Definitive
How Bebop’s RFQ network became a key piece of Definitive’s advanced execution engine
Services
Defintive's lifetime volume
$3B+
Volume settled via Bebop
$180M+
Volume from $100k+ trades
$57M
"When your users are running six-figure trades, you can't explain away a failed fill or a slipped price. Bebop's RFQ system gives us deterministic execution. That's the baseline for everything we build on top." - Blake Arnold, Cofounder, Definitive
Definitive is a non-custodial execution platform and API for onchain trading. Founded by former Coinbase institutional trading engineers, the platform gives traders advanced features while letting them retain full custody of their assets.
The Definitive Prime terminal provides essential tooling professional trading desks expect on centralized exchanges, rebuilt for onchain execution. TWAP, DCA, Limit, Stop and Bracket orders are paired with operational infrastructure like sub-accounts, role-based access control, post-trade reporting, and order flow masking.
Beneath all of this is Definitive's liquidity layer. Definitive’s advanced execution is built on top of liquidity aggregated across 200+ DEXs and professional market makers on EVM and Solana. This is what allows Definitive to offer the most competitive quotes for any token. Liquidity is the foundation because institutional execution carries TradFi expectations. And TradFi expectations are something DeFi has historically struggled to meet.
Professional trading platforms have a specific set of requirements that most DeFi liquidity infrastructure was not designed for. Institutions have spent decades refining their execution standards in traditional finance. When they move onchain, those standards come with them.
When a fund manager executes a $1M position exit, the trade needs to fill. AMM-based routing simulates a path through liquidity pools, estimates a price, and hopes conditions hold by the time the transaction settles. If they don't, the transaction reverts. The trade fails entirely. Gas is wasted, the price has moved, and the opportunity is gone.
Institutional orders are larger than typical DeFi trades. Thin pools and fragmented liquidity across chains mean large trades move prices or fail outright. One way around large orders is TWAPs, splitting a big trade into smaller slices over time. But sometimes onchain liquidity isn't deep enough even for each individual slice.
Institutions need to know who's on the other side of a trade. Most DeFi trading platforms don’t provide visibility into who provided the liquidity or where it came from. For compliance teams and risk managers, that's a problem.
Definitive’s answer was to build an execution layer that routes intelligently across 200+ liquidity sources. Bebop is a key part of diversifying Definitive’s liquidity, providing access to competitive quotes and depth from professional market makers for major crypto assets while addressing each of the challenges above.
Bebop connects Definitive to a network of over a dozen professional market makers through its RFQ+ API. When a trade is requested, makers compete to offer firm, executable quotes. The price quoted is the price executed. No simulation, no reverts, no failed transactions. Every trade that enters the system settles.
Bebop combines the liquidity of all its market makers into a single pool. If three makers individually offer $3M, $1.2M and $0.2M on a given pair, Bebop can fill up to $4.4M in a single atomic trade by splitting across them. The combined depth across thirteen makers means hundreds of millions in available liquidity.
For Definitive, Bebop has filled $80M+ in majors like ETH, WBTC, and wstETH, $25M+ in DeFi tokens like AAVE, UNI, and LDO, and $10M+ in longer-tail tokens like VIRTUAL, ZORA, and AIXBT.
Every trade routes to known, professional market makers. There are no anonymous pools or opaque routing paths.
With roots in traditional finance and close relationships with the top market makers in crypto, Bebop understands what professional platforms need. Definitive gets a single API that delivers institutional-grade fills without having to manage maker relationships or negotiate liquidity terms directly.
Bebop is live across Definitive's platform on Ethereum, Base, Arbitrum, and BNB Chain. $180M+ in volume has settled through Bebop across more than 200,000 trades.
The trade size distribution reflects the institutional profile. Two thirds of all volume comes from trades above $10,000. Nearly a third comes from trades above $100,000. Nine individual trades exceeded $1 million, each settled at the exact price quoted.
Bebop allows Definitive to aggregate offchain market maker liquidity into its trading engine, adding diversification and complimenting onchain DEX sources.
Any platform building for professional traders knows it needs access to professional market makers. Bebop’s market maker network has been part of the infrastructure that Definitive’s institutional clients have built their operations on.
Funds, family offices, and professional traders routing serious capital onchain have relied on the fill guarantee and depth Bebop provides. Definitive chose to build on Bebop because the execution layer has to be the one thing that never breaks.
As the industry matures, Definitive is making institutional-grade trading available to more than just professional traders. With the launch of Definitive’s mobile app, anyone can access advanced trading on every asset, across every chain, in a first-class mobile trading experience.
For the first time, any-to-any cross-chain trading, TWAP, DCA, Limit Orders, Stop Loss, and Take Profit are available anywhere traders go. Try it today - download the Definitive mobile app for iOS and Android here.
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