You send a multi-leg options RFQ and only part of it gets filled, while the other legs do not. This can happen, and it is more common than you may think.
The key benefit of a multi-leg RFQ is locking in the whole package at once. But different RFQ systems have slightly different fill rules. Understanding these differences is the first step to avoiding partial fill risk.
First, know your RFQ system's fill logic
The crypto options market currently has two main RFQ models:
- All-or-Nothing (AON) mode: The whole package either fills completely or not at all. This is the cleanest model and fully removes partial fill risk. Bybit's RFQ uses this logic — RFQ orders are either filled completely or not executed at all; partial fills are not supported. CME multi-leg strategy RFQs work similarly: the whole strategy is treated as a single tradable instrument on the order book, so there is no step-by-step fill risk.
- Multiple market maker partial quote mode: The system allows several liquidity providers to quote for parts of your package separately. This may create more liquidity, but the downside is clear — if only some market makers respond, your package may fill only partially. Deribit's Block RFQ system uses this model. It allows multiple liquidity providers to submit partial quotes instead of requiring an all-or-nothing fill.
Binance's options RFQ platform supports multi-leg functionality and combines multiple trades into one order, but it does not clearly state whether partial fills are allowed or whether full quantity is required.
How to avoid partial fills — based on your platform
Case A: You use all-or-nothing mode (such as Bybit RFQ)
In this mode, the system already blocks partial fill risk. You only need to confirm the quote validity and fill conditions. For example, quotes usually expire within 1 minute, and you need to request a new quote after expiry.
Case B: You use the multiple market maker partial quote model (such as Deribit Block RFQ)
In this mode, avoiding partial fills requires active steps:
- Ask market makers if they can quote the full size: Before sending an RFQ, communicate privately to confirm whether any market maker is willing to take the entire package size instead of splitting it among multiple parties.
- Set a stricter minimum acceptable fill ratio: Even if the system supports partial fills, you can proactively agree with market makers that you will not accept a fill below X%.
- Request quotes in smaller batches: If the package size is very large, consider splitting it into several smaller sub-packages and requesting quotes separately. This lowers the chance that any single sub-package is partially filled and makes overall risk more manageable.
What to do after a partial fill
- Immediately assess your risk exposure: If only some legs fill, what you hold is no longer the original strategy, but a "half-built" position. For example, suppose you had a bull call spread, but only the long call leg filled and the short call leg did not — your risk exposure instantly changes from "limited loss" to "unlimited loss".
- Fill the missing part as soon as possible: Either send a new RFQ on the same platform to fill the unfilled part, or use a limit order on the order book. The sooner the better, because the longer you are exposed to naked risk, the more damage unexpected price moves can cause.
Risk warning: the "naked leg" left by a partial fill
The most dangerous result of a partial fill is naked leg risk — only part of your strategy remains, and the risk profile changes completely. A strategy designed for limited risk can become an unlimited risk exposure because the hedge leg is missing. This is not just a paper loss issue; it can reach the level of liquidation. When the market is volatile, this risk can grow very quickly.
How to verify after execution
After filling, go to the "Order History" or "Positions" page and check each leg of your options position one by one. Make sure all legs have the same status — if one leg shows "Filled" while another shows "Canceled" or "Pending", a partial fill has occurred. Do not wait. Assess the risk first, then place follow-up orders.
