RFQ-perps won’t work long term. These are just trading desks wrapped in a UI (think of it as an aggregator). There’s no real liquidity or global price discovery, just selective quoting and worse fills once volatility hits. Execution depends on other CLOBs or OTC desks, so price discovery and risk get centralized and opaque. It works until volatility shows up, then you find out there was never a real market there (especially with OTC prices).