Silhouette launched BTC and HYPE perpetual swaps RFQs on Hyperliquid with $100k quote cap and 1.4 bps builder fee.
DeFi & Yields ·
Silhouette opened a request-for-quote service for BTC and HYPE perpetual swaps on Hyperliquid's HyperCore venue on October 19, 2026, with a $100,000 per-quote cap and a 1.4 basis points builder fee charged to takers. Trades execute on Hyperliquid's order book, with margin and positions held directly in the trader's Hyperliquid account. The service requires no waitlist or invitation.
Silhouette's RFQ model addresses execution transparency by requesting competing makers to quote the full requested size before the trader accepts a price, rather than working orders in slices that expose intent incrementally. The maker's order posts to the book first; the taker's order follows only if the maker's quote remains available. If market conditions shift or better-priced liquidity executes the maker's order before the taker's arrives, the request fails without a fill. Partial fills still register as settled, requiring traders to check their actual filled quantity. Fees apply only to executed notional and sit outside the signed price, meaning a buyer pays more per unit and a seller receives less after the builder charge and Hyperliquid's own taker fee.
The mechanism requires traders to pre-approve the builder fee in their Hyperliquid account; an approval below the required rate blocks execution, and fee increases demand fresh approval. Insufficient margin will separately prevent a trade, though the sourced material does not detail that outcome.