> For the complete documentation index, see [llms.txt](https://docs.parlayit.gg/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.parlayit.gg/using-parlayit/quotes-and-liquidity.md).

# Quotes And Liquidity

ParlayIt uses two complementary pricing systems that work together: a traditional **orderbook** and a **Request-For-Quote (RFQ)** mechanism. Both apply to parlays.

* **Orderbook**: every market and every parlay has an orderbook of bids and asks. Trades match against the best available price.
* **RFQ**: a real-time mechanism that prompts market makers to refresh their quotes into a parlay's orderbook for the specific combination a user is building.

For individual markets, the orderbook works in the classic way: continuously visible bids and asks from active participants. For parlays, the orderbook is populated dynamically by market makers responding to the RFQ, but it is still an orderbook, and your trade matches against its current best price.

## What A Quote Means

A parlay quote is the price ParlayIt offers for the specific combination you are building. It reflects the legs you have selected, the current state of each underlying market, and the best available bid or ask in the parlay's orderbook.

The quote is shown in the betslip before you place the parlay. Once you confirm, the trade fills at the quoted price.

## How Parlay Quotes Stay Fresh

While you are building a parlay, the betslip continuously triggers RFQs to keep the parlay orderbook current, roughly every **5 seconds**. Together with the short validity window each maker quote has, this means the price you see is always close to current market conditions.

The quote is also cleared and re-requested whenever you change:

* the set of selected legs
* the YES / NO side
* the stake amount

So any meaningful change to the parlay triggers a fresh quote before you place.

## Why Liquidity Matters

Liquidity affects whether a parlay can be quoted at all, and how attractive the quoted terms are.

* **Deep liquidity** on the underlying markets and active market-maker participation generally produces tighter quotes and more available size.
* **Thin liquidity** on one or more legs can result in wider quotes, smaller available size, or no quote at all.

If a quote is unavailable, try reducing the size of the parlay or revisiting after market conditions change.

## Routing Flow

```mermaid
flowchart TD
    A[User builds parlay] --> B[Betslip sends RFQ to market makers]
    B --> C[Market makers post quotes to parlay orderbook]
    C --> D[Best price shown in betslip]
    D --> E[User reviews and places trade]
    E --> F[Trade matches against orderbook]
    D -.->|auto-refresh every 5s| B
```

The dotted arrow shows the auto-refresh loop: while the betslip is open, the platform keeps re-requesting quotes so the parlay orderbook reflects current market conditions.