How are ShieldTX and Silhouette different?
TLDR: ShieldTX is the only institutional grade shielding solution for perps on Hyperliquid. Silhouette is an RFQ solution for Hyperliquid.
ShieldTX and Silhouette both operate in the Hyperliquid privacy space and target traders who move meaningful size. This post outlines how each product differs and when you would use one or the other.
Some background: Silhouette's shift from TEE to RFQ
Silhouette originally launched as a confidential spot exchange on Hyperliquid, built on Trusted Execution Environments (TEEs) to keep trade details private during matching.
Its current positioning is different however. Now it describes itself as a universal block trading layer, built around a request-for-quote (RFQ) model. This comparison focuses on the current RFQ product, as this is what Silhouette is building today.
What ShieldTX protects
ShieldTX is a shielded execution layer for Hyperliquid perps. Trades route to Hyperliquid's own public order book and provide access to the same liquidity, price discovery and fills as any other perp trade on Hyperliquid.
What's shielded is the link between your funding wallet and the wallet that holds the resulting position. ShieldTX routes each trade through a fresh wallet, so the position, PnL, and liquidation level visible on-chain aren't publicly traceable back to your identity or trading history.
This addresses what happens after a position becomes public, when copybots, whale-hunters, and clustering tools reading a visible position and begin acting on it by mirroring entries, anticipating exits, and building a behavioral profile over time.
What Silhouette protects
Silhouette's RFQ model is built to address execution price on size. A taker requests a price for a specific amount and market makers compete to quote it. The price is set before the order is exposed to the market, rather than discovered by sweeping the public book and moving the price as you go.
As of writing, equities are live on Silhouette's RFQ model, while spot and perps are listed as coming soon.
What each addresses on the identity question
For ShieldTX, perp positions are not publicly linked to the wallet that funded them.
For Silhouette, the settlement flow for equities routes through a pooled address (an "omnibus") rather than the individual taker's own wallet appearing directly in the on-chain settlement event. For perpetuals, the position sits under the trader's own known Hyperliquid account.
Which one addresses your problem
- Your positions get copied, hunted, or judged once they're visible, and it keeps happening every time you trade. That's an identity/attribution question. ShieldTX is built to address it, across all Hyperliquid perp markets, today.
- You're moving enough size that market impact meaningfully affects your execution price on a given trade. That's what Silhouette's RFQ model is built to address.
Request access to ShieldTX's private beta.
*Accurate as of September 2026.