Where can you trade a silver perpetual, and what does it cost to hold one?

01Where the silver perpetual trades today

In Binance Wallet, silver sits with the commodities in the Perpetuals tab of the wallet inside the Binance app, where the order book and execution come from Binance's partner Aster. Some instruments in that tab exist in two versions — one settles in USDT, the other in USD1, another dollar stablecoin the wallet supports — and the two versions can have very different volume. Open the live table of wallet pairs to see which silver pairs are listed today, what balance each one needs and what maximum leverage it carries, because whichever pair you pick, that stablecoin is the coin your margin and your profit are counted in.

On Hyperliquid, silver sits on the xyz market list — these markets are set up and run by a separate company, trade.xyz, not by Hyperliquid itself. Margin there is USDC and funding is paid every hour; the exact ticker, the maximum leverage and the current rate are in the live table. Binance Futures also lists a silver perpetual among its commodity contracts — search for silver in the futures list to see the exact contract and its terms; futures there are not offered to users in every country, so check during sign-up that derivatives are available where you live. OKX lists a silver perpetual as well, XAGUSDT, which tracks the spot silver price.

Volume is what really separates these routes, and it changes from week to week. As a reference point, silver on Hyperliquid turned over roughly $138M in 24 hours when the market data was last checked on 22 October 2026. For a 500 USDT silver position, three columns matter: the maximum leverage (it decides how much margin you lock up), the funding interval and current rate (how often and how much you pay or receive), and the 24-hour volume (the busier the market, the closer your fill tends to land to the price you saw).

02What it costs to hold a silver position

Two costs matter. The first is the trading fee, charged on the size of your position each time you enter and each time you exit. In the wallet's Perpetuals tab, a silver trade costs 0.0125% when you take a price already sitting in the book — about 6 cents each way on a 500 USDT position, roughly 13 cents in and out. If you place a limit order and wait instead, check the fee shown in the order window before you confirm. On Binance Futures the base level is 0.02% for a limit order that waits in the book and 0.05% when you take a price that is already there, so on a 500 USDT position that is about 10 cents each way if your order waits, and about 25 cents each way if you take the existing price. For the on-chain route, the numbers are laid out in what you actually pay per trade on Hyperliquid.

The second cost is funding, the small payment that longs and shorts exchange to keep the contract close to the real silver price. The exchange does not keep it: if the rate is positive, longs pay shorts, and if it is negative it goes the other way. The interval depends on the contract — the pair's own screen shows the current rate and when the next payment lands, so read it there, and the mechanics are explained in what funding is and when you pay it.

Here is the arithmetic with an illustrative rate, so you can redo it with the real one. Say your contract shows 0.01% per payment and you are holding a 500 USDT position: that is 0.05 USDT each time funding settles. On an 8-hour schedule, three payments a day, that is 0.15 USDT a day and about 4.5 USDT over a month. On a 4-hour schedule it doubles to roughly 0.3 USDT a day and about 9 USDT a month. On Hyperliquid funding settles every hour, so the rate you see on screen is normally a much smaller number — never compare an hourly rate with an 8-hour one as if they were the same. Multiply each rate by how many payments happen in a day and compare the daily cost, as shown in how to compare a 1-hour rate with an 8-hour one.

If you want to try your own numbers, the calculator takes a position size and a rate and shows the payment per interval and per day.

03How much leverage, and how big a position

Silver usually moves less in a day than most coins, which is exactly what tempts people into the biggest leverage a contract allows. Turn it around: decide how many dollars you are willing to lose on this idea, let that set the position size, and let the leverage follow from the margin you are putting up. If you want a 500 USDT silver position and you are willing to commit 100 USDT of margin to it, that is 5x — a 2% move in silver is then 10 USDT in your pocket either way. Leverage changes the margin you lock up, not the money a given price move pays you — if you are unsure where to start, read what leverage a beginner should use.

These silver contracts trade at weekends too, including the hours when the metals market in London and New York is shut — the quirks are covered in do these contracts trade at night and on weekends. The practical point: price can move while you are asleep, so a position you cannot watch needs a stop-loss, and isolated margin keeps the trade tied to the margin you assigned to it instead of the rest of your balance.

04Opening a small silver position step by step

1. Open the wallet and back it up

   Binance Wallet lives inside the Binance app and can only be created by a verified Binance user. Finish the backup first — the Perpetuals tab stays locked until the wallet is backed up. It is a keyless wallet, so there is no 12-word seed phrase to write down; you back it up with Quick Backup, iCloud or Google Drive with a recovery password, or a QR code. The full walkthrough is in the guide to creating and funding the wallet, and you can open Binance Wallet and follow along.

2. Hold the right stablecoin

   Check which balance the silver pair you picked settles in — USDT or USD1 — before you fund anything, because that is the coin your margin comes from and your profit lands in. The order window also shows the minimum order size for that pair, so read it there rather than assuming a number.

3. Find silver in the Perpetuals tab

   The pairs are grouped, and silver sits with the commodities. Each pair shows its own maximum leverage badge, its own funding countdown and its own volume, so if more than one silver version is listed, compare them side by side before you tap one.

4. Set size, leverage and the stop

   Type the position size you decided on, set the leverage that matches the margin you are committing, and add your stop-loss and take-profit before you confirm. The screen-by-screen version is in the step-by-step guide to a wallet trade.

5. Check it once a day, not every hour

   Note the funding payment in your records each day. If the rate turns strongly against your side and you are holding for weeks, the cost stops being a rounding error.

The same trade from the other direction: if your money already sits in a crypto wallet as USDC, silver on Hyperliquid needs no exchange account at all, and you can see its leverage, volume and hourly funding next to every other market in the live Hyperliquid market table. Hourly funding means smaller, more frequent payments than a 4- or 8-hour schedule, not automatically a cheaper month. For a wider look at what else trades beside silver in the wallet, there is the overview of stocks, gold and oil.

One last practical note: Aster's terms exclude residents of several countries, including Russia, Ukraine, the United States, Canada, the United Kingdom, China, North Korea, Cuba, Iran, Venezuela and Syria, so check during setup that the Perpetuals tab is available where you live. The other venues each have their own country rules, which is worth a look before you move any money — see which futures exchanges are available in my country.