> For the complete documentation index, see [llms.txt](https://quote.gitbook.io/quote-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://quote.gitbook.io/quote-docs/welcome-to-quote.md).

# Welcome to Quote

Explore the ultra-performant execution stack for CLOBs.

Quote is a modular execution stack for CLOBs, transforming uninformed trading flow into informed at-source by optimizing trading execution around market microstructure. Trades are routed through an ultra-performant execution engine vertically specialized on HyperCore that limits spread crossing, adverse selection, lowers fees, and reduces overall trade slippage.

{% hint style="info" %}
Quote is in **private Alpha,** and access is invite-only, through an invite code, the Telegram whitelist, or a partner program. See [Access and Restrictions](/quote-docs/getting-started/access-and-restrictions.md).
{% endhint %}

The engine minimizes implementation shortfall, the cost of completing a trade, by:

* Prioritizing passive execution, to earn the spread and maker fees rather than pay them
* Pacing execution against real-time volume, a target participation rate, or a fixed schedule
* Sizing orders to the depth actually available in the book
* Taking liquidity only when conditions favor it

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><strong>Place your first trade</strong></td><td>From funding your account to choosing an order type in the terminal.</td><td><a href="/quote-docs/getting-started/first-trade.md">Placing Your First Trade</a></td><td><a href="https://4082675139-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FhURgR92OECYWj7OaMgcs%2Fuploads%2FVvCbqFRGYko87QbqfsmW%2Fvideo_1.5x_postspark_2026-07-30_11-23-02.gif?alt=media&amp;token=71cf9bf8-68bb-4823-ac58-8ade0b2cda43">video_1.5x_postspark_2026-07-30_11-23-02.gif</a></td></tr><tr><td><strong>Deposits and withdrawals</strong></td><td>Fund your account, move between spot and perps, and take money off the venue.</td><td><a href="/quote-docs/getting-started/deposits-and-withdrawals.md">Deposits and Withdrawals</a></td><td><a href="https://4082675139-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FhURgR92OECYWj7OaMgcs%2Fuploads%2FCbGsuge46BUvR3iFmOgg%2Fscreenshot_1.5x_postspark_2026-07-30_10-17-51.png?alt=media&amp;token=8ffdda91-63ef-48e5-8b26-856c2a80a67d">screenshot_1.5x_postspark_2026-07-30_10-17-51.png</a></td></tr><tr><td><strong>Execution strategies</strong></td><td>Five execution algorithms, from passive TWAP to size-hiding Iceberg.</td><td><a href="/quote-docs/execution-strategies/overview.md">Strategies Overview</a></td><td><a href="https://4082675139-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FhURgR92OECYWj7OaMgcs%2Fuploads%2FNPidqoLXUbtXXYRmqhP3%2Fscreenshot_1.5x_postspark_2026-07-30_10-17-09.png?alt=media&amp;token=f56d10b6-c9fc-49da-84dd-6f5acd018946">screenshot_1.5x_postspark_2026-07-30_10-17-09.png</a></td></tr><tr><td><strong>Build on the API</strong></td><td>Mint a key, sign a request, and submit orders programmatically.</td><td><a href="/quote-docs/for-developers/quickstart.md">API Quickstart</a></td><td><a href="https://4082675139-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FhURgR92OECYWj7OaMgcs%2Fuploads%2F9CvU7JwczQltU84vnHNq%2Fvideo_1.5x_postspark_2026-07-30_10-26-26.gif?alt=media&amp;token=91420cf1-e2fb-48d8-aaff-f744b839439a">video_1.5x_postspark_2026-07-30_10-26-26.gif</a></td></tr></tbody></table>

## The problem

Most CLOB (Central Limit Order Book) traders overpay to trade. A market order crosses the spread, pays taker fees, and moves the price against itself. A large one also tells the whole book what you are doing, and the book adjusts before you finish. On most venues, the tools that solve this, execution algorithms and transaction-cost analysis, are sold to institutions and denied to everyone else.

Four costs do most of the damage: crossing the spread, slippage and adverse selection, exchange fees, and having no access to professional execution.

## How it works

Quote was built from first principles, pairing established algorithmic execution logic with a data engine built for HyperCore's data streams. The result is a permissionless trading desk: institutional execution available to anyone, drawing on Hyperliquid's liquidity.

1. **You keep custody.** Trading happens through an [agent wallet](/quote-docs/getting-started/agent-wallets.md), a separate key that can sign orders for your account but can never withdraw funds. You approve it once on Hyperliquid, and Quote stores its key encrypted at rest.
2. **You submit intent, Quote executes.** A plain order goes straight to the venue. An algo order becomes a parent strategy that the engine works over time, slicing it into child orders based on market microstructure. See [Order Lifecycle](/quote-docs/for-developers/order-lifecycle.md).
3. **Everything is measured.** Every fill is benchmarked against arrival price, market VWAP, and a simulated naive market order, so you can see in basis points what the engine saved or cost you. See [Analytics](/quote-docs/trading-tools/analytics.md).

Orders are routed to Hyperliquid through builder codes, which is what keeps the arrangement non-custodial. Everything you can do in the [terminal](https://quotemarkets.xyz) you can also do over the API, because the same wallet-scoped backend powers both.

## Core capabilities

| Capability                                                           | Description                                                                           |
| -------------------------------------------------------------------- | ------------------------------------------------------------------------------------- |
| [Execution strategies](/quote-docs/execution-strategies/overview.md) | `passive_twap`, `vwap`, `iceberg`, `participation_rate`, `chase_limit`                |
| [Plain orders](/quote-docs/for-developers/placing-orders.md)         | Limit, market (IOC with slippage bound), TP/SL attachment, modify, cancel, cancel-all |
| [Conditional triggers](/quote-docs/trading-tools/triggers.md)        | Fire an order on price, funding, open-interest, copy-trade, or time conditions        |
| [Order templates](/quote-docs/trading-tools/templates.md)            | Save and reuse execution presets with urgency and price-discipline dials              |
| [Execution analytics](/quote-docs/trading-tools/analytics.md)        | Implementation shortfall, slippage, fees, funding, and portfolio equity time-series   |
| [MCP server](/quote-docs/mcp/overview.md)                            | Read-only analytics for AI agents over the Model Context Protocol                     |
| [Real-time telemetry](/quote-docs/for-developers/algo-status.md)     | WebSocket stream of live strategy progress                                            |
| [Funds](/quote-docs/getting-started/deposits-and-withdrawals.md)     | Cross-chain deposits and withdrawals, spot-perp transfers, direct sends               |
| [Fees and rewards](/quote-docs/your-account/fees.md)                 | The full fee stack, the volume-based tier ladder, referrals, and cashback             |

## Markets

Quote trades everything listed on Hyperliquid: spot tokens, crypto perpetuals (`BTC`, `ETH`, `HYPE`, …), builder-DEX equities and commodities (`xyz:HOOD`, `xyz:CL`, …), and HIP-4 prediction markets.

## Where to go next

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><strong>The wallet-scoped model</strong></td><td>Why every resource is keyed by your wallet address, and what that means for the API.</td><td><a href="/quote-docs/for-developers/wallet-scoped-api.md">The Wallet-Scoped Model</a></td><td><a href="https://4082675139-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FhURgR92OECYWj7OaMgcs%2Fuploads%2FRX8rio4LRVHvd0mPhSdB%2Fscreenshot_1.5x_postspark_2026-07-30_11-34-27.png?alt=media&amp;token=b36078e1-ac91-448b-bc1a-b28bcbc7f436">screenshot_1.5x_postspark_2026-07-30_11-34-27.png</a></td></tr><tr><td><strong>Authentication</strong></td><td>Privy sessions for the terminal, HMAC API keys for programmatic access.</td><td><a href="/quote-docs/for-developers/authentication.md">Authentication</a></td><td><a href="https://4082675139-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FhURgR92OECYWj7OaMgcs%2Fuploads%2F8dYdHf5lV5wNBDVfjHUW%2Fscreenshot_1.5x_postspark_2026-07-30_11-31-47.png?alt=media&amp;token=8f4dce57-8b5d-4049-ab2a-5feb56e2f4c8">screenshot_1.5x_postspark_2026-07-30_11-31-47.png</a></td></tr><tr><td><strong>Fees and rewards</strong></td><td>What a fill costs, and the tier ladder that rebates part of it.</td><td><a href="/quote-docs/your-account/fees.md">Fees</a></td><td><a href="https://4082675139-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FhURgR92OECYWj7OaMgcs%2Fuploads%2FrKNdzRS7y1dPuukrgR8O%2Fscreenshot_1.5x_postspark_2026-07-30_11-30-27.png?alt=media&amp;token=e1adf380-ea6c-4588-83b9-cba1b33c73fe">screenshot_1.5x_postspark_2026-07-30_11-30-27.png</a></td></tr><tr><td><strong>Hyperliquid constraints</strong></td><td>Minimum notional, price precision, and other venue rules Quote handles for you.</td><td><a href="/quote-docs/trading-on-hyperliquid/hyperliquid-constraints.md">Hyperliquid Constraints</a></td><td><a href="https://4082675139-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FhURgR92OECYWj7OaMgcs%2Fuploads%2FpDSErH0E48GnxVcEg7c1%2Fscreenshot_1.5x_postspark_2026-07-30_11-28-14.png?alt=media&amp;token=a95b5095-0f02-4c9e-b7d1-3f74fa0bca39">screenshot_1.5x_postspark_2026-07-30_11-28-14.png</a></td></tr></tbody></table>