Naked Trading
Naked trading on Silhouette routes your orders directly to Hyperliquid via Builder Codes. Your trades are fully visible on the public ledger - the same experience as any other Hyperliquid frontend.
How It Works
When you select naked mode, your order bypasses Silhouette's shielded execution environment and goes straight to Hyperliquid's order book. Your wallet address, order size, and intent are all visible onchain.
Both spot and perpetuals markets are supported in naked mode.
When to Trade Naked
Public visibility is appropriate in several cases:
- Public signalling. A visible buy or sell communicates intent onchain and can be used deliberately as a signal.
- Perpetuals. Shielded perpetuals are not yet available. Naked mode supports Hyperliquid's full perpetuals market today.
- Small orders. Orders that do not require confidentiality can be routed directly to Hyperliquid without the TEE execution path.
- Public track record. Trades routed in naked mode are recorded onchain and attributable to the user's wallet, producing a verifiable trading history.
Supported Markets
Naked mode routes directly to Hyperliquid via Builder Codes. You have access to the full Hyperliquid market set - every spot pair and perpetual contract available on Hyperliquid is tradeable through Silhouette in naked mode.
- Spot: All spot pairs listed on Hyperliquid
- Perpetuals: All 100+ perpetual contracts listed on Hyperliquid
Markets update automatically as Hyperliquid adds new listings.
Order Types
Market Orders
A market order requests immediate execution at the best available price. Your order routes directly to Hyperliquid's order book.
Limit Orders
A limit order executes at your specified price or better. You set the asset, the size, and the price you are willing to pay or receive. Limit orders rest on the book until filled or cancelled.
Advanced Order Types
TWAP (Time-Weighted Average Price)
Break a large order into smaller suborders executed over a configured duration. In naked mode, each suborder is visible onchain as it executes.
Scale Orders
Distribute an order across a configured price range. The distribution across the range is adjustable, supporting laddered entries and exits.
Naked vs Shielded
Mode is selected per trade. A shielded spot order can be placed in the same session as a naked perps order. Shielded is appropriate when a trade requires confidentiality; naked is appropriate otherwise.
To understand the full flow of how orders move through the system, see Order Lifecycle. For fee details, see Fees.