Shielded Spot Trading
What is shielded spot trading?
Shielded spot trading routes orders through Silhouette's Trusted Execution Environment (TEE) and settles them on Hyperliquid through delegated wallets. Delegated-wallet fills are publicly visible, but the mapping from a given fill to an individual user's wallet is not exposed on the public ledger.
What Stays Private
| What the public sees | What stays private |
|---|---|
| Your deposit to Silhouette | Your individual orders |
| Your withdrawal from Silhouette | Your fill prices and sizes |
| Aggregate volume from delegated wallets | Your balance inside Silhouette |
| Your strategy and intent |
Supported Markets
Shielded spot trading is live across Hyperliquid's spot order book. Shielded perpetuals are on the roadmap.
| Token | Description | Markets |
|---|---|---|
 USDC | USD Coin | Base pair |
 HYPE | Hyperliquid | HYPE/USDC, HYPE/USDH |
 USDH | Hyperliquid Dollar | USDH/USDC |
 BTC | Bitcoin | UBTC/USDC, UBTC/USDH |
 ETH | Ethereum | UETH/USDC, UETH/USDH |
 SOL | Solana | USOL/USDC |
 ZEC | Zcash | UZEC/USDC |
 USDT | Tether | USDT0/USDC |
 FART | Fartcoin | UFART/USDC |
 PUMP | Pump Fun | UPUMP/USDC |
 USDe | Ethena USDe | USDE/USDC |
 PURR | Purr | PURR/USDC |
 XAUT | Tether Gold | XAUT0/USDC |
 KNTQ | Kinetiq | KNTQ/USDH |
 KHYPE | Kinetiq Staked HYPE | KHYPE/USDH |
Additional pairs are added as Hyperliquid's spot market offering expands.
Order Types
Market Orders
Market orders are live in shielded mode. Hyperliquid has no native market-order primitive - every order on Hyperliquid is a limit order with a time-in-force. A "market" order is a limit order with a slippage-derived price cap and an IoC (Immediate or Cancel) time-in-force. The webapp computes that price cap from your slippage settings, then submits the order to the TEE as a delegated IoC. If enough liquidity is available within the cap, it fills immediately; otherwise the unfilled portion cancels.
Resting Limit Orders (GTC) - Coming Soon
Shielded GTC (Good Till Cancelled) limit orders are in development. In the current flow, every shielded order is submitted as a delegated IoC, so nothing rests on the public book. Resting shielded limits will let you set your price and wait for the market to come to you, without revealing your intent. The mechanism for how GTC orders work inside the shielded execution model will be detailed closer to launch.
Advanced Orders - Coming Soon
TWAP, Scale, and VWAP order types are planned for shielded mode. These will route through the same Hyperliquid order book and liquidity used by shielded market orders today.
Use Cases
Orders placed from a known wallet on a public ledger are attributable to that wallet at the point of placement. Shielded execution addresses a specific set of costs that follow from that attribution:
- Large accumulation. Buying activity for staking, HIP-3 deployment, or longer-term positioning is not attributable to the user's wallet. This reduces the opportunity for front-running during extended accumulation.
- Strategy confidentiality. Order flow that would otherwise reveal research, thesis, or timing is not exposed to onchain observers. Individual fills aggregate into delegated-wallet volume.
- Resistance to order-flow analysis. Copy-trading bots, wallet trackers, and signal-aware liquidity providers have no onchain mapping from delegated-wallet fills back to individual users.
- Size execution. Large orders that would signal market impact when placed from a known wallet are executed within aggregated delegated-wallet volume.
Compare shielded trading with naked trading for a breakdown of when each mode is appropriate. For the full order flow, see Order Lifecycle. For fee details, see Fees.