# Silhouette Exchange — Complete Reference

> Silhouette Exchange provides shielded orderflow trading on Hyperliquid (HyperCore), protecting trader strategies from front-runners and MEV while accessing unfragmented liquidity.

## Overview

Silhouette Exchange is a privacy-focused decentralized finance (DeFi) trading platform built on Hyperliquid's HyperCore infrastructure. Silhouette shields traders' order intentions from front-running bots, maximal extractable value (MEV) extractors, and other adversarial actors — while preserving access to Hyperliquid's deep, unfragmented on-chain liquidity.

The platform is non-custodial: traders retain full custody of their assets at all times.

## How It Works

1. **Shielded orderflow**: When a trader submits an order through Silhouette, the order details (size, direction, price) are encrypted and routed privately. Other participants and bots cannot see the order until it is executed on-chain.
2. **MEV protection**: By obscuring trade intentions before execution, Silhouette eliminates the attack surface that MEV bots exploit — sandwich attacks, front-running, and back-running are not possible against shielded orders.
3. **Hyperliquid integration**: Silhouette connects directly to HyperCore, Hyperliquid's on-chain order book. Trades execute on-chain with the same deep liquidity available to all Hyperliquid users, but with the added privacy layer.
4. **Non-custodial architecture**: Silhouette never takes custody of user funds. Traders interact via their own wallets and sign each transaction independently.

## Key Features

- **Shielded orderflow protection** — Orders are encrypted until execution
- **MEV protection** — No front-running, sandwich attacks, or back-running
- **Hyperliquid HyperCore integration** — Direct access to unfragmented on-chain liquidity
- **Non-custodial trading** — Users retain full asset custody
- **Private order routing** — Strategy confidentiality maintained throughout the trade lifecycle
- **On-chain execution** — All trades settle on Hyperliquid's blockchain

## Product URLs

| Resource | URL |
|----------|-----|
| Trading app | https://app.silhouette.exchange |
| Marketing site | https://silhouette.exchange |
| Documentation | https://docs.silhouette.exchange/ |
| Blog | https://docs.silhouette.exchange/docs/blog |
| Brand/Media kit | https://silhouette-exchange.notion.site/brand-kit |

## Company Information

- **Legal entity**: Silhouette AG
- **Registered address**: Gartenstrasse 6, 6300 Zug, Switzerland
- **General contact**: team@silhouette.exchange
- **Careers**: careers@silhouette.exchange

## Social Presence

- X (Twitter): https://x.com/silhouette_ex
- Telegram: https://t.me/+G8s-CgieXWs4YjA8

## Investors & Backers

Silhouette is backed by HyperActive and leading investors:
- Amber
- Protagonist
- NGC Ventures
- Echo
- No Limits Holdings
- Hivemind
- Rockaway X

## Technology Stack

Silhouette is built on Hyperliquid's HyperCore infrastructure. The platform uses cryptographic techniques and private order routing to ensure that trade intentions are never exposed to the public mempool or other traders until execution is complete. All trades execute on-chain on Hyperliquid's L1 blockchain.

## Frequently Asked Questions

**What is Silhouette Exchange?**
Silhouette Exchange is a shielded trading platform on Hyperliquid that protects traders from front-running and MEV while accessing deep on-chain liquidity.

**How does shielded orderflow work?**
Orders are encrypted before being routed to Hyperliquid's on-chain order book. Other participants cannot see the order details until execution is complete.

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

**What is MEV and why does it matter?**
MEV (Maximal Extractable Value) refers to profit extracted by bots that front-run, back-run, or sandwich other traders' transactions. Silhouette eliminates this by hiding trade intentions.

**What blockchain does Silhouette use?**
Silhouette operates on Hyperliquid, specifically through HyperCore — Hyperliquid's on-chain order book infrastructure.

**Is Silhouette free to use?**
Yes. There is no subscription fee. Standard Hyperliquid trading fees apply.

**Where is Silhouette based?**
Silhouette AG is registered in Zug, Switzerland.