How to trade oil, gold and silver on Hyperliquid

On Hyperliquid’s XYZ DEX, as perpetual futures settled in USDC. Hyperliquid lists gold (xyz:GOLD), silver (xyz:SILVER), WTI crude (xyz:CL) and Brent crude (xyz:BRENTOIL), plus natural gas, copper, platinum and palladium, as perps deployed by trade[XYZ]. They trade 24/7, up to 25x on gold and silver and 20x on oil, and you can trade them on Senpi from your own strategy wallet. You get price exposure, not the metal or the barrel. Market figures below are from Hyperliquid’s API at 23:10 UTC on Nov 9, 2026.

How to trade oil, gold and silver on Senpi

1. 01

   Fund your Senpi wallet

   Add USDC by card, Apple Pay, Google Pay or a crypto deposit (deposits and withdrawals).

2. 02

   Ask the agent

   In the Senpi app or from Claude or ChatGPT, for example: “Open a small gold long at 3x with a stop 4% below entry,” or “Short Brent at 2x if it closes an hour below $88, stop at $91.”

3. 03

   The agent opens the position

   It trades from your own strategy wallet. XYZ positions use isolated margin by default, so a weekend gap can’t touch the rest of your account. To trade a rule around the clock, describe it as a strategy: the runtime runs it 24/7 and exits through DSL, a stop that ratchets up as the trade gains.

Costs: Senpi adds 0% on paid plans (0.03% on the free trial or without a paid plan). Hyperliquid charges 0.009% taker and 0.003% maker at the base tier on oil, silver, natural gas, copper, platinum and palladium, and 0.09% taker on GOLD. The full rates are in Hyperliquid fees explained.

Commodity perps on Hyperliquid

Funding moves fast on these markets. At the time of the table, Brent’s hourly rate annualised to about −91% (shorts paying longs) and natural gas’s to about +356% (longs paying shorts). Check the rate before you hold a position for days.

What each contract tracks

• Gold, silver, platinum and palladium track the spot price of one troy ounce (XAU, XAG, XPT and XPD against the dollar), taken from liquid spot markets.
• WTI and Brent crude track one barrel, natural gas one MMBtu at Henry Hub and copper one pound. These have no single spot price, so trade[XYZ] references a designated futures contract and rolls it each month.
• The roll runs from the 5th to the 10th business day of the month, moving the reference 20% a day from the front contract to the next. In November 2026, WTI rolls from the December to the January contract between Nov 6 and Nov 13. If the two contracts are priced apart, the perp moves with the blend even when the market doesn’t.
• PAXG on the main book is a perp on Paxos’s gold-backed token, up to 10x. It trades far less than xyz:GOLD and pays the crypto fee rate (0.045% taker at the base tier).

Weekends, the daily break and holidays

External prices for commodities run 23/5: from Sunday 6 PM ET to Friday 5 PM ET (Brent to 6 PM), with a maintenance break from 5 PM to 6 PM ET, Monday to Thursday. Outside those hours the perps keep trading, and the oracle moves with Hyperliquid’s own order book, smoothed over 30 minutes. To stop a thin weekend book running away, the mark price is held within a discovery bound around a reference price: ±4% for gold and silver, ±5% for oil, copper, platinum and palladium, and ±10% for natural gas. The bound can re-anchor a set number of times (twice for gold, silver and oil, once for the others), then it holds until external pricing returns. trade[XYZ] says to plan for the maximum range: about ±15.8% for WTI across a weekend.

When external markets reopen, the price moves to them, so a weekend position can gap at Sunday’s open. Commodity perps also follow futures holiday hours, such as the shortened sessions on Thanksgiving (Nov 26) and the day after, and the Christmas Day closure.

Fees and funding

Funding is paid every hour. On XYZ markets it is half of Hyperliquid’s standard formula (a funding multiplier of 0.5), so the built-in interest component is 0.005% per eight hours instead of 0.01%. The premium part still swings with demand, as the table above shows. More on funding and liquidation is in Hyperliquid funding, margin and liquidation.

Risks

• Gaps at the reopen. A position held over the weekend is priced from Hyperliquid’s own book within bounds; when external markets reopen on Sunday evening, the price jumps to them.
• Leverage. Maintenance margin is half the initial margin at the market’s maximum: 2% at 25x, 2.5% at 20x, 5% at 10x. At the full 20x, a move of about 2.5% against you reaches liquidation.
• Funding. Rates on oil and gas can swing to hundreds of percent a year; a carry that looks small per hour adds up over days.
• Rolls. Oil, gas and copper prices shift with the futures roll, which is not the same as the spot move you may be watching.
• No delivery. You hold a contract settled in USDC, not barrels or bullion.
• Where you live. Venue terms set who can trade; for the US, where access is changing, see Hyperliquid in the US.

Frequently asked questions