Silhouette Opens HyperCore Perps RFQs With a $100k Quote Cap

The service is public with no waitlist or invitation requirement. Silhouette developed the RFQ to address the problem of large orders being executed in slices, which can expose a trader's intent before completion. By requesting full-size quotes upfront, traders can choose the best price before execution begins.

When a trader submits a request, makers compete to quote the full size before the trader selects a price. The accepted trade then executes through Hyperliquid's existing order book and margin system. The trader's positions and margin remain in their own Hyperliquid account throughout the process.

Quote execution process

The RFQ system requires takers to select a market, side, size and price limit. Makers respond with quotes for the requested size. To accept a quote, the taker must sign an order at that specific price and size—quotes don't win automatically. If no quotes are received or none are accepted before the window closes, no trade occurs.

Silhouette first places the winning maker's order on the book, then sends the taker's order only if the maker's order remains active. If the market has moved past the maker's price or the quote is stale, the process stops before the taker's order is sent. Makers who reprice require fresh acceptance, and cancellation begins once Silhouette starts placing orders.

Fee structure and requirements

Silhouette charges a 1.4 bps builder fee for HyperCore perpetuals, applied to the taker's account upon execution. For example, a 100,000 USDC notional fill would incur a 14 USDC builder charge before Hyperliquid's own fees. The fee follows executed notional, so if only 60,000 USDC fills, the charge would be 8.40 USDC.

Neither the quote nor its price limit includes these fees. After fees, a buy order can cost more per unit than the signed price, while a seller may receive less. Traders must approve the builder fee in their Hyperliquid account before using the service. If the rate exceeds their existing allowance, they must approve it again.

Account management and position handling

Users need a funded Hyperliquid account with USDC margin, unified account mode, and an approved signing key. The main wallet signs setup actions including switching account mode, authorizing the key, and approving the builder fee. After setup, the key signs orders when accepting quotes without requiring a new main wallet prompt.

The RFQ service doesn't set leverage or margin mode—execution uses the trader's existing Hyperliquid account settings. To close positions, traders can send ordinary orders on the opposite side through the app, which can close existing positions and open new exposure in the opposite direction. API users can instead use reduce-only orders for safer position closing.

After any failed request, traders should check their Hyperliquid position before trading the same market again, as positions may exist even when Silhouette can't confirm execution. The RFQ result reports filled quantity and average price but doesn't provide order IDs or transaction hashes.

Future plans

The launch announcement mentions HIP-3 markets and higher quote caps as planned additions, though no specific date has been provided for either expansion. Silhouette's system aims to provide more efficient execution for large perpetuals trades while maintaining the security of Hyperliquid's established infrastructure.