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TradingRequesting a Quote

Requesting a Quote

An RFQ (Request for Quote) is the starting point of every trade on HyperQuote. As a taker, you describe the trade you want to execute — the token pair, amount, direction, and constraints — and the protocol broadcasts your request to competing makers who respond with firm, signed quotes.

Who This Is For

  • Takers submitting their first or hundredth RFQ and want to understand every parameter.
  • Developers integrating RFQ creation via the REST API or WebSocket relay.
  • Power users tuning TTL, visibility, and constraints for optimal execution.

Step-by-Step Flow

Connect your wallet

Connect an EVM-compatible wallet (e.g. MetaMask, Rabby) to the HyperQuote app at hyperquote.xyz/swap . HyperQuote operates on HyperEVM, so ensure your wallet is configured for the HyperEVM network.

Select a token pair

Use the token selectors to choose the token you are selling (Token In) and the token you want to receive (Token Out). Tokens are organised into tiers:

  • Core — always visible, high-liquidity routing tokens (HYPE, USDC, kHYPE, USDT0, USDH).
  • Verified — sourced from HyperCore spotMeta or manually allowlisted.
  • Unverified — hidden by default. Enable “Show unverified tokens” to access them.

If a token is not listed, you can paste its ERC-20 contract address directly.

Native HYPE is automatically wrapped to WHYPE (Wrapped HYPE) for on-chain settlement. You will see HYPE in the UI, but the RFQ contract operates on the ERC-20 WHYPE token at 0x5555...5555.

Choose a quoting mode

Select either Exact In or Exact Out:

ModeYou specifyMaker quotes
Exact InThe amount you are sellingThe output amount you will receive
Exact OutThe amount you want to receiveThe input amount you will pay

See Exact In vs Exact Out for a detailed comparison.

Enter the amount

Type the trade amount in the corresponding field. For Exact In, enter the amount of Token In. For Exact Out, enter the desired amount of Token Out.

Optionally set a constraint:

  • Min Out (Exact In) — the minimum output you are willing to accept.
  • Max In (Exact Out) — the maximum input you are willing to pay.

These constraints are enforced on-chain by the settlement contract.

Set the TTL

The Time-to-Live (TTL) controls how long your RFQ remains active. Makers can only submit quotes while the TTL has not expired.

  • Minimum: 10 seconds
  • Maximum: 86,400 seconds (24 hours)
  • Default: 60 seconds

Shorter TTLs create urgency and are appropriate for volatile pairs. Longer TTLs allow more makers to respond and are useful for less liquid pairs or larger sizes.

Choose visibility

Select Public or Private:

  • Public (recommended) — your RFQ is broadcast to all connected makers via the WebSocket relay and appears on the live RFQ feed.
  • Private — your RFQ is NOT broadcast. You share it manually with selected makers using a private share link. Only makers you invite can see and respond to it.

See Public vs Private RFQs for details on privacy trade-offs and the points multiplier for large private fills.

Submit the RFQ

Click Request Quote. The following happens under the hood:

  1. A requestId is generated as a UUID v4 on the client.
  2. The RFQ parameters are packaged into a RelayRFQRequest envelope (v1 protocol).
  3. For public RFQs, the request is sent to the WebSocket relay, which broadcasts it to all subscribed makers.
  4. For private RFQs, the requestId is created locally without any relay broadcast. You distribute the RFQ JSON to chosen makers out-of-band.
  5. The RFQ enters the open state and the TTL countdown begins.

RFQ ID and Authentication

Every RFQ is identified by its requestId, a client-generated UUID v4. The taker does not need to sign the RFQ request itself — only makers sign their quotes.

Authentication happens at the wallet level via the connected wallet session. The relay verifies that the taker field matches the connected address.

Rate Limits

The RFQ registry enforces per-wallet limits to prevent spam:

LimitValue
Max active public RFQs per wallet3
Max active private RFQs per wallet5
Max requests per minute (per wallet + IP)10

If you hit the active RFQ limit, you must wait for an existing RFQ to expire or cancel it before submitting a new one. Rate-limited requests return a 429 status with a Retry-After header indicating how long to wait.

Cancelled or expired RFQs free up your active slots immediately. Use the cancel button in the UI to reclaim a slot without waiting for the TTL to elapse.

Protocol Fee

A protocol fee of 2.5 basis points (0.025%) is charged on the input token amount at settlement time. The fee is deducted from amountIn before the maker receives the net amount. The fee rate is read from the on-chain feePips() function (default: 250 pips, where 1,000,000 pips = 100%).

fee = amountIn * feePips / 1_000_000
netAmountIn = amountIn - fee

The fee is displayed on each quote card so you know the exact cost before executing.

Edge Cases and Failure Scenarios

ScenarioWhat happens
You submit an RFQ but no makers are onlineThe RFQ expires after the TTL with no quotes. No gas is spent.
You exceed the active RFQ limitThe request is rejected with 429. Cancel or wait for an existing RFQ to expire.
Token address is invalid or not an ERC-20The UI will show an error when trying to load the token. The RFQ cannot be submitted.
Relay disconnects while your RFQ is activePublic broadcast stops, but the RFQ ID remains valid. Quotes already in transit are still receivable. Reconnecting resumes the broadcast.
TTL is set too short (e.g., 10 seconds)Makers may not have time to respond. You receive zero or very few quotes. Increase the TTL.
You cancel an RFQ before any quotes arriveThe RFQ is closed immediately. Your active RFQ slot is freed.
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