RFQ (Request for Quote) Messages Overview The RFQ session allows market makers to respond to quote requests from users. The workflow involves:
Exchange sends QuoteRequest to market makers
Market makers respond with Quote
Requester can accept the quote
Market maker confirms execution
RFQ sessions use the KalshiRFQ endpoint with retransmission support.
Message Flow QuoteRequest (35=R) This message is sent by Kalshi Exchange back to clients to inform of new quote requests.
Tag Name Type Required Description 131 QuoteReqId UUID Y Unique quote request ID 146 NoRelatedSym Integer Y Number of symbols. Currently, only 1 is supported. 38 OrderQty Integer Y Number of contracts 152 CashOrderQty Decimal N Target cost of the quote in dollars. 55 Symbol String Y Market ticker 453 NoPartyIDs Integer N Number of parties. Currently, only 1 is supported. 448 PartyId UUID N Pseudonymous identifier for requester 20180 MultivariateCollectionTicker String N Collection ticker for multivariate markets 20181 NoMultivariateSelectedLegs Integer N Number of selected legs for multivariate markets. Repeating group containing the following 3 fields. 20182 MultivariateSelectedEventTicker String N Event ticker for the selected leg 20183 MultivariateSelectedMarketTicker String N Market ticker for the selected leg 20184 MultivariateSelectedMarketSide String N Side for the selected leg (“yes” or “no”)
Quote (35=S) Used to submit a quote in response to a quote request. If a new Quote is created when an existing quote for the same market already exists for the user,
the exchange will cancel the existing quote.
Tag Name Type Required Description 117 QuoteId UUID Y Unique quote identifier 131 QuoteReqId UUID Y Quote request for which the quote is in response to. 55 Symbol String Y Market ticker 132 BidPx Integer Y Yes price in cents. Only integer part considered (1-99) 133 OfferPx Integer Y No price in cents. Only integer part considered (1-99)
Either BidPx or OfferPx can be zero, but not both. Zero indicates no quote for that side.
QuoteStatusReport (35=AI) A QuoteStatusReport is sent by the exchange:
In response to a Quote. Status will be PENDING if processed, or REJECTED if rejected
When the requester accepts the quote. Status will be ACCEPTED. Quoter should reply with QuoteConfirm within 30 seconds
In response to a QuoteCancel. Status will be CANCELLED
Tag Name Type Required Description 117 QuoteId String Y Quote identifier (empty if rejected) 131 QuoteReqId String Y Request reference 297 QuoteStatus Integer Y Current status 38 OrderQty Integer C Number of contracts. Not present if REJECTED 132 BidPx Integer C Yes price in cents. Only integer part considered. Not present if REJECTED 133 OfferPx Integer C No price in cents. Only integer part considered. Not present if REJECTED 54 AcceptedSide Char C Side accepted (1=Yes, 2=No). Only present if ACCEPTED 58 Text String C Rejection reason. Only present if REJECTED
Quote Status Values (297)
ACCEPTED<0> : Requester accepted the quoteREJECTED<5> : Exchange rejected the quotePENDING<10> : Quote processed, awaiting actionCANCELLED<17> : Quote cancelled
QuoteCancel (35=Z) Market maker cancels an active quote.
Tag Name Type Required Description 117 QuoteId String Y Quote to cancel
Exchange responds with QuoteStatusReport (Status=CANCELLED).
QuoteCancelStatus (35=U9) Response to QuoteCancel from exchange.
Tag Name Type Required Description 117 QuoteId String Y Quote identifier 298 QuoteCancelStatus Integer Y CANCELED(0) or REJECTED(1) 58 RejectReason String C Present if QuoteCancelStatus is REJECTED
QuoteConfirm (35=U7) Market maker confirms willingness to execute after quote acceptance.
Tag Name Type Required Description 117 QuoteId String Y Accepted quote ID
Quote must be confirmed within 30 seconds of acceptance or it will be voided.
QuoteConfirmStatus (35=U8) Exchange response to quote confirmation.
Tag Name Type Required Description 117 QuoteId String Y Quote identifier 297 QuoteConfirmStatus Integer Y ACCEPTED(0) or REJECTED(1) 58 RejectReason String C Present if QuoteConfirmStatus is REJECTED
QuoteRequestReject (35=AG) Exchange notifies that a quote request was cancelled.
Tag Name Type Required Description 58 Text String Y Reason the quote has been cancelled 131 QuoteReqId String Y Request identifier 658 QuoteRequestRejectReason Integer Y OTHER(99)
Market makers do not send QuoteRequestReject when ignoring a request.
Best Practices For Market Makers
Response Time
Respond to quote requests promptly
Confirm accepted quotes within 30 seconds
Cancel stale quotes proactively
Quote Management
Track active quotes locally
Handle quote replacements properly
Monitor for acceptance notifications
Risk Management
Validate prices before quoting
Implement position limits
Handle partial quotes (one-sided)
Error Handling
Rejection Scenarios
Invalid price range
Symbol not found
Technical issues
Timeout Handling
30-second confirmation window
Automatic quote expiration
Network disconnection recovery
Example Workflow QuoteRequest from Exchange
Quote Response
Quote Accepted
Quote Confirmation
8=FIXT.1.1|35=R|131=req-123|146=1|38=100|55=HIGHNY-23DEC31|453=1|448=anon-456|
Integration Notes
RFQ session requires separate connection
Uses KalshiRFQ endpoint
Supports message retransmission
Independent of order entry session
