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Glossary

Terms used throughout Silhouette documentation.

Auto-acceptance​

The best quote within the taker's price limit wins when the quote window closes, with no second step. On spot, funds are set aside when the taker submits. On perps, acceptance is manual only.

Builder fee​

Silhouette's charge on a HyperCore perps RFQ, carried on your order as a Hyperliquid builder fee. Hyperliquid charges it on the fill, and the quoted price excludes it. See Fees.

HyperCore​

The part of Hyperliquid where its perpetuals order book lives. Silhouette runs RFQs on HyperCore for perpetuals. See HyperCore perpetuals.

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 TSLAX-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 taker reviews the competing quotes and accepts one before the quote window closes. On spot, funds are set aside when the taker submits. A perps request sets nothing aside.

Matched execution​

How a HyperCore perps RFQ settles: Silhouette places the winning maker's order on Hyperliquid's order book and sends the taker's order against it. See HyperCore perpetuals.

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 one quote wins. See Settlement.

Settlement​

The point where a winning quote becomes a completed trade. How it settles depends on the product: HyperEVM spot settles onchain (see Trading on HyperEVM), and HyperCore perps settle by matched execution on Hyperliquid's order book (see HyperCore perpetuals).

Taker​

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

Taker fee​

Silhouette's charge on a HyperEVM spot RFQ, included in the all-in price the taker is shown. HyperCore perps carry a builder fee instead. See Fees.

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