Shield Everything
Every trade you place on a transparent ledger is a signal. Copy-trading bots mirror your positions. Front-runners extract value from your execution. Whale-tracking accounts broadcast your moves to thousands of followers. Your strategy becomes everyone else's strategy, except you carry the risk.
Silhouette changes this. We sit between you and Hyperliquid's order book, processing your trade instructions while keeping your strategy, size, and intent confidential. Your trades settle on the same order book, tap into the same liquidity, and execute at the same prices. The difference is that no one sees you coming.
Trade on Hyperliquid without showing your hand.
Shielded Trading on Hyperliquid
Silhouette is a shielded layer on top of Hyperliquid. We are not a separate exchange. Every trade settles on Hyperliquid's order book, allowing you to keep access to the deepest liquidity in DeFi. We add confidentiality to your execution - we don't replace the stack.
You choose how you trade based on your strategy: Shielded or Naked. Shielded routes your trade through Silhouette's secure environment, obscuring your activity from the public ledger. Naked routes directly to Hyperliquid, fully visible. The power is in the choice. Learn more about Shielded Trading and Naked Trading.
What Makes Silhouette Different
Same order book, same liquidity.
We extend Hyperliquid, we don't compete with it. No separate liquidity pool. No compromised price discovery. Your trades execute against the full depth of Hyperliquid's book.
Choice, not a mandate.
Other approaches force you into a separate, less liquid environment. Silhouette lets you toggle between Shielded and Naked on every trade. Use shielded when your intent matters. Use naked when it doesn't. Or whatever your strategy calls for.
Your funds, your control.
Your funds are managed within Silhouette's secure environment. Your trading activity and balances remain private, visible only to you. Read more about how your funds are secured.
The Problem We Are Solving
For all of finance to scale onchain, there must be a mechanism for confidential execution. Absolute transparency into every position at all times undermines legitimate use cases, particularly for entities that need to execute large trades or protect strategic flows.
Every serious financial market in the world has mechanisms for shielded execution. Dark pools handle over 40% of US equity volume. Block trading desks exist at every major bank. Information barriers are regulatory requirements, not optional features. The question is not whether crypto will adopt shielded execution. It is a matter of when the right team builds it.
Previous attempts at building confidentiality into DeFi fell short. Many sacrificed liquidity and composability, isolating flows from the broader ecosystem. Others failed to offer the auditability and compliance frameworks that institutions require. It's not to say that those implementations were bad, but the timing was not ideal.
Silhouette bridges this divide. Public market transparency with private participant flows. Markets remain open, auditable, and trustworthy, while participants get the confidentiality they need to trade at scale.
Where We Are Headed
Shielded spot is live today. But the vision is broader. Every order type that benefits from shielded execution - TWAP, VWAP, RFQ, perps, prediction markets - will run through the same core. Each new capability extends the shielded layer across more of DeFi.
If Hyperliquid is a finance company running on crypto rails and will "House all Finance," a vital part of that vision is providing shielded execution for all order types.
Shield everything.
Core Team
The team behind Silhouette has roots in zero-knowledge cryptography, exchange engineering, and protocol design. With experience spanning DeFi teams like UMA, Across, and Etherfi, infrastructure at AWS, and centralized exchanges like Luno and Coinbase, we are building a product that bridges traditional capital markets rigor with crypto-native execution.