We study the randomised and deterministic demand-query complexity of approximate bipartite matching with few query rounds. The demand-query model, introduced in [Blumrosen and Nisan SICOMP 2009; Nisan SODA 2021], is inspired by combinatorial auctions and welfare maximisation, where an oracle returns the first neighbouring vertex (item) of a vertex u (agent) according to a given permutation pi (preference ordering of the agent over the items). For randomised algorithms, our main result gives a trade-off between the number of rounds k, the per-round query budget q=n^{1+δ}, and the achievable approximation ratio. Let 1 <= k <= log n, and -1 <= delta <= 1/k. Every k-round randomised algorithm using O(q) demand queries per round has a worst-case expected-size approximation factor of Omega(n^{1/2k-delta/2}/k). Conversely, we give a randomised algorithm achieving approximation factor O(n^{(1-k*delta)/(k+1)}/k) in expectation. For deterministic algorithms, for k*q >= n, we show that the optimal deterministic approximation factor is ~Theta(n^2/(q*k^2)), thereby improving the previous lower bound of [Nisan SODA 2021] by a polynomial factor over a wide range of parameters. In particular, for q=Theta(n), we improve the deterministic round-complexity lower bound for constant-factor approximation from ~Omega(n^{1/3}) to ~Omega(sqrt n). Our algorithms produce matching and vertex-cover certificates; the deterministic trade-off also extends to minimum vertex cover and maximum fractional matching. We extend the randomised upper bounds to the weaker Demand-OR model [Nisan 2021]. We prove a non-adaptive simulation of uniform random-neighbour queries using known techniques, avoiding the O(log n)-round penalty of the trivial binary-search simulation. Consequently, our upper bounds yield the same k-round approximation guarantees using O(q * log^2 n) Demand-OR queries per round.

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