Trade silver on Hyperliquid

A spot-silver perp from trade.xyz, with growth-mode fees and open interest in the hundreds of millions.

Updated Fact-checked November 4, 2026 Data as of 2026-11-04 10:16 UTC 9 sources
Short answer

Yes. trade.xyz's xyz:SILVER perpetual tracks the USD spot price of one troy ounce of silver (XAG/USD), is margined and settled in USDC and trades 24/7 on Hyperliquid, with growth-mode fees of about 0.009% taker at the entry tier. In the 24 hours to 2026-11-04 10:16 UTC, xyz:SILVER traded $240M with $236M open interest at a mark of $52.20 (Hyperliquid API).

Live market data

xyz:SILVER HIP-3 · run by trade.xyz
Live
Mark price
$52.20
24h change
+6.70%
24h volume
$240M
Open interest
$236M
Funding (1h)
+0.0006%
Funding (annualized)
+5.5%
Max leverage
25x
Taker / maker fee
0.009% / 0.003%

Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.

Hyperliquid API snapshot, 2026-11-04 10:16 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is in USD at the mark price.

What xyz:SILVER tracks

xyz:SILVER references the USD spot price of one troy ounce of silver (XAG/USD). trade.xyz prices the precious metals from liquid spot markets, so there is no futures roll. It’s a linear perp, margined and settled in USDC; nothing is delivered.

Silver has been one of trade.xyz’s larger markets by open interest, which means many positions are held for days rather than minutes. That shows up in funding: check the annualized rate on the live card before holding a position for weeks.

Fees

Unlike gold, silver has no overlapping validator-run perp, so trade.xyz runs it in growth mode: about 0.009% taker / 0.003% maker at tier 0, a tenth of standard HIP-3 rates. (Gold pays the full 0.09%; see gold on Hyperliquid for why.)

Hours: 23/5 external price, 24/7 trading

The external price for xyz:SILVER runs Sunday 6:00 PM to Friday 5:00 PM ET, with a daily maintenance gap from 5:00 to 6:00 PM ET Monday to Thursday, and it follows futures-market holiday closures. Outside those hours the market keeps trading and the oracle switches to trade.xyz’s internal pricing, which follows Hyperliquid’s own order book inside discovery bounds. When the external feed returns, the price snaps back to it, which can move the mark in one step.

Silver uses ±4% bands with two re-anchors per direction, allowing at most about +12.5% / −11.5% from Friday’s close over a weekend. Silver can move more than that in a real shock; if it does, the perp pins at the cap until the external feed returns on Sunday evening, then gaps.

Other metals

Platinum (xyz:PLATINUM) and palladium (xyz:PALLADIUM) are also spot-priced and much smaller. Copper is priced from futures.

Contract specs

xyz:SILVER · trade.xyz

TracksThe USD spot price of 1 troy ounce of silver (XAG/USD).
Price sourceLiquid spot silver quotes (not futures).
External hoursExternal price 23/5: Sunday 6:00 PM to Friday 5:00 PM ET, with a daily 5:00–6:00 PM ET gap Monday to Thursday.
Outside those hoursDuring the daily gap, weekends and futures holidays the market keeps trading on internal pricing, limited by discovery bounds.
Max leverage25x (live from the API)
Margin modeCross or isolated (your choice); live from the API
Price limits±4% per band, 2 re-anchors per direction
SettlementCash-settled in USDC; no shares, coins or barrels change hands.
Spec sourcetrade.xyz Specification Index (reviewed November 4, 2026)

How to trade it

  1. Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz's terms bar US persons. If you're in a restricted place, stop here.
  2. Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
  3. Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
  4. Open the market. Use trade.xyz (its link applies the same Hyperliquid referral) or the official Hyperliquid app, which lists HIP-3 markets alongside core perps. Search for xyz:SILVER. Each HIP-3 dex keeps its own margin, separate from core perps, so the app may ask you to move USDC into that dex first.
  5. Choose margin mode and leverage. Some HIP-3 markets are isolated-only (the margin mode row above says which). Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
  6. Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.

Risks

  • It's a perp, not the commodity. You get cash-settled price exposure in USDC. No physical delivery, no futures account, and the price you trade can drift from the underlying, especially when its home market is closed.
  • The deployer runs the oracle. trade.xyz publishes the price that drives funding and liquidations, sets leverage limits and can halt and settle a market. Each HIP-3 deployer stakes 500,000 HYPE that validators can vote to slash if the deployer's actions harm the protocol, which is an incentive, not insurance for your position.
  • Outside market hours the price is set by traders here. When the underlying market is shut, the oracle follows this order book within discovery bounds. When the real market reopens, the price can jump to wherever it opens, and stops can fill far from where you set them.
  • Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
  • Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
  • Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.

Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.

Questions people ask

Can you trade silver on Hyperliquid?

Yes. trade.xyz's xyz:SILVER tracks spot silver (XAG/USD), margined and settled in USDC. It is a perp, so no metal is delivered.

Can I trade silver on Hyperliquid on weekends?

Yes, xyz:SILVER trades 24/7. From Friday 5:00 PM to Sunday 6:00 PM ET (and during the daily 5–6 PM ET futures break) the oracle follows Hyperliquid's own order book, limited to ±4% per band, two re-anchors per direction from the last external price.

What other metals can I trade on Hyperliquid?

trade.xyz lists gold (xyz:GOLD), platinum (xyz:PLATINUM), palladium (xyz:PALLADIUM) and copper (xyz:COPPER); Hyperliquid's core perps include PAXG, a gold-backed token.

Can I trade this on Hyperliquid from the US?

No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet.

Sources

  1. trade.xyz docs: Specification Index
  2. trade.xyz docs: Commodities
  3. trade.xyz docs: Discovery bounds
  4. trade.xyz docs: Fees and growth mode
  5. trade.xyz docs: General disclaimer (restricted persons)
  6. The Block: ICE moves to bring trade.xyz Hyperliquid perps to the US (2026-10-29)
  7. Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-04 10:16 UTC)
  8. Hyperliquid Docs: HIP-3 builder-deployed perpetuals
  9. Hyperliquid Docs: Fees (HIP-3 and growth mode)