If you hold a large spot $HYPE position and want to hedge it without selling, @silhouette_ex RFQ lets you open the full short in one print instead of slicing it into a book that’s watching you. Say a holder has 128K $HYPE staked or locked and wants to neutralise price risk. At a $78.02 mid, that’s about $10M of short perp exposure, which is a lot to push through any order book in one go: → Request: The holder asks for a sell of 128K HYPE-PERP with a 30-second auction window. Nothing touches the book, so the market doesn’t see the hedge coming. → Quotes: Three makers bid for the full size at $77.93, $77.87 and $77.81, each with its order already signed, so none of them can pull back once a quote is accepted. → Fill: The holder takes $77.93, 12 bps under mid. The maker’s bid posts on @HyperliquidX book and the sell fills against it, which locks in about $12K of cost, known before signing. → Book alternative: The same order as a market sell would walk the bids down to an average near $77.74, about 36 bps or $36K, and leave a visible print trail for anyone front-running the rest. → Result: Spot and perp offset, the short sits in the holder’s own Hyperliquid account, and nothing is deposited with Silhouette. The holder keeps staking yield while the price risk is gone.