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IntroductionWhat is HyperQuote

What is HyperQuote?

HyperQuote is a permissionless Request-for-Quote (RFQ) protocol built on HyperEVM , the EVM execution environment of Hyperliquid L1. It connects traders (takers) directly with competing liquidity providers (makers) for size-aware spot execution with atomic on-chain settlement.

HyperQuote is live on HyperEVM mainnet. Start trading at hyperquote.xyz/swap .

RFQ Lifecycle

Trader submits RFQ
       ↓
HyperQuote relay broadcasts request
       ↓
Market makers return signed quotes
       ↓
Trader compares RFQ vs on-chain venues
       ↓
Best quote selected
       ↓
HyperEvmRfq settles atomically on HyperEVM

Key Properties

  • Competitive pricing — multiple makers quote every trade
  • Atomic settlement — executed on HyperEVM in a single transaction
  • Non-custodial — funds remain in user wallets until settlement
  • Size-aware execution — optimized for large spot trades

Who This Is For

  • Traders executing spot swaps above a few hundred dollars who want better pricing than AMMs.
  • Institutions and desks that need predictable execution on size without moving the market.
  • Market makers looking for a selective, per-trade quoting model instead of passive LP exposure.
  • Developers building on HyperEVM who want programmatic access to competitive liquidity via the API and SDK.

Maker Quickstart

Market makers integrate with HyperQuote by responding to RFQ requests broadcast by the relay and returning a signed quote.

  1. Subscribe to RFQ requests
  2. Evaluate the trade request
  3. Return a signed EIP-712 quote
  4. The taker executes the best quote on-chain
{
  "kind": "EXACT_IN",
  "maker": "0xMakerAddress",
  "taker": "0xTakerAddress",
  "tokenIn": "USDC",
  "tokenOut": "HYPE",
  "amountIn": "50000000000",
  "amountOut": "42130000000000000000",
  "expiry": 1710000000,
  "nonce": 7
}

Protocol Summary

HyperQuote operates an off-chain relay that broadcasts trade requests to a network of makers who compete to offer the best price. The winning quote is signed with EIP-712, submitted on-chain, and settled atomically through immutable smart contracts. No intermediary holds funds at any point.

The core product is Spot RFQ — swap any supported ERC-20 token pair on HyperEVM with competitive quotes from multiple makers, settled atomically in a single transaction.

RFQ vs AMM vs CLOB

Traditional DeFi liquidity comes from two models, each with fundamental trade-offs:

ModelHow it worksWeakness for large trades
AMM (Automated Market Maker)Liquidity sits in pools governed by a bonding curve. Anyone can swap against the curve.Price impact scales with trade size. Large orders move the price significantly, and MEV bots can sandwich the trade.
CLOB (Central Limit Order Book)Makers post bids and offers at specific prices. Takers lift or hit those orders.Visible order flow attracts adverse selection. Resting liquidity may be thin for large sizes.
RFQ (Request-for-Quote)Takers broadcast an intent to trade. Makers respond with firm, binding quotes tailored to the specific size.Requires active makers. Quote latency depends on maker responsiveness.

HyperQuote uses the RFQ model because it is purpose-built for size-aware execution. Makers see the full trade parameters before quoting, so they can price in the exact size without exposing resting liquidity to adverse selection or MEV.

Value Proposition

For Takers

  • Price improvement on size — Makers compete to fill your exact order size. For trades above a few thousand dollars, RFQ quotes routinely beat AMM execution by avoiding price impact and slippage.
  • Venue comparison — The UI automatically fetches parallel quotes from HyperCore (Hyperliquid’s native order book) and HyperEVM DEXes, so you can verify the RFQ price is competitive before executing.
  • No MEV exposure — Quotes are signed off-chain and settled atomically. There is no mempool observation window for sandwich attacks.
  • Atomic settlement — Trades settle in a single transaction. Either both sides of the swap complete, or neither does.

For Makers

  • Selective quoting — You only provide liquidity when you choose to. Unlike AMM LPs, you are never passively exposed to toxic flow or impermanent loss.
  • Full context before commitment — Every RFQ broadcast includes the token pair, direction, and size. You can price accordingly.
  • EIP-712 signed quotes — Your quote is a cryptographically signed message bound to a specific taker and deadline. It cannot be altered, replayed, or filled after expiry.
  • Nonce-based replay protection — On-chain nonce management ensures each quote can only be used once, and bulk cancellation is possible by incrementing your nonce.

On-Chain Settlement

All HyperQuote trades settle through non-upgradeable smart contracts deployed on HyperEVM. The contracts:

  • Verify EIP-712 signatures to ensure the maker authorized the exact trade parameters.
  • Enforce nonce ordering to prevent replay attacks.
  • Execute token transfers atomically — both legs in a single transaction.
  • Emit events for every trade, enabling transparent on-chain analytics.

The protocol does not custody user funds. Makers and takers approve the settlement contract to transfer tokens only at the moment of execution.

Edge Cases and Failure Scenarios

ScenarioWhat happens
No makers respond to your RFQThe request expires after the TTL. No transaction is submitted, no gas is spent.
A quote expires before you fill itThe contract reverts the transaction. Your tokens remain in your wallet.
Maker has insufficient balance at fill timeThe on-chain transfer fails and the transaction reverts. You keep your tokens.
Relay goes offlinePublic RFQ broadcasting is unavailable. Private RFQs (shared out-of-band) still work. Past quotes remain fillable on-chain until their deadline.
Transaction reverts after signingThe settlement contract is atomic — either both transfers succeed or neither does. Partial fills cannot occur on a single quote.

Next Steps

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How RFQ Works