Quote Creation Workflow | Paradigm

⛔ Old “GRFQ” Workflow

Successful Quote Creation

API Request Returns 200 OK with status: OPEN
Event is sent to quote channel with kind: NEW
Event is sent to quote_book channel with kind: ADDED

Error Quote Creation

API Returns 400
No Websockets Messages

✅ New “OB” Workflow

Successful Quote Creation

API Request Returns 202 OK, including action_id field with status: PENDING
Event is sent to quote channel with kind: NEW
Event is sent to quote_book channel with kind: ADDED
Event is sent to quote_status channel with matching action_id and success: true

Error Quote Creation - API Validations Fail

API Returns 400

Error Quote Creation - Order Book Validations Fail

API Request Returns 202 OK, including action_id field with status: PENDING
Event is sent to quote channel with kind: CANCELED and status: CLOSED
Event is sent to quote_status channel, with matching action_id, and success: false

No WebSocket message is sent with the details of the pending quote, these details are only returned in the API Response

💬 Sample Messages

[POST] /rfqs/{rfq_id}/quotes/ API Response, Pending Quote Creation

{
    "id": "q_2YpMiJJRxTl6N66lGF5LOPsTdJY",
    "rfq_id": 50126520,
    "action_id": "538da55e-2617-418b-a60f-0fae2413ebdb",
    "client_order_id": "a823e52e-9238-4ca2-ac78-13ff96cdd732",
    "description": "Call  30 Nov 23  35000",
    "maker": "PDGM",
    "price": "0.053",
    "side": "BUY",
    "type": "LIMIT",
    "product_codes": [
        "DO"
    ],
    "created": 1701218193752.5461,
    "status": "PENDING"
}

quote Channel, Successfully Created Quote

{
  "jsonrpc": "2.0",
  "method": "subscription",
  "params": {
    "channel": "quote",
    "data": {
      "kind": "NEW",
      "quote": {
        "status": "OPEN",
        "side": "BUY",
        "maker": "JAMMN",
        "original_quantity": "25.3",
        "client_order_id": "d62f11b5-e7a7-42c4-b28f-bef368de2d22",
        "legacy_id": 72983001,
        "price": "0.053",
        "id": "q_2Ym0K4wTjVfLEkditbWH5tFQ9ZW",
        "legs": [
          {
            "side": "BUY",
            "price": "0.053"
          }
        ],
        "remaining_quantity": "25.3",
        "filled_quantity": "0",
        "rfq_id": 50126134,
        "product_codes": [
          "DO"
        ],
        "type": "LIMIT",
        "created": 1701115380798.1218,
        "last_activity": 1701115380856.506,
        "description": "Call  30 Nov 23  35000"
      }
    },
    "meta": {
      "seq_group": 605630333,
      "seq_num": 10
    }
  }
}

quote_book Channel, Successfully Created Quote

{
  "jsonrpc": "2.0",
  "method": "subscription",
  "params": {
    "channel": "quote_book",
    "data": {
      "kind": "ADDED",
      "quote": {
        "status": "OPEN",
        "side": "BUY",
        "legacy_id": 72983001,
        "price": "0.053",
        "created": 1701115380798.1218,
        "last_activity": 1701115380856.506,
        "id": "q_2Ym0K4wTjVfLEkditbWH5tFQ9ZW",
        "legs": [
          {
            "side": "BUY",
            "price": "0.053"
          }
        ],
        "remaining_quantity": "25.3",
        "rfq_id": 50126134
      }
    },
    "meta": {
      "seq_group": 80552588,
      "seq_num": 3324
    }
  }
}

quote_status Channel, Successful API Request

{
  "jsonrpc": "2.0",
  "method": "subscription",
  "params": {
    "channel": "quote_status",
    "data": {
      "action_id": "71561c1f-f43b-4fb0-abc5-d7dcfbc81b0c",
      "kind": "create",
      "success": true
    },
    "meta": {
      "seq_group": 4113064136,
      "seq_num": 3
    }
  }
}

quote_status Channel, Error API Request

{
  "jsonrpc": "2.0",
  "method": "subscription",
  "params": {
    "channel": "quote_status",
    "data": {
      "action_id": "71561c1f-f43b-4fb0-abc5-d7dcfbc81b0c",
      "kind": "create",
      "success": false,
      "error_code": 3303,
      "error_message": "Limit of 2 for BUY-side quote reached. Please cancel an active quote before submitting a new one."
    },
    "meta": {
      "seq_group": 4113064136,
      "seq_num": 3
    }
  }
}