FAQs
What is an RFQ?
A request for quote. You ask market makers for executable prices on the exact size you want to trade. Makers compete during a quote window and the best quote wins. How the trade settles depends on the product. See How RFQs Work.
What can I trade?
Each RFQ is for one instrument, identified as BASE-QUOTE-TYPE (for example TSLAX-USDC-SPOT). Silhouette runs RFQs for tokenized instruments on HyperEVM, and for perpetuals on HyperCore. GET /v1/rfq/instruments returns the live list. See How RFQs Work.
Do my funds need to be on HyperCore or HyperEVM?
It depends on the product: a HyperEVM spot request trades from your HyperEVM balance with Silhouette, and HyperCore perps need no deposit with Silhouette. See Deposits and withdrawals.
How is the winning quote chosen?
You choose the mode per RFQ. With automatic acceptance, the best quote within your price limit is accepted when the quote window closes. With manual acceptance, you review the competing quotes and accept one yourself before the window closes. On perps, acceptance is manual only. See How RFQs Work.
Is a price limit required?
Yes. Every request needs a price limit, and a quote outside it cannot win.
When do funds lock?
On spot, when you submit, in both acceptance modes: Silhouette sets aside your price limit on a buy, or the tokens you sell. A perps request sets nothing aside, because your margin stays in your own Hyperliquid account. If the request is canceled or fails, the funds are released.
What are the fees?
It depends on the product. See Fees.
Why did my RFQ get no quotes?
A market can set a smallest order value for buys. A buy under that value is rejected straight away, and the rejection names the minimum to resize from. If you got no quotes rather than a rejection, the minimum was not the reason. Above the minimum, an RFQ can still end with no quotes if no maker priced it in the window, and market hours matter for an instrument tied to an underlying session. See Minimum order value.
Is there an API?
Yes. REST for all mutations and WebSocket for live streams, sharing one authentication model. Start with the RFQ API overview or go straight to your first trade.
How do I become a maker?
Makers quote the instruments they are approved for. Reach out on Telegram to get onboarded, then follow the Quickstart for Makers.