Silhouette Exchange is a decentralized trading platform built on the Hyperliquid ecosystem that enables confidential on-chain order execution. It uses Trusted Execution Environments (TEEs) to mask order flow, protecting users from frontrunning and MEV. The protocol supports swaps, RFQs, auctions, TWAPs, perps, and integrates with HyperCore and HyperEVM while preserving decentralisation.