Silver next to gold: what changes on Hyperliquid
xyz:SILVER is trade.xyz's silver perpetual on the xyz HIP-3 dex. It references 1 troy ounce of silver at the USD spot price (XAG/USD), so one contract unit is one ounce, about $53.58 at build time. On paper it is gold's twin: the same deployer, the same external session, the same ±4% weekend bounds with 2 re-anchors and the same 25x ceiling. In practice the two behave very differently on Hyperliquid, and the differences decide how a silver position should be sized and how much it costs to hold. This section goes through them one at a time.
Fees: silver is in growth mode, gold cannot be
Growth mode is a per-market HIP-3 setting that cuts the all-in fee by 90% or more, and the deployer may switch it once every 30 days. Gold is excluded from it by rule, so whenever silver has it switched on, the two metals sit on opposite sides of the fee schedule. At build time silver is in growth mode: a market order at the entry tier pays 0.009% on silver and 0.09% on gold, roughly 10 times as much for the same notional. For a trader who rotates between the two metals, or holds one against the other, that gap decides where the trading cost lands: the gold leg carries most of it. Because the setting can change, the fee table further down is read from the live market data on every build rather than assumed from this paragraph.
Volatility: same leverage, very different room
Both metals allow 25x, which puts an isolated position about 2.04% from its liquidation price. That distance fits gold's usual day; it does not fit silver's. Over the 90 UTC days from July 22 to October 19, 2026, silver's daily changes had a standard deviation of 2.05%, about 1.6 times gold's 1.25%. Silver traded at least 2% below its daily open on 26 days and at least that far above it on 25, so on 50 of 90 days a full-leverage position opened in the wrong direction at the open would have been closed out by the market. Gold did that on 17 days. The average daily range tells the same story: 3.67% on weekdays for silver. The estimate below uses silver's own margin table, so it is worth trying a lower leverage there before choosing one.
Weekends: no round-the-clock reference
Gold has a second price on Hyperliquid that never pauses, the PAXG perp on the validator dex. Silver has nothing comparable: no silver token perp, and no spot token whose metadata identifies it as silver when we checked. Between Friday's close and Sunday evening, outside the external session (23/5, Sunday 6:00 PM to Friday 5:00 PM ET with a daily 5-6 PM ET gap), the internal oracle that follows the xyz:SILVER book is the only silver price on the exchange. That book is thin; weekend days averaged $18.3M, about 15% of a weekday's $120.1M.
Across 13 weekends, the price moved 0.54% on average from Friday's last external hour to Sunday's last internal hour; the largest weekend move was 2.7%, over the weekend of July 31 to August 2, 2026. The first hour after external prices returned moved 0.59% on average and up to 1.3%, which on that same weekend partly reversed the weekend move. Silver's weekend range is wide enough to matter at high leverage: about +12.5% or −11.5% from Friday's close once both re-anchors are used.
Holding silver against gold
Because both perps sit on one dex and share USDC collateral, some traders express a view on the gold/silver ratio with a long in one and a short in the other. Built from the two perps' weekday prices, that ratio stayed between 64.9 and 73.7 over the quarter, averaging 68.2. Three mechanics shape such a position on Hyperliquid. The legs move by different amounts, so equal dollar sizes are not a neutral pair. The fee asymmetry above makes the gold leg the expensive one to adjust. And both legs pay or receive hourly funding on their own basis, which the 7-day table shows for silver; the gold page shows the other side.
Ounces per gold ounce
Both perps count in troy ounces, and that makes unit counts misleading in a pair. At the quarter's average ratio of 68.2, one ounce of gold was worth about 68 ounces of silver, so a dollar-matched pair is roughly one xyz:GOLD unit against 68 xyz:SILVER units, and the right count drifts as the ratio moves between its quarterly extremes. Even dollar-matched, such a pair is mostly a silver position, because silver's daily moves were about 1.6 times gold's. The deployer sizes the two differently too, although silver trades more: silver's open-interest cap was $500M against $750M for gold at build time, on weekday volume of $120.1M against $76.3M.
Only one silver market is live
Other HIP-3 dexs listed silver at some point (Felix, Ventuals, HyENA, both Kinetiq dexs and dreamcash). All 6 of those markets are delisted today, and xyz:SILVER is the only one that trades. Search results and data sites sometimes still list the old tickers with their old leverage, so check the xyz tag in the market selector.