New Update Quote Endpoint (PATCH /liquidity/rfq)

Release Details

Release Date: June 12th, 2024

Release Type

Informational – Optional action from platforms

Summary

Zero Hash has created a new endpoint: PATCH /liquidity/rfq. Platforms can use this endpoint to update an existing, non-expired quote. There are 2 required fields:

• quote_id: the id associated with a valid, non-expired quote that was returned from either GET or POST /liquidity/rfq
• total: the notional value that you'd like to update the quote to reflect

And one optional object:

• fees: object containing fee data
  • name: a string naming the fee
  • amount: the amount of the fee, denominated in the quoted currency of the original quote

Platforms should use the same execution endpoints, POST /liquidity/execute, to execute on the quotes updated via PATCH /liquidity/rfq.

Validations

• If the platform omits the quote_id, we’ll return an error, "quote_id is a required field"
• If the platform sends a quote_id that is valid but expired, we’ll return an error, "quoted_id has expired"
• If the platform sends a fees object containing a name that is not an exact match to one from the original quote, we’ll return an error, “No fee with the submitted ‘name’ exists on this quote”
• If the platform sends a fee object containing an amount that is non-numerical, we’ll return an error, “amount must be a positive integer”

API Behavior

• Upon a successful PATCH /liquidity/rfq call, Zero Hash will function like the following:
  • The quote_id goes unchanged - we’ll keep constant with original POST /liquidity/rfq response
  • The expire_ts goes unchanged - we’ll keep constant with original POST /liquidity/rfq response
  • The trade_price goes unchanged - we’ll keep constant with original POST /liquidity/rfq response
  • [Rest of the fields go unchanged]
  • We’ll update quantity to be the new value
  • We’ll refresh the request_id
  • We’ll change the total value to the one provided on the PATCH call

Action Required

• PATCH /liquidity/rfq is available for platforms leveraging our Platform Direct model. If you need clarification of which model your platform is on, please reach out to your Zero Hash rep.

Endpoints Impacted

• PATCH /liquidity/rfq

Example Request (zero fees initially)

• Platform (PLAT01) requests a quote on behalf of its customer (CUST01): POST /liquidity/rfq
• Let's assume PLAT01 is configured for 5 minute quote expiries

{
    "side": "buy",
    "participant_code": "CUST01",
    "underlying": "BTC",
    "quoted_currency": "USD",
    "total": "1",
    "spread": "300",
    "fees": [
        {
            "amount": "0",
            "name": "fee_1"
        }
    ]
}

• Zero Hash responds:

{
    "message": {
        "request_id": "7d6d2a79-c421-4e78-b250-5a43b5da479e",
        "participant_code": "PLAT01",
        "quoted_currency": "USD",
        "side": "buy",
        "quantity": "0.00000138",
        "price": "724637.6811594203",
        "quote_id": "38451f54-6289-45b2-b70c-369bdaefdea4",
        "expire_ts": 1717174886754, <-- 5 minute quote
        "account_group": "00SCXM",
        "account_label": "general",
        "obo_participant": {
            "participant_code": "CUST01",
            "account_group": "PLAT01",
            "account_label": "general"
        },
        "fees": [
        {
            "amount": "0.00",
            "name": "fee_1"
        }
                ]
        "underlying": "BTC",
        "asset_cost_notional": "100",
        "spread_notional": "3.00",
        "spread_bps": "300"
    }
}

• [some time before the quote expires, say 90 seconds later] The Platform updates the quote via PATCH /liquidity/rfq:

{
    "quote_id":"38451f54-6289-45b2-b70c-369bdaefdea4"
    "total": "100",
    "fees": [
        {
            "amount": "10.00",
            "name": "fee_1"
        }
    ]
}

• Zero Hash responds:

{
    "message": {
        "request_id": "7d6d2a79-c421-4e78-b250-5a43b5da479e",
        "participant_code": "PLAT01",
        "quoted_currency": "USD",
        "side": "buy",
        "quantity": "0.0001242", <-- updated quantity
        "price": "724637.6811594203", <-- same price
        "quote_id": "38451f54-6289-45b2-b70c-369bdaefdea4",
        "expire_ts": 1717174886754, <-- same expiration
        "account_group": "00SCXM",
        "account_label": "general",
        "obo_participant": {
            "participant_code": "CUST01",
            "account_group": "PLAT01",
            "account_label": "general"
        },
        "fees": [
        {
            "amount": "10.00",
            "name": "fee_1"
        }
                ]
        "underlying": "BTC",
        "asset_cost_notional": "100",
        "spread_notional": "3.00",
        "spread_bps": "300"
    }
}

• Platform executes the quote via POST /liquidity/execute:

{
   "quote_id": "38451f54-6289-45b2-b70c-369bdaefdea4"
}