# How to Trade Commodities on Hyperliquid - Oil, Silver, Gold & More

> Complete guide to trading commodity perpetuals on Hyperliquid via trade.xyz. Learn how to trade oil, silver, gold, and other real-world assets 24/7 with crypto-native leverage.

*Source: https://hyperliquidguide.com/guides/trading/commodities-trading-guide*

## Why Trade Commodities on Hyperliquid?

Traditional commodity markets are some of the oldest in finance - but they come with limitations that crypto infrastructure solves overnight.

The CME closes on weekends. Futures brokers require KYC, minimum deposits, and complex account structures. Contract rollovers create friction. And if a geopolitical crisis happens on a Sunday, you are locked out until Monday morning.

Hyperliquid's infrastructure changes all of this. Through [trade.xyz](https://app.trade.xyz), a [HIP-3 builder-deployed](/ecosystem/hip-3-builder-codes) DEX, commodity perpetual futures trade **24 hours a day, 7 days a week, 365 days a year**. No broker. No KYC. No market hours. Just connect a wallet, deposit USDC, and trade.

> **Key takeaway:** Commodity perps on Hyperliquid are accessed via trade.xyz, a HIP-3 builder-deployed DEX. You can trade silver, gold, oil, copper, natural gas, and more 24/7 with crypto-native speed and leverage. Silver alone does over $660M in daily volume.

![trade.xyz — trade commodity perpetual futures](/images/trading/shared/tradexyz-homepage.webp)

And this is not a niche feature. Silver ([SILVER](/markets/xyz/silver)-USDC) has become a **volume powerhouse**, frequently generating over $660M in daily volume. [Gold](/markets/xyz/gold) does $120M and crude oil $187M. The demand for 24/7 commodity exposure is enormous, and trade.xyz on Hyperliquid's infrastructure is capturing it.

---

## Available Commodity Markets

Commodity perpetuals are listed on [trade.xyz](https://app.trade.xyz) as HIP-3 builder-deployed perps running on Hyperliquid's infrastructure. The available markets expand regularly.

### Currently Available

The commodity lineup expanded in May 2026 with grains, industrial metals, uranium, and Dutch natural gas.

#### Precious Metals

| Asset | Ticker | Max Leverage |
|-------|--------|-------------|
| **Silver** | [SILVER](/markets/xyz/silver) | Up to 25x |
| **Gold** | [GOLD](/markets/xyz/gold) | Up to 25x |
| **Platinum** | [PLATINUM](/markets/xyz/platinum) | Varies |
| **Palladium** | [PALLADIUM](/markets/xyz/palladium) | Varies |

#### Energy

| Asset | Ticker | Max Leverage |
|-------|--------|-------------|
| **WTI Crude Oil** | [CL](/markets/xyz/cl) | Up to 25x |
| **Brent Crude Oil** | BRENTOIL | Varies |
| **Natural Gas (Henry Hub)** | [NATGAS](/markets/xyz/natgas) | Varies |
| **Dutch TTF Natural Gas** | TTF | Varies |

#### Industrial Metals

| Asset | Ticker | Max Leverage |
|-------|--------|-------------|
| **Copper** | [COPPER](/markets/xyz/copper) | Varies |
| **Aluminium** | ALUMINIUM | Varies |
| **Uranium (futures)** | URANIUM | Varies |

#### Agriculture

| Asset | Ticker | Max Leverage |
|-------|--------|-------------|
| **Corn** | CORN | Varies |
| **Wheat** | WHEAT | Varies |

WTI (CL) tracks the US oil benchmark; the [Brent crude oil perpetual](/markets/xyz/brentoil) (BRENTOIL) tracks the global oil benchmark and typically prices at a different basis. For a step-by-step walkthrough of the whole process, read [how to trade oil futures on Hyperliquid](/guides/trading/trade-oil-futures-on-hyperliquid). Dutch **TTF** is the European natural gas reference and is meaningfully different from US Henry Hub, traded here as [the NATGAS perpetual market](/markets/xyz/natgas) - useful for traders watching European energy markets. The [uranium perp market](/markets/xyz/uranium) lets you trade the underlying commodity directly; for mining-equity exposure instead, see **URNM** in the [equity perps guide](/guides/trading/equity-perps-guide). On the industrial-metals side, [aluminium commodity perps](/markets/xyz/aluminium) track the benchmark that gauges global manufacturing and construction demand, while the grain complex adds [wheat futures perps](/markets/xyz/wheat) for traders positioning around harvest cycles and export-disruption headlines.

Live prices and volumes for the top commodity markets are shown at the top of this page.

> **Note:** These are **not** native Hyperliquid perps listed on the main app. They are HIP-3 builder-deployed perpetuals running on Hyperliquid's infrastructure via trade.xyz. You trade them at [app.trade.xyz](https://app.trade.xyz), not the main Hyperliquid trading interface. Learn more about HIP-3 in our [HIP-3 builder codes guide](/ecosystem/hip-3-builder-codes).

### Why Silver Is Dominating Volume

Silver's massive volume - over $660M daily - tells a powerful story. Traditional silver markets have limited hours, high margin requirements, and slow settlement. Traders who want leveraged silver exposure can now get it instantly, 24/7, with USDC margin and up to 25x leverage through trade.xyz.

The same dynamics apply to oil and gold. Whenever traditional markets are closed and news is moving prices, trade.xyz on Hyperliquid becomes the price discovery venue.

---

## How to Trade Commodities: Step-by-Step

If you already have a Hyperliquid account funded with USDC, you can start trading commodities at [app.trade.xyz](https://app.trade.xyz). If you are new to Hyperliquid, start with our [beginner guide](/guides/getting-started/how-to-trade-on-hyperliquid) to fund your account first.

### Step 1: Open trade.xyz

Navigate to [app.trade.xyz](https://app.trade.xyz) - this is the HIP-3 builder-deployed DEX where commodity perps are listed. Connect the same wallet you use for Hyperliquid. Your USDC balance on Hyperliquid is accessible here.

In the asset selector, search for the commodity you want to trade - for example, "SILVER" for silver or "CL" for crude oil.

### Step 2: Analyze the Market

Commodity perps on trade.xyz have charting and order book tools similar to the main Hyperliquid interface. Use the TradingView chart, order book depth, and recent trades panel to analyze the market. You can also chart these markets directly on TradingView using the `HIP3XYZ:` prefix — see our guide to [Hyperliquid on TradingView](/guides/trading/tradingview-hyperliquid-charting) for the full symbol list.

Pay attention to the **funding rate** - this indicates whether the perpetual price is trading above or below the spot reference price. A positive funding rate means longs pay shorts; negative means shorts pay longs.

### Step 3: Place Your Order

Choose your [order type](/guides/trading/order-types-guide):

- **Market order** - execute immediately at the best available price
- **Limit order** - set your price and wait for the market to come to you
- **Stop-loss / Take-profit** - manage risk automatically

Set your **leverage** using the leverage selector. Silver, gold, and oil offer up to 25x leverage. Start conservative - commodity markets can be volatile, especially oil during geopolitical events.

> **Warning:** Commodity perps on trade.xyz historically used **isolated margin only**. With Hyperliquid's [unified account mode](/guides/trading/unified-accounts-guide), eligible HIP-3 markets now support cross margin - check each market's margin selector. For markets still on isolated margin, each position has its own dedicated margin: if one gets liquidated, others are unaffected, but you must ensure each is individually funded.

### Step 4: Manage Your Position

Once your trade is filled, monitor it from the Positions tab. You can:

- Add to or reduce your position at any time
- Set stop-loss and take-profit orders
- Adjust leverage on an existing position
- Close the position with a market or limit order

> **Warning:** Commodity markets can experience sharp moves on news events - especially oil during geopolitical tensions and precious metals during macro shifts. Always use stop-losses and size your positions appropriately for the leverage you are using. See our [leverage trading guide](/guides/trading/leverage-trading-guide) for risk management strategies.

**Start Trading Commodities** — Trade oil, silver, gold, and more - 24/7, no KYC, with a 4% lifetime fee discount. Connect your wallet and start in minutes. [Start Trading - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211)

---

## How Commodity Perps Work on Hyperliquid

If you are coming from traditional commodity futures, there are some important differences to understand about how perpetual contracts work.

### HIP-3 Builder-Deployed Perps

Commodity perps on Hyperliquid are deployed through [HIP-3](/ecosystem/hip-3-builder-codes), the builder codes framework. This means they are **not native Hyperliquid listings** - instead, they are deployed by the trade.xyz team on top of Hyperliquid's infrastructure. The trading experience is nearly identical to native perps, but there are some differences in fees and margin handling (see the fees section below).

### No Expiry, No Rollover

Traditional commodity futures have fixed expiry dates. When a contract expires, you either settle or roll your position to the next month - incurring costs and complexity. Perpetual contracts on trade.xyz **never expire**. You can hold a position indefinitely.

### Funding Rate Mechanism

Instead of contract expiry, perps use a **funding rate** to keep the perpetual price anchored to the spot reference price. A small payment is exchanged between longs and shorts periodically:

- If the perp price is **above** the spot reference, longs pay shorts (positive funding)
- If the perp price is **below** the spot reference, shorts pay longs (negative funding)

Commodities are better covered here than equities are, because the CME session runs most of the week rather than 32.5 hours of it. Our reference on [non-crypto perps and their funding cost](/guides/trading/non-crypto-perps-on-hyperliquid) sets out how much of each week every underlying market is actually open.

This mechanism naturally brings the perp price back in line with the underlying asset.

### USDC-Denominated Margin (Isolated Only)

All positions use USDC as collateral. You do not need to hold the underlying commodity. Note that commodity perps on trade.xyz use **isolated margin only** - cross-margin is not available. To deposit USDC, follow our [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid).

### Price Oracles

Commodity perps use price oracles that reference real-world commodity prices from major exchanges. The mark price (used for liquidations and funding calculations) is derived from these reference prices, not from the order book - this prevents manipulation.

> **Key takeaway:** Commodity perps on trade.xyz work like crypto perps - no expiry, no rollover, USDC margin, and a funding rate that keeps prices anchored to real-world reference prices. The key differences are isolated-only margin and HIP-3 fee rates.

---

## Who Is This For?

### Crypto Traders Adding Diversification

If you already trade crypto on Hyperliquid, commodities give you exposure to entirely different asset classes without leaving the ecosystem. Oil, gold, and silver respond to different catalysts than BTC and ETH - geopolitics, central bank policy, industrial demand - providing genuine portfolio diversification.

### Traditional Commodity Traders Going DeFi

If you have experience trading commodities through brokers like Interactive Brokers, TD Ameritrade, or CME futures, trade.xyz on Hyperliquid offers a faster, more accessible alternative. No KYC, no minimum account sizes, 24/7 access, and settlement in seconds instead of days.

### News Traders

Commodity prices react sharply to geopolitical events, OPEC decisions, and economic data releases. Many of these events happen outside traditional market hours. On trade.xyz, you can take a position within seconds of breaking news - even at 3 AM on a Sunday. For a full walkthrough of trading commodities on weekends and overnight, see our [after-hours trading guide](/guides/trading/after-hours-trading-guide).

> **Tip:** Bloomberg has referenced Hyperliquid commodity pricing during off-hours events - most notably using Hyperliquid to price oil during geopolitical crises when traditional markets were closed. This is a strong signal of the platform's liquidity depth and price discovery quality.

---

## Fees for Commodity Trading

Commodity perps on trade.xyz are HIP-3 builder-deployed, which means they carry **higher base fees** than native Hyperliquid perps:

- **Maker fee**: 0.03% (limit orders that add liquidity)
- **Taker fee**: 0.09% (market orders that remove liquidity)

*Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.*

These are approximately 2x the standard Hyperliquid rates (0.015% maker / 0.045% taker on native perps).

> **Note:** **Growth Mode** may significantly reduce these fees. When active, Growth Mode can cut HIP-3 fees by 90% or more, bringing effective rates close to or below native Hyperliquid levels. Check app.trade.xyz for current fee details.

- **With referral discount**: Use a [referral link](https://app.hyperliquid.xyz/join/Concept211) for a 4% lifetime discount on all fees

For a full comparison of fee structures, see the [full fee breakdown](/guides/fees/fees-explained) and our [HIP-3 builder codes guide](/ecosystem/hip-3-builder-codes). [Felix Protocol's FLX dex](/ecosystem/felix-protocol-guide) also offers HIP-3 commodity and equity perps as an alternative to trade.xyz.

---

## Commodity Trading vs Crypto Trading on Hyperliquid

| Aspect | Crypto Perps (Native) | Commodity Perps (trade.xyz) |
|--------|----------------------|---------------------------|
| **Trading interface** | app.hyperliquid.xyz | app.trade.xyz |
| **Infrastructure** | Native Hyperliquid | HIP-3 builder-deployed |
| **Trading hours** | 24/7 | 24/7 |
| **Leverage** | Up to 50x (BTC/ETH) | Up to 25x (varies by asset) |
| **Margin mode** | Cross or Isolated | Isolated only |
| **Maker fee** | 0.015% | 0.03% (before Growth Mode) |
| **Taker fee** | 0.045% | 0.09% (before Growth Mode) |
| **Volatility** | High | Moderate (gold) to High (oil) |
| **Margin** | USDC | USDC |
| **Funding rate** | Yes | Yes |
| **Key catalysts** | Crypto-native events, adoption | Geopolitics, macro, supply/demand |

The core mechanics are similar - the key differences are that commodity perps run through HIP-3 on trade.xyz with isolated-only margin and higher base fees. For crypto-native traders, the interface will feel familiar. For commodity traders, the 24/7 access and wallet-based onboarding remove traditional barriers.

Commodities are one corner of what the platform now lists. If you came here for oil or gold and want to see how the same mechanics apply to equities, indices, and the native crypto markets, [the rest of our trading guide series](/guides/trading) picks up from here.

**24/7 Commodity Trading Is Here** — Oil, silver, gold - no market hours, no broker, no KYC. Join Hyperliquid with a 4% fee discount and trade real-world assets alongside crypto. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211)