> ## Documentation Index > Fetch the complete documentation index at: https://docs.kalshi.com/llms.txt > Use this file to discover all available pages before exploring further. # Request for Quote (RFQ) > How the Kalshi RFQ system works Kalshi implements an RFQ (Request for Quote) system for pre-execution communication between members. RFQs allow a requester to solicit quotes from market makers on a specific market and size. Execution follows a two-step lock: accept, then confirm. RFQs are available on any market, including combo (multivariate event) markets. Combo markets are classified as High Volatility Markets (HVM), which have shorter timing windows (see [Timing](#timing)). ## Interfaces RFQs are accessible over [REST](/api-reference/communications), [FIX](/fix/rfq-messages.md), and [WebSocket](/websockets.md). Quote notifications arrive on the `communications` WebSocket channel, not the orderbook channel. ## Flow 1. **Requester** creates an RFQ specifying a market ticker, size, and whether to rest any remainder. 2. The RFQ is broadcast to all makers. 3. **Makers** respond with quotes containing a `yes_bid` and `no_bid`. Quotes are for the full RFQ size. Each quote is private between the requester and the individual maker. Makers cannot see each other's quotes. 4. **Requester** accepts one side of the best-priced quote. 5. **Maker** confirms within the confirmation window. Once confirmed, neither party can withdraw. 6. After the execution timeout, orders are placed on the public book. ## Creator identity and privacy Public communications IDs are pseudonymous identifiers derived from a user ID with a salted hash. By default, makers see the requester's public communications ID and can recognize it across RFQs. Set `obscure_creator_id: true` when creating an RFQ over REST, or `ObscureCreatorId` (`21034`) to `Y` in the FIX `NoRelatedSym` group, to hide that identifier from other users. Obscured creator fields display the shared placeholder `e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855`. The placeholder appears in these fields for other users: | Surface | Field | | - | - | | REST RFQ responses before successful execution | `creator_id` | | REST quote responses before successful execution | `rfq_creator_id` | | WebSocket `rfq_created` and `rfq_deleted` | `creator_id` | | WebSocket `quote_created` and `quote_accepted` | `rfq_creator_id` | | FIX RFQ notifications | `PartyID` (`448`) inside `NoPartyIDs` (`453`) | Creators still see their own normal ID. After successful quote execution, the hashed RFQ creator identity will become visible. Subsequent REST RFQ responses show the normal public communications ID to all viewers. The executed quote's REST response and WebSocket `quote_executed` event also show that ID to its participants. ## Sizing When creating an RFQ, the requester specifies size in exactly one of: * `contracts_fp`: number of contracts, including partial contracts in `0.01`-contract increments. * `target_cost_dollars`: dollar amount to spend. The exchange derives a contract count from the quote price, returned as `yes_contracts_fp` / `no_contracts_fp` on the quote. By default the target cost caps principal *plus* Kalshi fees: the derived contract count is the maximum whose total cost including your taker fee fits inside `target_cost_dollars`, so your debit can never exceed it. Set `target_cost_excludes_fees: true` to size as principal only — the count becomes `target_cost / price` and your taker fee is charged on top of the target cost. `contracts_fp`-sized RFQs are never reduced for fees under either mode. ## Quotes Each quote has two prices: `yes_bid` (price per YES contract) and `no_bid` (price per NO contract). These are typically different. Either can be `"0"` to decline that side, but not both. If `yes_bid + no_bid > $1` the quote is rejected. Quoters do not specify a size. Each quote is implicitly for the full RFQ amount (`contracts_fp`, or whatever count `target_cost_dollars` resolves to at the quoted prices). Prices must land on the market's price grid. Check `price_ranges` on `GET /markets/{ticker}` for the valid step size. A new quote on the same RFQ replaces the maker's previous quote. ### Post-only quotes If a confirmed quote is cancelled because the maker's post-only order would cross the book at execution, that cancellation counts toward the same quoting penalties as failing to confirm an accepted quote. Repeated failures can temporarily rate limit the maker's ability to create new quotes. ## Timing The exchange designates certain markets as High Volatility Markets (HVM). All combo markets are HVMs. HVMs use shorter confirmation and execution windows. | | Standard | HVM | | - | - | - | | **Confirmation window** | 30 s | 3 s | | **Execution timer** | 15 s | 1 s | After acceptance, the maker has the confirmation window to confirm. Upon confirmation, the platform begins the execution timer. At the end of the timer, orders are entered into the book. Fills appear in `GET /portfolio/fills`. Match on `creator_order_id` (maker) or `rfq_creator_order_id` (requester). ## WebSocket Subscribe to the `communications` channel (requires auth). `rfq_created` and `rfq_deleted` go to all subscribers. `quote_created`, `quote_accepted`, and `quote_executed` go only to the involved requester and maker. ## Combos (MVE) Combo RFQs include `mve_collection_ticker` and `mve_selected_legs`. Use [Multivariate Event Collections](/api-reference/multivariate/get-multivariate-event-collections.md) to discover eligible combinations. ## Subaccounts Requesters can create an RFQ under a numbered subaccount by passing `subaccount` on `POST /communications/rfqs`. Makers can likewise pass `subaccount` on `POST /communications/quotes`. Execution, fills, and settlement follow the subaccount the RFQ or quote was created under. The full REST RFQ lifecycle — including combo-market creation — is also available to [subaccount-restricted API keys](/getting_started/subaccounts.md#restricted-api-keys), scoped to the key's locked subaccount. On FIX, restricted keys support the maker quote lifecycle only. ## Common errors | Error | What's going on | | - | - | | `invalid_parameters` | Price not on a valid step, or RFQ already closed | | `RFQ_CLOSED` | RFQ was deleted, expired, or already executed | | `INSUFFICIENT_BALANCE` | Not enough funds for the trade | | `409 Conflict` | Open RFQ already exists on this market ticker | This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.