Liquidity RFQ
Permissioned multi-LP RFQ execution for institutional block trades and stablecoin conversions. Built on LP scoring, smart routing, and verified counterparties.
A $10M block trade, from RFQ to settled
Three liquidity providers compete on a single permissioned network. Best execution is selected automatically. Settlement is bilateral at T+0. No exchange account required, no counterparty exposure.
USDT → USDC
$10,000,000 · Settlement T+0
USDT → USDC
$10,000,000 · Settlement T+0
Quotes
3 of 3
LPs
3
Duration
Response
850ms
Response
1.2s
Response
2.3s
How It Works
Request. Route. Execute.
The RFQ lifecycle delivers competitive pricing through structured liquidity competition.
01
Submit RFQ
Specify asset pair, trade size, direction, and settlement preferences through the Railr terminal or API. For stablecoin inventory requests, partial fills and multi-asset fills are supported. Your identity is not revealed at the point of broadcast. The RFQ is structured and anonymous before it reaches any liquidity provider.
Identity not revealed at the point of broadcast
02
Smart Routing
Before broadcast, Railr Signal evaluates all available conversion paths including multi-hop routes. Estimated executable depth is visible at your size tier before the RFQ is sent. Railr Router determines which liquidity providers receive the RFQ based on asset, size, performance history, and inventory. Participants retain full discretion over quote acceptance and execution at all times.
Evaluating LP coverage for BTC/USDC · $10M
03
Competitive Quotes
Selected liquidity providers receive the anonymous RFQ simultaneously and compete to deliver executable prices. Quotes stream directly to your terminal within seconds. LP Liquidity Scores surface the most reliable and competitive providers. You see all responses and select the best available quote.
Alpha MM
99.847
Spread
1.5 bps
↑ Best available
Sigma Trading
99.831
Spread
3.1 bps
Identities revealed post-selection only
04
Execute and Settle
Accept the best quote and execute. Settlement instructions are generated immediately for both counterparties. Settlement occurs directly and bilaterally between participants. No assets are held in custody at any point. Railr Settlement Verification monitors on-chain settlement and records the verified outcome against both participant accounts.
TRADE EXECUTED
$10M BTC
@ 99.847 · via Alpha MM
What Railr Is
One network. Seven assets. Every pair.
The full institutional digital asset universe: spot majors, regulated stablecoins, and every cross-asset combination, available on a single permissioned network. No exchange accounts. No fragmented venues.
Spot block trades
BTC, ETH, SOL, XRP at institutional size. Block-size spot execution across all four major digital assets, no exchange infrastructure required.
Stablecoin liquidity
USDT, USDC, and RLUSD. Stable-to-stable conversions and stable-to-crypto on the same network, same settlement, same depth.
Cross-asset pairs
Any combination across all seven assets. One RFQ broadcast, multiple LPs competing, single bilateral settlement event.
Assets available on the network
Digital Assets
BTCBitcoin
ETHEthereum
XRPXRPStablecoins
USDTTether
USDCCircle
RLUSDRipple USDAssets are added when institutional LP coverage, settlement infrastructure, and regulatory clarity meet the standard required for block-size execution.
Liquidity Intelligence
Liquidity Providers
Compete on Merit
Liquidity providers are continuously scored through a dynamic Liquidity Score. Higher-performing providers earn priority routing and greater network visibility. Quotes returned within 6.1 seconds across active pairs.
Response Latency
Time to deliver an executable quote after receiving an RFQ.
Quote Competitiveness
Pricing quality relative to the best available quote across the network.
Fill Reliability
Percentage of accepted quotes that execute successfully without rejection.
Settlement Reliability
Speed and consistency of post-trade settlement completion across rails.
Rejection Rate
Frequency of quote withdrawals or trade rejections after acceptance.
Score
96
Score
92
Score
89
Scores recalculate continuously. Higher-rated providers receive priority routing and greater network visibility.
Railr SignalNetwork Intelligence
Beyond RFQ Broadcast
Most RFQ systems are broadcast engines. An intelligence layer is active across the network: RFQs are routed through optimal paths, depth is previewed pre-trade, and every participant on both sides is scored continuously.
Smart Stablecoin Routing
All available conversion paths are evaluated before an RFQ is broadcast, including multi-hop routes. If USDT → RLUSD → USDC returns better pricing than a direct quote, that path is selected automatically.
Avg path savings: 1.8 bps per fill
USDT → USDC
0.9991
Base
USDT → RLUSD → USDC
0.9994
+$4,200
Router evaluates all available paths before broadcast
Liquidity Depth Preview
Estimated executable liquidity is visible at different size tiers before an RFQ is sent. No LP identities are revealed. Aggregated historical data indicates whether a trade is executable at the intended size and expected spread.
$850M visible depth pre-trade across active pairs
No LP identities revealed · Aggregated historical data
Two-Sided Reputation Engine
Both sides of the network are scored continuously. LP Liquidity Scores capture response latency, quote competitiveness, and fill reliability. Client Execution Ratios track RFQ-to-trade conversion, maintaining network quality across all participants.
94% of LPs rated within 60s of fill completion
LP Liquidity Score
Client Execution Ratio
Architecture
Four Systems.
One Network.
The network operates as a multi-layer infrastructure stack, from participant verification to execution intelligence.
Railr Access
Verification & OnboardingPermissioned participant verification and access management. Every counterparty is vetted before network activation.
Railr Router
Smart RFQ DistributionRFQs are distributed to the most relevant liquidity providers based on asset, size, performance, and inventory. Routing decisions are made automatically.
Railr Signal
Liquidity IntelligenceLiquidity providers are continuously scored on response latency, quote competitiveness, and fill reliability. Executable depth is previewed pre-trade. The two-sided reputation system is maintained across the network.
Railr Execute
Execution AnalyticsTrade performance monitoring and best execution reporting. Compares executed prices against available quotes across the network.
Apply for Liquidity RFQ Access
Participation is application-only and subject to approval. All participants complete KYC and KYB verification before network activation.
Permissioned access · KYC and KYB required