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Onchain Commodities
Where to trade oil, gold, silver and other commodity perps onchain, how much each market trades and what it costs to hold, with the largest tokenized gold and silver tokens. Data from Hyperliquid and CoinGecko, refreshed every day by Castle Labs.
On 4 November 2026, TradeXYZ's eight commodity perps on Hyperliquid traded $757.9M in 24 hours and held $1.17B in open interest. WTI crude oil (xyz:CL) traded the most at $271.6M, and Brent crude oil (xyz:BRENTOIL) held the most open interest at $320.6M.
Tokenized gold from Tether Gold (XAUT), PAX Gold (PAXG) and Kinesis Gold (KAU) was worth $5.42B on CoinGecko, 60% of it in XAUT.
None of the other nine HIP-3 deployers on Hyperliquid had a live commodity market on 5 November 2026.
- Commodity perp volume, 24h
- $757.9M
- Eight TradeXYZ markets
- Commodity perp open interest
- $1.17B
- Oil share of perp volume
- 57%
- WTI and Brent
- Tokenized gold value
- $5.42B
- XAUT, PAXG and KAU
Perps updated 4 November 2026 · tokenized gold from CoinGecko
Commodity Perps by 24-Hour Volume
TradeXYZ markets on Hyperliquid, notional volume over the last 24 hours
Source: Hyperliquid API · Data to 4 Nov 2026 · Updated daily
View the data
| 24h volume | |
|---|---|
| WTI crude oil | $272M |
| Silver | $201M |
| Brent crude oil | $164M |
| Gold | $102M |
| Natural gas | $9.76M |
| Platinum | $3.67M |
| Copper | $3.59M |
| Palladium | $2.49M |
Daily Commodity Perp Volume
TradeXYZ's commodity perps on Hyperliquid, last 90 days
- WTI crude oil
- Brent crude oil
- Gold
- Silver
- Gas, copper, platinum, palladium
Source: Hyperliquid API daily candles, via Castle Labs · Data to 4 Nov 2026 · Updated daily
View the data
| Date | WTI crude oil | Brent crude oil | Gold | Silver | Gas, copper, platinum, palladium |
|---|---|---|---|---|---|
| 24 Oct 2026 | $59.07M | $29.14M | $22.89M | $13.3M | $3.62M |
| 25 Oct 2026 | $108M | $80.71M | $25.7M | $25.99M | $7.57M |
| 26 Oct 2026 | $203M | $140M | $40.11M | $51M | $16.06M |
| 27 Oct 2026 | $207M | $99.8M | $33.78M | $70.72M | $13.95M |
| 28 Oct 2026 | $297M | $153M | $42.84M | $101M | $12.55M |
| 29 Oct 2026 | $319M | $134M | $58.95M | $135M | $15.85M |
| 30 Oct 2026 | $238M | $133M | $85.05M | $176M | $14.95M |
| 31 Oct 2026 | $39.06M | $22.57M | $13.08M | $6.88M | $1.55M |
| 1 Nov 2026 | $54.78M | $30.15M | $19.67M | $20.41M | $3.67M |
| 2 Nov 2026 | $462M | $441M | $90.36M | $259M | $16.63M |
| 3 Nov 2026 | $445M | $229M | $50.67M | $208M | $15.57M |
| 4 Nov 2026 | $532M | $410M | $122M | $174M | $21.29M |
Commodity perps on Hyperliquid
Updated 4 November 2026 · TradeXYZ| # | Market | 24h volume | Open interest | 24h change | Funding, annualised | Max leverage | Mark price |
|---|---|---|---|---|---|---|---|
| 1 | WTI crude oilxyz:CL | $271.6M | $270.9M | -3.0% | +5.5% | 20x | $93.13 |
| 2 | Silverxyz:SILVER | $201.1M | $231.4M | +4.2% | +5.5% | 25x | $52.16 |
| 3 | Brent crude oilxyz:BRENTOIL | $164.1M | $320.6M | -3.0% | +5.5% | 20x | $100.39 |
| 4 | Goldxyz:GOLD | $101.7M | $317.9M | +2.5% | +5.5% | 25x | $4,046 |
| 5 | Natural gasxyz:NATGAS | $9.8M | $14.5M | +1.1% | +63% | 10x | $2.889 |
| 6 | Platinumxyz:PLATINUM | $3.7M | $4.5M | +2.7% | +5.5% | 20x | $1,477 |
| 7 | Copperxyz:COPPER | $3.6M | $8.0M | -0.6% | +24% | 20x | $6.394 |
| 8 | Palladiumxyz:PALLADIUM | $2.5M | $2.4M | +5.0% | +5.5% | 20x | $994.87 |
Funding is the latest hourly rate times 24 times 365; positive means longs pay shorts. Source: Hyperliquid API. Market definitions: TradeXYZ specification index.
Tokenized gold and silver
Updated 4 November 2026 · CoinGecko| # | Token | Market value | 24h volume | Price | 7d | 30d |
|---|---|---|---|---|---|---|
| 1 | Tether GoldXAUT | $3.26B | $245.8M | $4,027 | -0.4% | -3.0% |
| 2 | PAX GoldPAXG | $1.81B | $115.3M | $4,036 | -0.4% | -3.0% |
| 3 | Kinesis GoldKAU | $357.2M | $553.7K | $130.42 | +0.2% | -2.7% |
| 4 | Kinesis SilverKAG | $192.3M | $381.1K | $52.33 | -3.3% | -15% |
Source: CoinGecko. Hyperliquid's main exchange also lists a PAXG perp: $12.2M traded and $26.2M open interest on 5 November 2026.
What the numbers say
- WTI and Brent took 57% of commodity perp volume and gold and silver another 40%. Natural gas ($9.8M), platinum ($3.7M), copper ($3.6M) and palladium ($2.5M) traded far less, so check the order book before sizing a trade there.
- Six of the eight markets sat at TradeXYZ's base funding, about 5.5% a year paid by longs to shorts, at the last hourly reading, and natural gas was highest at 63% a year. Funding is charged every hour, so count it in the cost of holding a position for weeks.
- XAUT, PAXG and KAU traded $361.7M in 24 hours across the exchanges CoinGecko tracks, against $101.7M on xyz:GOLD, so gold trades more as tokens than on Hyperliquid's gold perp. Tokens carry no funding payments, while the perp lets you go short and use up to 25x, with funding charged hourly.
How onchain commodity markets work
How onchain oil compares with CME
We compared Hyperliquid's xyz:CL with CME WTI futures over 432 hours in February and March 2026. CME showed 125x more depth within 2 bps of the mid price, and its median trade was $90,450 against $543. On the weekends, with CME shut, Hyperliquid's price captured 45% of the Monday gap after the Iran strikes and 68% a week later.
432 Hours of Hyperliquid Oil Market Data →How TradeXYZ prices commodities
Gold, silver, platinum and palladium track spot prices. Oil, gas and copper track a designated futures contract, which rolls to the next month between the 5th and 10th business day. External prices run from Sunday 6 PM to Friday 5 PM US Eastern time; the rest of the time the perps trade on TradeXYZ's internal pricing, within bounds that cap how far the price can move.
TradeXYZ commodity docs →Gold and silver beyond Hyperliquid
Our September 2026 cost test compared gold and silver on Variational, Lighter, Ostium and TradeXYZ. For a $1 million gold order, Variational's swap cost 1.66 bps, Ostium 4.63 bps, TradeXYZ 6.54 bps and Lighter 8.74 bps; Lighter cost least at $1,000 and $10,000.
The Evolution of RWA Trading Onchain →From the report
The Evolution of Commodities
Tokenised spot commodities reached $7.4 billion, most of it gold, and commodity perp open interest on Hyperliquid passed $1.4 billion in our March 2026 report. It compares CME crude with Hyperliquid's xyz:CL to measure how a 24/7 onchain market handles price discovery, liquidity and execution outside traditional market hours.
Questions and Method
- Where can I trade crude oil perps onchain?
- On Hyperliquid, TradeXYZ runs two oil perps: WTI crude (xyz:CL), which traded $271.6M in the 24 hours to 4 November 2026, and Brent crude (xyz:BRENTOIL), which traded $164.1M. Each references one barrel, priced from a designated futures contract that rolls to the next month between the 5th and 10th business day. None of the other HIP-3 deployers on Hyperliquid had a live oil market on 5 November 2026. Off Hyperliquid, Variational launched a USOIL swap in September 2026.
- Which onchain platforms trade commodity perps?
- On Hyperliquid, TradeXYZ lists eight commodity perps: WTI crude oil, silver, Brent crude oil, gold, natural gas, platinum, copper and palladium. Off Hyperliquid, Castle's September 2026 cost test compared gold and silver on Variational, Lighter and Ostium with TradeXYZ: a $1 million gold order cost 1.66 bps on Variational, 4.63 bps on Ostium, 6.54 bps on TradeXYZ and 8.74 bps on Lighter, while Lighter cost least at $1,000 and $10,000.
- Can I trade gold onchain?
- Yes, as a perp or as a token. TradeXYZ's gold perp (xyz:GOLD) traded $101.7M in 24 hours with $317.9M in open interest, tracking the spot price of one troy ounce. Tokenized gold from XAUT, PAXG and KAU was worth $5.42B. Hyperliquid's main exchange also lists a PAXG perp, on the PAX Gold token, which traded $12.2M on 5 November 2026.
- What is the funding rate on Hyperliquid commodity perps?
- Funding on Hyperliquid is paid every hour. TradeXYZ scales Hyperliquid's formula by 0.5, which puts its base rate at about 5.5% a year. At the last hourly reading on 4 November 2026, six of its eight commodity perps sat at that base rate, and annualised funding ran from +5.5% to +63% on natural gas. When the rate is positive, longs pay shorts.
- Can you trade oil and gold onchain on weekends?
- Yes. TradeXYZ takes external prices from Sunday 6 PM to Friday 5 PM US Eastern time; outside those hours, including weekends, its perps trade on internal pricing, within discovery bounds that cap how far the mark price can move from a reference price. In Castle's oil study, Hyperliquid's weekend price captured 45% of the Monday price gap after the Iran strikes in February 2026, and 68% a week later.
- How does Hyperliquid's oil market compare with CME?
- CME is far deeper. Across 432 hours from 27 February to 16 March 2026, CME offered $19 million of depth within 2 bps of the mid price against $152,000 on Hyperliquid's xyz:CL, a 125x gap, and its median trade was $90,450 against $543. A $1 million order slipped 0.79 bps on CME and 15.4 bps on Hyperliquid, though Hyperliquid's slippage at that size fell 86.9% over the three weeks.
- What is the largest tokenized gold token?
- Tether Gold (XAUT), worth $3.26B on 4 November 2026 with $245.8M traded in 24 hours, ahead of PAX Gold (PAXG) at $1.81B. Together the gold tokens traded $361.7M in 24 hours.
- Where does this data come from?
- Perp volume, open interest, funding and prices come from Hyperliquid's public API, and daily volume from its daily candles (base volume times the average of the open, high, low and close). Market definitions come from TradeXYZ's specification index. Tokenized gold and silver come from CoinGecko. Castle Labs refreshes all of it every day.
Raw data, refreshed daily: commodities.json. Free to cite with a link to this page.
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