HyperCore Market Making

This guide is for market makers quoting HyperCore instruments on Silhouette's RFQ surface. HyperCore has two settlement adapters. They share the API but settle in fundamentally different ways, so each has its own page.

	Spot	Perpetuals
Settlement mode	HYPERCORE_SPOT	HYPERCORE_PERP
Example instrument	HYPE-USDC-SPOT	BTC-USDC-PERP
Custody	Silhouette's HyperCore omnibus holds both legs	None. Each party holds its own margin at Hyperliquid.
Your quote carries	The two legs, plus a promised flag	The two legs, plus a pre-signed post-only order and its cancel
How a win settles	On Silhouette's books from inventory you deposited, or by your spot-send after winning	Silhouette crosses your order with the taker's on Hyperliquid's book
Acceptance	Automatic or manual	Manual only

Neither adapter involves a contract. On spot, the only onchain action you take is a spotSend from your own HyperCore account. On perps, you sign Hyperliquid orders and Silhouette broadcasts them. One maker identity can operate both adapters.

Shared plumbing

Everything outside settlement works as it does for every maker, so this guide does not repeat it. Read the RFQ overview and the RFQ API first.

• Credentials. Log in with SIWE to mint an access key and HMAC secret, and sign every private request. See authentication.
• Receiving RFQs. Open the WebSocket, subscribe to openRfqs for each instrument and to quoteStatus, and receive rfq frames. Holding the openRfqs subscription is what makes you eligible to be quoted, together with pair approval and the adapter registered at onboarding.
• Quoting. Submit with POST /v1/rfq/maker/quotes. Re-submitting for the same RFQ replaces your quote, and POST /v1/rfq/maker/quotes/{quoteId}/cancel withdraws it before selection.
• Outcomes. Every transition of your quotes arrives on quoteStatus, and the topic replays recent quotes on reconnect. GET /v1/rfq/maker/quotes is the REST equivalent.

The xStocks quoting page walks through this loop frame by frame.