> 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

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="/pages/z5lPMCjGOIx93ZngC9oe">/pages/z5lPMCjGOIx93ZngC9oe</a></td><td><a href="/files/MinrsPqKGSEmvkJwOArv">/files/MinrsPqKGSEmvkJwOArv</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="/pages/JwsZjNrFZKmmbr5YE3RC">/pages/JwsZjNrFZKmmbr5YE3RC</a></td><td><a href="/files/GjRdbFJELQLYaldbqdRc">/files/GjRdbFJELQLYaldbqdRc</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="/pages/L1du1TtTLLTdplSq59r3">/pages/L1du1TtTLLTdplSq59r3</a></td><td><a href="/files/tzvKPHOy7lw5vyK2PQ3W">/files/tzvKPHOy7lw5vyK2PQ3W</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="/pages/axNzOLfnTH4sL091t82A">/pages/axNzOLfnTH4sL091t82A</a></td><td><a href="/files/HgtsMCif9H2CdZ8lqsu7">/files/HgtsMCif9H2CdZ8lqsu7</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="/pages/LWY6x0qpo67x91BP3S0R">/pages/LWY6x0qpo67x91BP3S0R</a></td><td><a href="/files/Jxzf0JzjrQRY5IswOdXT">/files/Jxzf0JzjrQRY5IswOdXT</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="/pages/ZZwOGQqVBTOGV7tF10iG">/pages/ZZwOGQqVBTOGV7tF10iG</a></td><td><a href="/files/ai9FSB8TdkqTcQPY5PKm">/files/ai9FSB8TdkqTcQPY5PKm</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="/pages/2nkHmtJZLXTVvreDuUw5">/pages/2nkHmtJZLXTVvreDuUw5</a></td><td><a href="/files/wraOTks9FbLcZC5qfq9n">/files/wraOTks9FbLcZC5qfq9n</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="/pages/WswRv5WtgdIpsRskLIUb">/pages/WswRv5WtgdIpsRskLIUb</a></td><td><a href="/files/fNEBArLJZcsbvU3erDXe">/files/fNEBArLJZcsbvU3erDXe</a></td></tr></tbody></table>