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Order Types

Silhouette currently exposes market and limit order entry in the UI. In naked mode, orders route directly to Hyperliquid. In shielded mode, the live spot flow submits delegated IOC orders, so shielded orders do not rest on the public book.

Market Orders​

A market order is the fastest way to request immediate execution. In naked mode, it routes directly to Hyperliquid. In the current shielded flow, the client derives a price cap from your slippage settings and submits the order as a delegated IOC.

Use market orders when:

  • Speed of execution matters more than price precision
  • You want immediate entry or exit from a position
  • The asset has sufficient liquidity that slippage is minimal

How it works with shielded trading: The webapp computes a price cap for your market-intent order and submits it to the TEE. The TEE then places a delegated IoC (Immediate or Cancel) order on Hyperliquid. If enough liquidity is available within that price cap, it fills immediately; otherwise the unfilled portion cancels.

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).

Use limit orders when:

  • You want to control the exact price of your execution
  • You are willing to wait for the market to come to you
  • You want to set a buy below or sell above the current market price

How it works with shielded trading: In the current live flow, shielded limit orders are also submitted as delegated IoC orders. They are price-capped at your chosen limit price, and any unfilled remainder cancels rather than resting indefinitely.

Coming Soon​

Silhouette is building towards a full suite of order types, each benefiting from shielded execution:

  • TWAP (Time-Weighted Average Price): Break large orders into optimized slices executed over time. Accumulate or distribute positions without leaving a visible footprint.
  • VWAP (Volume-Weighted Average Price): Execute orders proportionally to market volume, minimizing market impact.
  • RFQ (Request for Quote): Connect with market makers for block-sized trades with competitive pricing, all within the shielded environment.

Each new order type extends the shielded layer to more trading strategies, reinforcing the same principle: same order book, same liquidity, without showing your hand.

For a detailed breakdown of how orders move through the system, see Order Lifecycle.