▸ CLOB exchanges are adding RFQ for RWAs Meanwhile, the only perp DEX built around RFQ from day one is already #3 by OI @variational_io • Still in beta • No order book • $1.5B in open interest CLOB works well for BTC and the top RWA markets Go further down the list and liquidity gets thin The trader pays for it through wider spreads and slippage RFQ works differently You request a size A dealer gives you a price Then hedges the trade across CEXs, DEXs, NYSE, or wherever the liquidity is No need to maintain 500 empty order books or lock liquidity in markets nobody is trading today There is demand → there is execution That's why the cost of trading $1M in volume on Variational is currently among the lowest in perps You pay the quoted spread instead of fees + slippage through a thin order book