Trading on HyperEVM

HyperEVM is where Silhouette runs RFQs for tokenized assets, such as xStocks. You ask market makers for a price on the exact size you want, they compete to quote it, and the best quote wins. Every HyperEVM trade is spot: you buy or sell the token itself, from your HyperEVM balance with Silhouette.

Settlement

When a quote wins, Silhouette signs the trade and the maker settles it onchain with that signature. You do not send a transaction, and the maker pays the gas.

When you submit a request, Silhouette sets aside the funds it could need, and releases them if there is no trade. If the maker does not settle in time, there is no trade. A settled trade carries its transaction hash, so you can find it onchain.

Acceptance

You choose how a quote wins when you make the request.

• Automatic. The best quote within your price limit wins when the quote window closes. You can still accept a quote yourself before then.
• Manual. You review the quotes and pick one before the window closes. If you pick none, there is no trade.

For makers

To quote xStocks, see xStocks market making.