────                        ──────
 opens RFQ ───────────────►  broadcast on requestForQuote ───► all subscribers (anonymous)
                             ◄─── rfq.submit_quote ─────────── each interested maker
                             (sealed while open; no quote deliveries)
 selected quote ◄──────────  auction window closes; best eligible quote selected
 accepts winning quote ────► ACCEPTED delivered ────────────► winning maker only
                             ◄─── rfq.confirm_quote ────────── winning maker (last-look)
 CONFIRMED delivered ◄─────  trade proceeds to settlement

Lifecycle timing

The auction uses three fixed decision windows. Quote submission or withdrawal, requester acceptance, and maker confirmation or decline must complete strictly before their respective deadlines; an action arriving exactly at its deadline is rejected.

The hard-expiry timestamp x is an absolute upper bound. If it arrives first, it shortens a later lifecycle window.

Winner selection

When the quoting window ends, the venue considers only active quotes that:

• were submitted before w and have validUntil >= w;
• cover the complete requested size;
• are at or below the requester's private limit price, when one is set; and
• pass a fresh available-collateral check at close.

Eligible quotes are ranked by lowest price, with an equal-price tie going to the earliest submission. The venue checks candidates in that order and selects the first maker with sufficient available collateral. If a candidate fails that fresh check, the venue continues to the next ranked quote. If none qualifies, the RFQ expires without disclosing a quote.

Quote validity is evaluated against the logical close w, even if close processing runs later. Once a quote is selected, validUntil is not checked again during requester acceptance, maker confirmation, or finalization; those stages use their own lifecycle deadlines.

Request lifecycle

An RFQ moves through these states (S on every stream event):

Code
 OPEN ──► PENDING_ACCEPTANCE ──► CONFIRMING ──► FINALIZING ──► FINALIZED
   │              │                   │              │
   ├── CANCELLED  ├── CANCELLED       └── FAILED     └── FAILED
   └── EXPIRED    └── EXPIRED             (declined or timed out)

:::caution Requester full-size does not guarantee maker full-size The requester's execution order is fill-or-kill and must fill in full for the RFQ to finalize. The selected maker's post-only order executes independently on the normal order book and may fill partially or not at all. A maker partial fill can remain even if the requester order fails and the RFQ ends in FAILED; only the maker order's unfilled remainder is cancelled. See Execution and partial-fill risk. :::

Anonymity and privacy guarantees

• The public requestForQuote feed carries only the auction's existence and parameters — no requester identity, no maker identities, no quote contents.
• While the auction is open, a quote is visible only to the maker who submitted it; the requester receives no submission or withdrawal events.
• After close, only the selected quote is disclosed privately to the requester. Losing quotes remain undisclosed.
• The requester is never told which maker quoted: quotes are keyed by quoteId only.
• The service does not assign participant pseudonyms. rfqId identifies an auction and quoteId identifies a quote; neither identifies a participant or account.
• RFQ streams do not disclose counterparty account identity, including after execution.

Surface map

Glossary

Read next

• WebSocket Streams — message shapes for the discovery and delivery streams.
• Quote Methods — submit, withdraw, and confirm.
• Maker Integration — the end-to-end maker workflow.
• Examples — a worked auction from broadcast to settlement.
• Combo Contracts — what a combo is and how it settles.