# RFQ parlay

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Canonical: https://novigapi.com/learn/rfq-parlay

An RFQ parlay is a parlay priced by request for quote: the exchange asks market makers to quote a price for the exact combination, and the best quote wins.

```
pot = stake / price; user payout = pot x product(leg values); Novig RFQ taker fee = 0.10 x w x k / (w + k)
```

A parlay combines two or more outcomes that must all win. On an order-book exchange there is no standing market for every possible combination, so exchanges use a request for quote, or RFQ. When you ask for a parlay, the exchange sends the legs to market makers, who reply with a price and the largest stake they will take. The best quote is shown to you, and if you accept, the maker gets a last look to confirm before the trade executes.

## How it works on Novig

Per Novig's [RFQ overview](https://docs.novig.com/api/rfq/overview) (checked 12 Nov 2026), an RFQ opens a 3-second auction to every registered maker. Makers answer with a `price` and a `maxWager`. The lowest price wins, because it pays the user the most; a tie goes to the larger `maxWager`. The winning maker then has 1 second to confirm the user's stake. Novig's docs set a minimum quote size of $10 or the user's stake minimum, whichever is higher.

The price is the probability the parlay wins. The pot is the user's stake divided by that price, made up of the stake plus the maker's collateral. Per Novig's [RFQ settlement](https://docs.novig.com/api/rfq/settlement) page, a parlay settles as one position: any losing leg makes it a loss at once, a void leg counts at its fair market value instead of pushing, and the user receives the pot times the product of every leg's value.

## Worked example

A two-leg parlay whose legs have fair probabilities of 60% and 70% has a fair price of 0.60 x 0.70 = 42%, or +138.1. Three makers quote 45%, 44% and 46%; the 44% quote wins. A $44 stake makes a $100 pot, with $56 of maker collateral.

Settlement of the $100 pot

| Leg results | Leg values | Scalar | User receives | Maker receives |
| --- | --- | --- | --- | --- |
| Win, win | 1 x 1 | 1.000 | $100.00 | $0.00 |
| Win, void at 0.50 | 1 x 0.5 | 0.500 | $50.00 | $50.00 |
| Win, loss | 1 x 0 | 0.000 | $0.00 | $100.00 |


```
RFQ taker fee = 0.10 x 44 x 56 / (44 + 56) = $2.464
```
From Novig's fees page: RFQ fills use a 0.10 coefficient, are charged on execution rather than only when live, and earn makers no credit.

The winning 44% quote is +127.3 in American odds, two points worse than the fair 42%: that gap is the maker's margin. To lock in a parlay you already hold, the [parlay hedge calculator](https://novigapi.com/parlay-hedge-calculator) works out the hedge on the last leg.

## When it matters

- Correlation: makers price correlated legs, such as a team and its quarterback, differently from independent ones; Novig's eligibility rules restrict some combinations.
- Voids: since 20 Aug 2026, Novig settles a void leg at its fair market value rather than refunding the whole stake.
- Fees: RFQ fills use a higher coefficient than straight contracts, so compare the quoted price plus fee to the fair product of the legs.

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