iShares Silver Trust (SLV) perpetual on Arcus
SLV-USD · Commodities · USDG-margined, no expiry
Mark priceMax leverage 25x in session, 16.6x off-hoursOff-hours regime active
Off-hours price band: trading and the mark are held between $54.06 and $56.26 around the last session's settlement price of $55.16. If pressure holds near an edge for an hour, that side widens to $52.96 / $57.36.
Showing the build-time reading (October 2, 2026, 05:21 UTC) until live data loads. Source: GET /v1/markets on the public Arcus API. Open interest is one side, valued at the mark price.
What the SLV-USD market is
iShares Silver Trust, an ETF backed by physical silver. SLV-USD is a USDG-margined perpetual future on Arcus that follows the SLV price through a Pyth oracle feed, with no expiry and funding charged every hour. When this page was built on , Arcus allowed up to 25x while the underlying is in session and capped total open interest at $1.00M. The live panel above shows the current price, volume, open interest and funding.
The perp trades around the clock, including nights and weekends when SLV itself does not. Arcus says its real-world-asset perps track the total return of the underlying, passing dividends, splits and (for futures-based funds) roll costs through funding and position adjustments.
SLV-USD contract at a glance
Read from GET /v1/markets and GET /v1/feetiers on . Max leverage is 1 divided by the initial margin fraction.
| Underlying | iShares Silver Trust (SLV) |
|---|---|
| Arcus market | SLV-USD |
| Category | Commodities |
| Max leverage | 25x in session, 16.6x off-hours |
| Initial margin | 4% in session, 6% off-hours |
| Maintenance margin | 2.6667% |
| Open-interest cap | $1.00M |
| Minimum order | $5.00 notional |
| Funding | Hourly; locked to SOFR + 0.5%/yr off-hours |
| Session | Live funding 04:00-20:00 ET, off-hours regime outside it |
| Collateral | USDG, cross or isolated margin |
| Taker / maker fee (Base tier, beta) | 0.0225% / 0% |
Candles from GET /v1/candles. Arcus builds bar prices from the market's oracle feed, not from executed trades.
What changes when SLV is closed
Arcus keeps the market open outside the underlying's trading hours but switches on four guardrails, per its real-world-asset docs. The session window in the API for this market is 04:00-20:00 ET, Monday to Friday.
- Higher initial margin. Opening or adding to a position needs 6% instead of 4% (50% more), so new positions top out near 16.6x. Maintenance margin does not change, so an existing position is not pushed toward liquidation by the close alone.
- Price bands. At the 20:00 ET close Arcus seals a settlement price and holds trading and the mark inside a band around it. Each side starts at 0.5 times the initial margin fraction and can widen in steps (1x, 2x, 4x) if pressure holds near that edge for an hour. Orders that would fill beyond the band are rejected for the part past it.
- Locked funding. From 20:00 to 04:00 ET and over weekends, funding is fixed at SOFR + 0.5% a year instead of tracking the premium. Premarket and after-hours sessions use live funding.
- Internal mark price. With no live external quote, the mark is a 2.5-minute moving average of the order book's impact mid, kept inside the bands.
Who lists and runs this market
SLV-USD is one of Arcus's own markets. Arcus picks the listings, sets each market's margin fractions and open-interest cap, and matches orders on its own off-chain order book, which its architecture docs describe as centrally operated, with a permissioned validator set re-checking the results and settlement on Robinhood Chain. There is no outside market deployer to vet. The oracle price comes from Pyth (feed id 2853 in the API).
Questions about SLV-USD
What is the maximum leverage on SLV-USD?
25x while the underlying is in session (initial margin 4%). Outside 04:00-20:00 ET and on weekends Arcus raises initial margin to 6%, which caps new positions at about 16.6x. Read from GET /v1/markets on October 2, 2026.
What does it cost to trade SLV-USD?
Arcus charges the same perp fee schedule on every market. On October 2, 2026 the live beta rate at the Base tier was 0.0225% taker and 0% maker, from GET /v1/feetiers. Arcus's help center lists standard post-beta rates of 0.045% taker and 0.015% maker at Base, with no end date for the beta. Signing up with a referral code takes 5% off trading fees, according to the Arcus app.
How often is funding paid on SLV-USD?
Every hour. In session the rate is SOFR + 0.5% a year plus one-eighth of the premium between the perp and the oracle. Outside extended hours (20:00-04:00 ET) and on weekends the rate is locked to SOFR + 0.5% a year. A positive rate means longs pay shorts.
Who lists and runs the SLV-USD market?
Arcus does. SLV-USD is one of Arcus's own perp markets, matched by Arcus's off-chain order book and priced from a Pyth oracle feed. There is no third-party deployer; margin settings and the open-interest cap come from Arcus's market configuration.
Arcus perpetuals are not available to persons in the United States, Canada or the United Kingdom.
How this market data is sourced
Live figures. Price, 24h change, 24h volume, open interest, funding and the off-hours band state for the SLV-USD market are read in your browser from the public Arcus API (GET /v1/markets), cached for 60 seconds and refreshed while the tab is open. The chart reads GET /v1/candles. The numbers are shown as the API returns them; nothing is hand-adjusted.
Static figures. Leverage limits, margin fractions, OI caps and the market list come from a read of /v1/markets taken when this page was built, on . Arcus can change any of them; the live panel is the more current source.
Editorial. The plain-English description of each underlying is written by Concept211. This is an independent site: Arcus does not review or approve it. Read the full editorial methodology for how figures are sourced and corrected.
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Where the figures come from. Contract parameters are from GET https://api.arcus.xyz/v1/markets and the fee rate from GET /v1/feetiers, read on October 2, 2026. Price, volume, open interest and funding on this page refresh from the same API every 60 seconds. Contract parameters were last reviewed ; this page has been published since 2026.
Reuse. You may republish these figures with attribution and a link to arcusguide.com/markets/slv.