Requesting a quote
How Olive's request-for-quote flow turns a ticket into firm, signed maker terms.
Olive prices tickets through request for quote (RFQ). Instead of crossing a standing order book, the app asks approved makers to price your exact market, product, strike, expiry, and size.
Indicative vs. firm
- Model-indicative values shape the ticket before execution. They are not tradeable, and when pricing is stale or unavailable the app says so rather than drawing a number it cannot stand behind.
- Firm quotes are executable. Each is signed by the maker's registered Ed25519 quote signer, valid only inside its own expiry window, and re-verified by the Solana program at execution.
The flow
Lock the ticket
Requesting a firm quote freezes the ticket: market, product, resolved expiry, strike, the exact size derived from your Amount, and the reference price it was built against. A reference price that has drifted or gone stale is rejected before the auction, so you are never quoted against a dead print.
Ask makers
The backend opens a short auction — about two seconds — and pushes the self-contained request to every subscribed maker for that market and product. Each maker returns signed terms or declines.
Review firm terms
The best executable quote is shown as a final term sheet: total cost, position size, strike, expiry, breakeven, what you receive at maturity, and a live countdown. Losing quotes are never shown to you or to other makers.
Accept and sign
Accepting submits the signed quote on-chain before it expires. Olive refuses to start signing on a quote with too little life left and re-quotes instead, so an expired signature is not put in front of your wallet.
If the firm quote comes back materially worse than the indicative value you were shown, Olive stops and asks you to acknowledge the difference before anything is signed.
Why quotes expire
A firm quote is a maker's binding price for a moment in time. Its validity window is signed into the quote itself and enforced by the program — a stale signature simply fails on-chain. The deployment also caps how long any quote may live (60 seconds in the current configuration). If yours lapses, request a fresh one; nothing is committed until you sign.
What accepting commits
Accepting fixes the full economics: market, product, size, strike, maturity, premium, Olive fee, maximum payout, settlement asset, and the maker on the other side. The Solana program creates a Position PDA recording those terms and your wallet as owner.
The same ceremony runs in reverse for early exit, except that only the position's original maker is asked.
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