Fees
How much does Silhouette cost?
Silhouette offers two trading modes with different fee structures:
-
Shielded - Private trading executed inside Silhouette's Trusted Execution Environment (TEE). Your transactions are not publicly visible onchain. Fees are calculated dynamically - Silhouette passes 95% of its HL fee saving directly to you.
-
Naked - Open, transparent trading through Silhouette's interface. Your transactions are visible on Hyperliquid like any standard trade. Silhouette applies a small fee via Hyperliquid's builder code system - a protocol-native mechanism that allows frontends built on Hyperliquid to charge a fee on fills. Naked fees are the same for all users as shown in the fee schedule below.
Shielded Trading Fees (Spot Only)
Shielded trading is currently available for spot markets only. Perps and RFQs in shielded mode are coming soon.
How Shielded Fees Are Calculated
When you trade shielded, your orders are executed inside Silhouette's TEE and routed through the Silhouette wallet on Hyperliquid, which has 100k HYPE staked (Platinum tier, 30% HL fee discount). Because of that staking discount, the wallet pays a lower effective HL fee rate than an individual trader without HYPE staked.
Silhouette passes 95% of that fee saving directly to you. There is no builder code fee in shielded mode.
Your shielded fee is calculated dynamically based on the difference between your own HL rate and the Silhouette wallet's HL rate:
- We look up your HL fee rate (your 14-day rolling volume tier + any HYPE staking discount on your own wallet)
- We compare it to the Silhouette wallet's HL fee rate (its volume tier + Platinum staking discount)
- The spread (difference) between the two is your potential saving
- You receive 95% of that spread as a fee discount - Silhouette retains 5%
How It Works in Practice
- No builder code fee in shielded mode - Silhouette's 5% of the spread is the only markup. There is no separate builder code fee.
- Fee cap - your shielded fee will not exceed your individual HL fee rate. If your personal HL rate matches or beats the Silhouette wallet's rate, you pay your standard HL rate.
- Savings improve over time - as Silhouette's aggregate volume grows and unlocks better HL volume tiers, the spread widens and all shielded users benefit automatically.
What You Pay Today
For a user at HL Tier 0 (base) trading shielded:
| HL Direct | Shielded | You Save | |
|---|---|---|---|
| Spot Taker | 0.070% | ~0.0500% | ~28.5% |
| Spot Maker | 0.040% | ~0.0286% | ~28.5% |
The spread between your rate and Silhouette's rate is where your saving comes from. The larger the gap, the more you save.
Actual savings depend on Silhouette's current HL volume tier and HYPE staking tier. The Silhouette wallet is staked at Platinum (>100k HYPE) for a 30% baseline discount on its HL fees. As aggregate volume grows and unlocks better HL volume tiers, the spread widens and all shielded users benefit automatically.
Hyperliquid Fee Tiers (Reference)
These are the underlying Hyperliquid rates used to calculate both naked base fees and shielded savings. HL tiers are based on your 14-day rolling volume (spot volume counts double).
Perps
| Tier | 14d Volume | Taker | Maker |
|---|---|---|---|
| 0 | Base | 0.045% | 0.015% |
| 1 | >$5M | 0.040% | 0.012% |
| 2 | >$25M | 0.035% | 0.008% |
| 3 | >$100M | 0.030% | 0.004% |
| 4 | >$500M | 0.028% | 0.000% |
| 5 | >$2B | 0.026% | 0.000% |
| 6 | >$7B | 0.024% | 0.000% |
Spot
| Tier | 14d Volume | Taker | Maker |
|---|---|---|---|
| 0 | Base | 0.070% | 0.040% |
| 1 | >$5M | 0.060% | 0.030% |
| 2 | >$25M | 0.050% | 0.020% |
| 3 | >$100M | 0.040% | 0.010% |
| 4 | >$500M | 0.035% | 0.000% |
| 5 | >$2B | 0.030% | 0.000% |
| 6 | >$7B | 0.025% | 0.000% |
HYPE Staking Discounts
These discounts are applied on top of volume tiers:
| Tier | HYPE Staked | Fee Discount |
|---|---|---|
| Wood | >10 | 5% |
| Bronze | >100 | 10% |
| Silver | >1,000 | 15% |
| Gold | >10,000 | 20% |
| Platinum | >100,000 | 30% |
| Diamond | >500,000 | 40% |
Naked Trading Fees
Silhouette charges a small builder code fee on top of Hyperliquid's standard trading fees. Your total cost = Hyperliquid's base fee (based on your HL volume tier and HYPE staking) + the Silhouette builder code fee below.
Silhouette Fixed Builder Code Fee
| Tier | Spot | Perps |
|---|---|---|
| All Tiers | 0.0600% | 0.0150% |
These are fixed rates applied uniformly, no per-user dynamic calculation. Your Hyperliquid volume tier, HYPE staking discounts, and any other Hyperliquid-native fee reductions still apply to the base portion of your fee. See the Hyperliquid fee tiers reference above for the underlying rates.
No Deposit or Withdrawal Fees
Silhouette does not charge fees on deposits or withdrawals. Standard Hyperliquid gas fees apply for onchain transactions.
Referral Discounts
Silhouette's referral program provides additional fee savings. See Referrals for details.