Introduction
What is Silhouette?
Silhouette is the universal block trading layer for Hyperliquid. One RFQ flow to trade size on Hyperliquid: tokenized stocks on HyperEVM and perpetuals on HyperCore.
An RFQ (request for quote) lets you ask market makers for prices on the exact size you want. Makers compete for your trade during a short quote window, and the best quote wins. How the trade settles depends on the product.
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. See Deposits and withdrawals for where your funds sit.
Makers provide liquidity. Watch for open RFQs on your approved instruments, submit quotes, and fill the trades you win.
Silhouette runs each RFQ from request to settlement, and every step passes through it.
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