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Portfolio

The Portfolio page shows your balances and trade history across all SillySwap accounts.

SillySwap portfolio pageSillySwap portfolio page

Balance Types​

SillySwap shows three types of balances. Understanding the difference is important for managing your funds.

Shielded Balance​

Your shielded balance is held inside Silhouette's privacy pool. These are the funds available for private swaps. When you deposit tokens into SillySwap, they move from your wallet into your shielded balance.

  • Used for swapping tokens privately
  • Not visible on-chain to outside observers
  • Withdraw anytime back to your wallet

Spot Balance​

Your spot balance is your standard Hyperliquid spot holdings. These sit on Hyperliquid's L1 and are visible on-chain. SillySwap shows these for reference so you can see your full picture in one place.

  • Held on Hyperliquid's spot orderbook
  • Publicly visible on-chain
  • Can be deposited into Silhouette for private swaps

Perps Balance​

Your perps balance is your Hyperliquid perpetuals trading account. SillySwap displays this as a read-only reference - you cannot trade perps through SillySwap.

  • Held on Hyperliquid's perps engine
  • Margin, PnL, and open positions
  • View-only in SillySwap (trade perps on Hyperliquid directly)

Multi-Hop Routing​

When you swap between tokens that don't have a direct market, SillySwap automatically routes through an intermediary token. This is called multi-hop routing.

How It Works​

For example, swapping BTC to ETH:

  1. There's no direct BTC/ETH market on Hyperliquid
  2. SillySwap finds the best route: BTC -> USDC -> ETH
  3. Both legs execute automatically as a single swap
  4. You see the combined rate, fees, and slippage before confirming

Route Selection​

SillySwap uses USDC and USDH as routing intermediaries. For each swap, it:

  • Checks if a direct market exists (cheapest, fastest)
  • If not, finds all 1-hop routes through USDC or USDH
  • Scores routes by estimated output (accounting for compound slippage)
  • Automatically selects the best route

The swap review screen always shows which route will be used. Multi-hop swaps have slightly higher fees since each leg incurs a trading fee.

Compound Fees​

For a 2-hop swap, fees compound across both legs. If the live taker rate is r, a direct swap costs r and a 2-hop swap costs 1 - (1 - r)^2, which is roughly 2r for any reasonable rate.

SillySwap fetches the live rate from Silhouette and shows you both the per-hop cost and the compound total in the swap review screen before you confirm. See Fees & Limits for more on how fees work.

Trade History​

The Portfolio page also shows your recent trade history, including:

  • Token pair and direction
  • Amount and execution price
  • Timestamp
  • Whether it was a direct or multi-hop swap