Maker Overview

Makers are the professional liquidity providers that power HyperQuote’s spot RFQ system. Rather than depositing capital into a passive pool, makers actively compete to provide the best prices on token swaps requested by takers.

Makers connect via WebSocket, receive RFQ broadcasts in real-time, and submit signed quotes. The best price wins the fill.

Who This Is For

Professional market makers looking for a selective quoting model on HyperEVM.
Trading desks that want to provide liquidity without passive AMM exposure.
Algorithmic traders who can price token pairs programmatically and respond to RFQs within seconds.
OTC desks looking to formalize bilateral trading through on-chain settlement.

What Makers Do

When a taker submits a Request for Quote (RFQ) — for example, swapping 50,000 USDC for HYPE — the relay broadcasts that request to all connected makers. Each maker independently evaluates the RFQ, prices the trade based on current market conditions and their inventory, and submits a signed quote back through the relay.

The taker selects the most competitive quote and executes it on-chain by calling the fill function on the SpotRFQ contract with the maker’s EIP-712 signed quote.

The maker transfers the output tokens to the taker, and the taker’s input tokens (minus the protocol fee) are transferred to the maker. Settlement is atomic — both transfers happen in a single transaction or neither does.

How Makers Differ from AMM Liquidity Providers

Property	HyperQuote Maker	AMM LP
Capital deployment	Per-quote, on demand	Continuous pool deposit
Pricing	Active, competitive quoting	Passive bonding curve
Impermanent loss	None — makers choose each trade	Constant exposure to IL
Selectivity	Full — filter by token pair, size, market conditions	No selectivity over trades
Downtime	Can disconnect at any time	Capital always exposed
Inventory risk	Controlled via position limits and hedging	Dictated by pool utilization

Because makers actively choose which RFQs to quote on, they have zero passive exposure. If market conditions are unfavorable, the maker simply stops quoting — no capital is at risk.

Revenue Model

Makers earn revenue through spread capture. The spread is the difference between the market mid-price and the price the maker quotes to the taker.

For example, if the mid-price of HYPE is $25.00 and the maker quotes a sell price of $25.05, the maker captures $0.05 per HYPE in edge on that fill. Over many fills, this spread accumulates as the maker’s primary revenue stream.

Key factors that influence spread revenue:

Competition — More makers quoting on the same RFQ compresses spreads. The most competitive maker wins the fill.
Size — Larger trades justify wider spreads to compensate for inventory risk.
Volatility — Higher market volatility requires wider spreads to account for price movement between quoting and settlement.
Token liquidity — Less liquid token pairs support wider spreads due to higher hedging costs.

The Maker Lifecycle

Connect — Establish a WebSocket connection to the relay as a maker role.
Receive RFQ — The relay pushes incoming RFQ broadcasts with token pair, amount, direction, and TTL.
Price the trade — Evaluate the RFQ against your pricing model, inventory, and risk limits.
Sign a quote — Construct an EIP-712 typed data quote with your offered price, deadline, and nonce. Sign it with your maker wallet.
Submit the quote — Send the signed quote back through the relay (or directly to the taker for private RFQs).
Settlement — If the taker selects your quote, they call fill on-chain. The contract verifies your signature and executes the atomic token swap.

Reliability Scoring

Makers are tracked by a reliability factor that reflects their quoting behavior:


reliabilityFactor = clamp(1.1 - cancelRate * 1.5, 0.5, 1.1)

A maker who never cancels quotes has a reliability factor of 1.1 (a bonus), while a maker who frequently cancels is penalized down to 0.5. This score affects league ranking and may influence taker preferences for routing private RFQs.

See Reliability Score for full details.

Maker-Specific Features

WebSocket relay connection — Real-time, low-latency delivery of RFQ broadcasts and quote submission via persistent WebSocket.
Private RFQ routing — Takers can route RFQs exclusively to a named set of makers, giving those makers exclusive quoting opportunities.
EIP-712 typed data signing — All quotes are cryptographically signed, ensuring they are verifiable and non-repudiable on-chain.
Nonce-based replay protection — Each quote includes a monotonically increasing nonce. Makers can bulk-invalidate outstanding quotes by calling incrementNonce() on-chain.
Agent API — Programmatic RFQ management, quoting, and fill execution via bearer-token authenticated REST endpoints.

Edge Cases and Failure Scenarios

Scenario	What happens
Your quote is not selected	No on-chain transaction occurs. You owe nothing and no gas is spent.
You submit a quote after the RFQ TTL expires	The relay rejects the quote. It is never shown to the taker.
Your quote is selected but you lack sufficient token balance	The on-chain `fill` transaction reverts. The taker’s tokens remain in their wallet. Your reliability score is unaffected (the taker chose to fill a quote you could not cover).
You want to cancel all outstanding quotes	Call `incrementNonce()` on the SpotRFQ contract. All quotes signed with a lower nonce become unfillable.
Relay disconnects mid-session	Reconnect automatically or manually. Any quotes already submitted remain valid on-chain until their deadline.
Multiple takers try to fill the same quote	Only the first `fill` transaction succeeds. The nonce is consumed, so subsequent attempts revert.

Next Steps

Relay Connection — Connect to the WebSocket relay
SDK Quickstart — Get a maker bot running in 10 minutes
Pricing Strategies — Build a pricing model for spot RFQs
Reliability Score — How your quoting behavior affects your ranking
API Overview — Programmatic access via REST and WebSocket