Question 1

What is Silhouette Exchange?

Accepted Answer

Silhouette Exchange is the universal block trading layer on Hyperliquid. Instead of working an order on a public book, you request quotes from competing market makers and execute your full size in one trade, across HyperCore and HyperEVM.

Question 2

How does RFQ trading work on Silhouette?

Accepted Answer

You submit a request for quote naming the instrument, the side and the size. Market makers compete during a short quote window, the best conforming quote wins, and the trade settles on-chain. The full amount fills at one price.

Question 3

What can I trade on Silhouette?

Accepted Answer

Each request covers one instrument. The supported set spans tokenized instruments on HyperEVM plus spot and perpetual markets on HyperCore, including HIP-3 markets, and it grows over time.

Question 4

What are the fees on Silhouette?

Accepted Answer

A flat 5 bps (0.05%) all-in per trade at launch, across all instruments. The fee is included in the price you are quoted, so there is no separate fee line, and makers are not charged.

Question 5

Is Silhouette Exchange custodial?

Accepted Answer

No. Silhouette is fully non-custodial. Traders retain custody of their assets and sign all transactions independently through their own wallets.

Every market.Every instrument.

Team