Choosing Between CLOB and RFQ

zerohash offers two execution models for Buy/Sell: a Central Limit Order Book (CLOB) and Request For Quote (RFQ). The CLOB supports a subset of the assets available on RFQ, and the two models have different order entry surfaces and different integration requirements. A platform selects one model at onboarding and integrates against it. This page explains what differs, so the choice can be made before engineering work begins.

Can a Platform Use Both?

Not today. A platform is configured for either CLOB or RFQ, not both. There is no supported configuration in which a single platform routes some order flow to the CLOB and other order flow to RFQ.

• Why: The two models use separate order entry surfaces, separate liquidity sourcing, and separate asset enablement on the participant record. Supporting both on one platform requires work that is not yet complete.
• Timeline: Side-by-side support is targeted for the end of Q1 2027. Confirm the current status with your zerohash representative before building against an assumption of dual support.

Order Entry and Integration

Integration requirements differ materially between the two models and should be scoped before a build starts.

Funding and Float

Float behavior is driven by the liquidity model, not by the choice between CLOB and RFQ.

• Novated model: Balances are drawn from, or aggregated to, the platform float, which is the platform fiat float for fiat-settled activity. This applies to activity on both CLOB and RFQ.
• Default and platform-direct models: The platform settles directly against the liquidity provider. No zerohash float is involved.
• Implication: Float sizing, top-up cadence, and loss reserve requirements follow from the liquidity model and the funding model. See Float Accounts and Funding Models.

When Funds Are Reserved

The two models reserve float at different points in the order lifecycle. This is the most common source of confusion when comparing a CLOB limit order against a "limit" order simulated on RFQ.

• CLOB: Submitting an order places a reservation on the float for that order immediately. The funds are held for as long as the order rests on the book, whether or not it ever fills.
• RFQ: Requesting a quote reserves nothing. A quote is not binding, so no float is held while it is outstanding. The reservation occurs only when the quote is executed.
• Practical effect: A platform running many open CLOB orders needs float to cover the full set of working orders, not only expected fills. A platform simulating limit orders on RFQ ties up float only at the moment of execution.

Asset Support

The instruments available on the CLOB are a subset of those available on RFQ. An asset being tradable on RFQ does not imply it is enabled on the CLOB.

• RFQ coverage: See Supported Instruments (RFQ) for the current RFQ instruments list, price and quantity precision, and minimum and maximum trade notionals.
• Live check: Call GET /assets and read the per-asset liquidity flags rather than relying on a static list. rfq_liquidity_enabled: true indicates current RFQ availability.
• New York: NYDFS Greenlist restrictions apply independently of execution model. An asset may be supported on both models and still be unavailable to participants in New York.

Which Model to Choose

• Choose CLOB when: the platform serves active or professional traders, needs resting orders on a shared book, requires the full stop and stop-limit order set, and can support a persistent FIX 5.0 session.
• Choose RFQ when: the platform serves retail or wealth customers, wants firm executable pricing with no order book exposure, needs the broader asset list, and prefers a REST-only integration.

Before You Build

1. Confirm the execution model with your zerohash representative and have it recorded on the participant configuration.
2. Confirm the liquidity model (novated, default, or platform-direct) and the funding model, since these determine float and loss reserve requirements.
3. Validate that every asset in scope is enabled for the chosen execution model via GET /assets, including for participants in New York.
4. Confirm the order types in scope are supported on the chosen model.