Glossary

Terms used throughout Silhouette documentation.

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Auto-acceptance

The two-round RFQ flow. The taker submits with autoAccept: true and the best conforming quote is accepted automatically when the quote window closes. Funds lock at submission.

HyperCore

The high-performance trading engine of Hyperliquid, purpose-built for financial primitives.

HyperEVM

The Ethereum Virtual Machine-compatible layer of Hyperliquid. Supports smart contracts and tokenized instruments.

Instrument

What a single RFQ trades, identified as BASE-QUOTE-TYPE (for example XTSLA-USDC-SPOT): the base token, the quote token, and the product type.

Maker

The market maker that prices an instrument and fills the trade. Makers watch for open RFQs on their approved instruments and submit competing quotes.

Manual acceptance

The three-round RFQ flow. The taker reviews competing quotes and explicitly accepts one before the deadline. Funds lock at acceptance.

Permit2

The on-chain authorization standard Silhouette uses to bind quote expiries to settlement deadlines. A selected quote carries an engine-signed Permit2 authorization the maker relays on-chain to settle.

Promised delivery

A settlement mode where the maker owes the on-chain delivery within a bounded window after winning, rather than settling atomically from inventory.

Quote window

The period during which makers can submit competing quotes for an open RFQ. A short window favors faster execution; a longer window gives more makers time to respond.

RFQ (request for quote)

A trading workflow where a taker asks makers for executable prices on a specific instrument, receives competing quotes, and settles the winning quote on-chain.

Settlement

The final on-chain execution of a winning quote. Settlement abstracts the chain away: funds return to the chain the taker initiated from, whether HyperCore or HyperEVM.

Taker

The account requesting liquidity. A taker creates the RFQ, reviews quotes (or uses auto-acceptance), and tracks the trade to settlement.