Quote is a perpetuals execution layer. Traders' orders submitted via Quote are routed through the Quote Execution Engine before being submitted to the orderbook, with optimization of the parents' orders happening down to the child order level, guaranteeing privacy for standing orders.
Figure 1. Quote Order Flow through the Quote Execution Engine.
The QEE minimizes the cost of completing trades by:
Pacing execution dynamically
Sizing orders according to real-time orderbook depth
Posting passive orders when spreads are wide and aggressive fills when liquidity is favourable
The problem
Figure 2. Hidden costs of trading perpetual derivatives
Quote aims to solve several problems for traders in the perpetuals market, including:
