Introduction
What is Silhouette?
Silhouette is the universal block trading layer on Hyperliquid. One RFQ flow to trade size across the instruments on HyperCore and HyperEVM: tokenized stocks, spot pairs, and perps.
An RFQ (request for quote) works differently from an order book. Instead of working an order on a public book, you ask market makers for firm prices on the exact size you want. Makers compete for your trade during a short quote window, the best quote wins, and the trade settles on-chain. The full amount fills at one price, and your intent stays shielded from the wider market while makers compete.
Who it serves
Takers request liquidity. Submit an RFQ for an instrument, review the competing quotes (or let the best one be accepted automatically), and track the trade to settlement. Funds can sit on HyperCore or HyperEVM; settlement returns them to the chain you started from.
Makers provide liquidity. Watch for open RFQs on your approved instruments, submit quotes, and fill the trades you win. Quotes can settle from inventory, through an external venue, or as a bounded promised delivery, so competitive pricing does not require parking idle capital.
Silhouette coordinates the flow between the two sides. Takers and makers never interact directly.
Where to start
- Trading through the app: Quickstart for Takers
- Making markets or integrating: Quickstart for Makers and the RFQ API
- Understanding the flow end to end: How RFQs Work