# Silhouette > Silhouette is a shielded trading platform on Hyperliquid. Trade without exposing your wallet, your strategy, or your size. The cheapest venue to accumulate assets onchain. - [Silhouette](https://docs.silhouette.exchange/index.md) ## about-silhouette Silhouette is the universal block trading layer on Hyperliquid. Request quotes from competing market makers and execute size in one trade, across HyperCore and HyperEVM. - [Introduction](https://docs.silhouette.exchange/about-silhouette.md): Silhouette is the universal block trading layer on Hyperliquid. Request quotes from competing market makers and execute size in one trade, across HyperCore and HyperEVM. ## quickstart ### makers Start quoting RFQs on Silhouette. Mint API credentials, discover open requests, submit competing quotes, and settle the trades you win. - [Quickstart for Makers](https://docs.silhouette.exchange/quickstart/makers.md): Start quoting RFQs on Silhouette. Mint API credentials, discover open requests, submit competing quotes, and settle the trades you win. ### takers Place your first RFQ on Silhouette. Connect a wallet, deposit funds, request quotes from competing market makers, and settle the trade on-chain. - [Quickstart for Takers](https://docs.silhouette.exchange/quickstart/takers.md): Place your first RFQ on Silhouette. Connect a wallet, deposit funds, request quotes from competing market makers, and settle the trade on-chain. ## trading ### fees Silhouette Exchange fee structure for naked and shielded trading on Hyperliquid. Transparent builder code fees and dynamic shielded savings. - [Fees](https://docs.silhouette.exchange/trading/fees.md): Silhouette Exchange fee structure for naked and shielded trading on Hyperliquid. Transparent builder code fees and dynamic shielded savings. ### naked-trading Naked trading on Silhouette routes orders directly to Hyperliquid via Builder Codes. Full visibility, full order type support across spot and perpetuals. - [Naked Trading](https://docs.silhouette.exchange/trading/naked-trading.md): Naked trading on Silhouette routes orders directly to Hyperliquid via Builder Codes. Full visibility, full order type support across spot and perpetuals. ### order-lifecycle Follow the complete lifecycle of shielded and naked orders on Silhouette Exchange, from submission through TEE processing to Hyperliquid settlement. - [Order Lifecycle](https://docs.silhouette.exchange/trading/order-lifecycle.md): Follow the complete lifecycle of shielded and naked orders on Silhouette Exchange, from submission through TEE processing to Hyperliquid settlement. ### shielded-trading Shielded spot trading keeps your orders, identity, and strategy private while you trade on Hyperliquid's full spot order book. - [Shielded Spot Trading](https://docs.silhouette.exchange/trading/shielded-trading.md): Shielded spot trading keeps your orders, identity, and strategy private while you trade on Hyperliquid's full spot order book. ## glossary Glossary of terms used in Silhouette documentation: RFQ, takers, makers, quote windows, settlement, and Hyperliquid concepts. - [Glossary](https://docs.silhouette.exchange/glossary.md): Glossary of terms used in Silhouette documentation: RFQ, takers, makers, quote windows, settlement, and Hyperliquid concepts. ## faq Frequently asked questions about RFQ trading on Silhouette: instruments, quotes, settlement, funds, and API access. - [FAQs](https://docs.silhouette.exchange/faq.md): Frequently asked questions about RFQ trading on Silhouette: instruments, quotes, settlement, funds, and API access. ## blog Research, guides and dispatches on shielded trading, TEE-attested execution, and building privacy-preserving markets on Hyperliquid. - [Blog](https://docs.silhouette.exchange/blog.md): Research, guides and dispatches on shielded trading, TEE-attested execution, and building privacy-preserving markets on Hyperliquid. ### hyperliquid Why Silhouette built on Hyperliquid: an EVM-compatible L1 with the speed, scale and matching engine depth to support shielded trading at institutional size. - [Why We Chose Hyperliquid](https://docs.silhouette.exchange/blog/hyperliquid.md): Why Silhouette built on Hyperliquid: an EVM-compatible L1 with the speed, scale and matching engine depth to support shielded trading at institutional size. ### intro Silhouette is a shielded trading platform on Hyperliquid. Your orders stay private, your strategy stays yours, and the matching engine lives in a TEE. - [Introducing Silhouette](https://docs.silhouette.exchange/blog/intro.md): Silhouette is a shielded trading platform on Hyperliquid. Your orders stay private, your strategy stays yours, and the matching engine lives in a TEE. ### problemwithdefi Part one of the Silhouette shielded trading series. Why radical transparency in DeFi is an attack surface: strategy leakage, copytrade exposure, adverse selection. - [The Problem with DeFi, Transparency as an Attack Surface](https://docs.silhouette.exchange/blog/problemwithdefi.md): Part one of the Silhouette shielded trading series. Why radical transparency in DeFi is an attack surface: strategy leakage, copytrade exposure, adverse selection. ### problemwithprivacy Part two of the Silhouette shielded trading series. Why full-darkness privacy solutions (mixers, shielded L1s, early dark pools) broke DeFi and what to build instead. - [The Privacy Mirage - Why Complete Darkness Breaks DeFi](https://docs.silhouette.exchange/blog/problemwithprivacy.md): Part two of the Silhouette shielded trading series. Why full-darkness privacy solutions (mixers, shielded L1s, early dark pools) broke DeFi and what to build instead. ### redefiningdefi Silhouette closes a seed round led by RockawayX to build shielded trading on Hyperliquid. Strategies stay private, the orderbook stays public, the execution stays fast. - [Redefining DeFi with Silhouette](https://docs.silhouette.exchange/blog/redefiningdefi.md): Silhouette closes a seed round led by RockawayX to build shielded trading on Hyperliquid. Strategies stay private, the orderbook stays public, the execution stays fast. ### shielded-spot-trading Shielded spot trading is live on Hyperliquid. Execute HYPE/USDC orders through a TEE-attested matching engine with zero strategy leakage and 95% passthrough on the HL fee discount. - [Shielded Spot Trading - Live on Hyperliquid](https://docs.silhouette.exchange/blog/shielded-spot-trading.md): Shielded spot trading is live on Hyperliquid. Execute HYPE/USDC orders through a TEE-attested matching engine with zero strategy leakage and 95% passthrough on the HL fee discount. ### tokenised-stocks-wont-trade-where-you-think Issuer flow cannot use onchain order books. Why tokenised equities trade on RFQ first, what TradFi's off-exchange data proves, and why demand discovery precedes price discovery. - [Tokenised Stocks Won’t Trade Where You Think](https://docs.silhouette.exchange/blog/tokenised-stocks-wont-trade-where-you-think.md): Issuer flow cannot use onchain order books. Why tokenised equities trade on RFQ first, what TradFi's off-exchange data proves, and why demand discovery precedes price discovery. ### why-dark-pool-havent-worked Part three of the Silhouette shielded trading series. Onchain dark pools promised privacy and delivered liquidity deserts. Why they failed and how shielded trading fixes it. - [Why Dark Pools Haven’t Worked Onchain](https://docs.silhouette.exchange/blog/why-dark-pool-havent-worked.md): Part three of the Silhouette shielded trading series. Onchain dark pools promised privacy and delivered liquidity deserts. Why they failed and how shielded trading fixes it. ## brand Silhouette's brand kit — logos, colour, typography, and usage. Download the marks and use them correctly. - [The Silhouette Brand](https://docs.silhouette.exchange/brand.md): Silhouette's brand kit — logos, colour, typography, and usage. Download the marks and use them correctly. ## fees Silhouette RFQ fee schedule. A flat 5 bps (0.05%) all-in fee per trade at launch. - [Fees](https://docs.silhouette.exchange/fees.md): Silhouette RFQ fee schedule. A flat 5 bps (0.05%) all-in fee per trade at launch. ## rfq ### api The Silhouette RFQ API: REST and WebSocket access to request-for-quote trading. SIWE login, HMAC-signed requests, and OpenAPI/AsyncAPI specifications. - [RFQ API](https://docs.silhouette.exchange/rfq/api.md): The Silhouette RFQ API: REST and WebSocket access to request-for-quote trading. SIWE login, HMAC-signed requests, and OpenAPI/AsyncAPI specifications. - [Silhouette Docs](https://docs.silhouette.exchange/rfq/api/reference.md) - [Your first trade](https://docs.silhouette.exchange/rfq/api/first-trade.md): A golden-path walkthrough of one RFQ trade as a taker: authenticate, stream updates over WebSocket, submit and accept over REST, watch it settle. - [RFQ REST API](https://docs.silhouette.exchange/rfq/api/rest.md): The RFQ REST API: RFQs, quotes, maker operations, balances, and funding over HMAC-signed HTTP. OpenAPI 3.1 spec and generated clients. - [RFQ WebSocket API](https://docs.silhouette.exchange/rfq/api/websocket.md): The RFQ WebSocket streaming API: topic subscriptions for live RFQ, quote, balance, and price updates. AsyncAPI 3.0 spec. ### market-making - [xStocks Market Making](https://docs.silhouette.exchange/rfq/market-making/xstocks.md): Market-make Backed's tokenized US equities (xTSLA, xAAPL, xSPY) on Silhouette: two atomic settlement modes through a wrapper contract you deploy. - [Quoting xStocks](https://docs.silhouette.exchange/rfq/market-making/xstocks/quoting.md): The off-chain maker loop for xStocks on Silhouette: WebSocket frames, quote submission over REST, outcome tracking, cancellation, and price ladders. - [xStocks Settlement](https://docs.silhouette.exchange/rfq/market-making/xstocks/settlement.md): What Silhouette signs to settle an xStocks fill (the Permit2 witness authorization) and the wrapper contract the maker deploys to consume it. ### overview How RFQ trading works on Silhouette: takers, makers, quote windows, auto and manual acceptance, and the trade lifecycle. - [How RFQs Work](https://docs.silhouette.exchange/rfq/overview.md): How RFQ trading works on Silhouette: takers, makers, quote windows, auto and manual acceptance, and the trade lifecycle.