Pair market · Hyperliquid perpetuals
SILVER / SOL Pair Trading
- Long SILVER
- Short SOL
- Opened together, margined separately
Opens both legs on EzPairs: long SILVER, short SOL. The reverse direction is a different position and is offered below.
- Ratio, SILVER ÷ SOL
- 0.790449at the most recent shared daily close
- Correlation of daily returns
- +0.5590 overlapping daily closes
- Volatility ratio, base over quote
- 1.02x90 overlapping daily closes
- Shared daily history
- 216closesoverlapping closes available when computed
SILVER / SOL is a synthetic pair on EzPairs: a long position in the SILVER perpetual held against a short position in the SOL perpetual, both settled on Hyperliquid. No exchange quotes this pair directly, so every figure on this page is derived from the two legs' own daily closes rather than from a pair-level feed. The base leg is commodity-referenced and the quote leg is crypto. Over the 90 days to 30 July 2026, the daily simple returns of the two legs had a Pearson correlation of +0.55. That is a description of the window measured and carries no claim about what either leg does next.
Market snapshot
Venue figures for each leg, from the committed market manifest rather than a live feed. This is a snapshot, — not a current quote, and not updated by this page after it is built.
| Leg | Mark price | 24h volume | Open interest | Venue leverage cap |
|---|---|---|---|---|
| SILVERBase — the long leg · xyz:SILVER on the xyz dex | 57.904 | $110.7M | $88.1M | 25x |
| SOLQuote — the short leg | 73.516 | $216.0M | $330.1M | 20x |
No exchange quotes SILVER / SOL directly, so there is no pair-level volume anywhere. EzPairs proxies the pair's tradeable size by the thinner of the two legs, which puts it at $110.7M of 24-hour volume and $88.1M of open interest in this snapshot. That is a proxy this site defines, not a figure reported by the venue.
Shared history behind these figures
216 overlapping daily closes shared by SILVER and SOL were available when these figures were computed, the earliest dated 26 December 2025. That is shorter than the longest windows this dataset asks for, so the 365-day figure below is computed over 216 days, not over the length the label asks for. They are labelled with the window that was actually used.
Earliest shared daily candle: . SILVER was listed . SOL was listed .
Correlation
Pearson correlation of the two legs' daily simple returns, over the last N overlapping daily closes. .
| Measure | Value | Window used |
|---|---|---|
| Correlation of daily returns (30d) | +0.65 | 30 daily closes |
| Correlation of daily returns (90d) | +0.55 | 90 daily closes |
| Correlation of daily returns (365d)requested as 365 days; only 216 overlapping closes exist | +0.37 | 216 daily closes |
Each track runs from −1 to +1 with a tick at zero, and is the same number as the figure beside it. Where nothing was measured there is no track.
Across the 89 daily returns those 90 closes produce, the two legs' returns moved in the same direction more often than not. This describes the window measured; correlation between two markets is not a fixed property and this figure is recomputed from new closes rather than carried forward.
Ratio and where it sat in its own history
The ratio is SILVER's close divided by SOL's at the most recent shared daily candle. The rows beneath it place that single observation inside the distribution of the ratio over each window. .
| Measure | Value | Window used |
|---|---|---|
| Ratio, SILVER close divided by SOL closemost recent shared daily close | 0.790449 | — |
| Position of that ratio in its 30-day distribution | +1.60 | 30 daily closes |
| Position of that ratio in its 90-day distribution | -0.84 | 90 daily closes |
| Position of that ratio in its 365-day distributionrequested as 365 days; only 216 overlapping closes exist | -0.51 | 216 daily closes |
At the most recent shared close the ratio sat 0.84 standard deviations below its mean over the 90-day window. This is a description of where one observation fell inside a measured distribution. It is not a signal, it does not imply the ratio will move toward or away from that mean, and no part of this dataset tests whether this ratio mean-reverts.
Volatility of each leg
Population standard deviation of daily returns, multiplied by the square root of 365 to express it on an annual basis. .
| Measure | Value | Window used |
|---|---|---|
| SILVER annualised realised volatility (30d) | 39.9% | 30 daily closes |
| SOL annualised realised volatility (30d) | 41.4% | 30 daily closes |
| SILVER annualised realised volatility (90d) | 54.6% | 90 daily closes |
| SOL annualised realised volatility (90d) | 53.5% | 90 daily closes |
| SILVER annualised realised volatility (365d)requested as 365 days; only 216 overlapping closes exist | 80.0% | 216 daily closes |
| SOL annualised realised volatility (365d)requested as 365 days; only 216 overlapping closes exist | 63.6% | 216 daily closes |
| Volatility ratio, base over quotea 90-day statistic; the field name carries no window suffix | 1.02x | 90 daily closes |
| Beta, base returns regressed on quote returnssame 90-day window as the volatility ratio | +0.56 | 90 daily closes |
Over the 90-day window, SILVER's annualised realised volatility was measured at 1.02 times SOL's. Equal notional on each leg therefore did not mean equal contribution to the pair's movement in that window: the base leg accounted for more of it.
Regressing SILVER's daily returns on SOL's over the same 90-day window gives a slope of 0.56. Beta and the volatility ratio answer different questions — the ratio compares how much each leg moved, the slope describes how much of the base leg's movement lined up with the quote leg's. Both describe the window measured.
Funding differential between the legs
-5.48% annualised
This is a point-in-time reading of the difference between the two legs' hourly funding rates, expressed on an annual basis. Funding on a Hyperliquid perpetual is charged hourly and the rate is reset each hour, so this is neither an amount paid nor received over any period, nor a projection of one. It describes the two rates at the instant they were read.
Unlike every other figure on this page it has no observation window, because it is not computed from the candle series at all — it is one reading of two hourly rates.
What this pair is
One leg is a crypto perpetual and the other references a physical commodity. They share no issuer, no settlement venue for the underlying and no trading calendar, so whatever relationship the measured windows show between them comes from common macroeconomic drivers rather than from any structural link.
SILVER
Long legA silver market on the xyz builder dex, and the only precious-metal reference among the markets described on this site.
Its reference is an industrial and monetary metal rather than a company or an index, so it shares no issuer, no earnings cycle and no index construction with the equity-referenced legs it is paired against. The perpetual itself trades continuously on Hyperliquid, while the market it is named for has defined session hours and closes at weekends. That mismatch is a structural property of the contract, not a defect: price discovery outside those hours happens in the perpetual alone.
- Its 25x leverage cap sits above the cap on every one of the 10 equity-referenced listings described on the same dex, the highest of which is 20x. Venue snapshot taken 30 July 2026.
SOL
Short legSolana's native asset, a large-cap layer-one perpetual on the main Hyperliquid dex.
It is third in the quote-priority list, so it is the quote leg against everything except BTC and ETH and the base leg against those two, which means the same market appears on both sides of the ratio across this site. It trades continuously, so both legs of a crypto/crypto pair are open at the same times and neither carries a session gap the other does not.
- In the venue snapshot taken 30 July 2026, it was the fourth-largest of the 177 markets on the main Hyperliquid dex by 24-hour notional volume, at $216.0M — and the fourth-largest by open interest, at $330.1M.
- Over the 90 daily closes to 30 July 2026, its annualised realised volatility was measured at 53.5%, above BTC's 34.3% over the same window. A pair quoted in it therefore had a more volatile denominator than the same pair quoted in BTC.
Comparative statements above are recomputed from the committed market manifest and the published statistics dataset each time this page is built, and each carries the snapshot or the window it was derived from. Where a figure could not be measured, the comparison is omitted rather than estimated.
Mechanics and constraints
What holding this pair involves, structurally. This describes how the instruments work; it is not a suggestion to hold them, and nothing below is a claim about outcomes.
- Two positions, not one. A pair is a long SILVER perpetual and a short SOL perpetual held at the same time. Each is margined and each can be liquidated on its own. Holding both does not net the risk away.
- Two funding streams. Each leg accrues Hyperliquid funding hourly and independently, in opposite directions for a long and a short. The differential above is a reading of the gap between the two rates at one instant, not a running total.
- Different leverage caps. The venue caps SILVER at 25x and SOL at 20x. They differ, so the two legs are not subject to the same constraint.
- Depth is set by the thinner leg. There is no pair-level order book. Size available on the pair is bounded by whichever leg is thinner, which in this snapshot is $110.7M of 24-hour volume.
- The statistics are backward-looking. Correlation, volatility and the z-score above are computed from closed daily candles over the windows stated. They describe what those windows contained. They are not forecasts, and this site runs no test of whether any relationship here persists.
Related pairs
Other markets on EzPairs that share a leg with this one. Each is measured over its own shared history, so their windows differ from this page's.
Pairs containing SILVER
Every pair containing these markets
Each hub lists all the pairs EzPairs publishes with that market on one leg.
Open SILVER/SOL on EzPairs
Both legs open together from one screen. Which leg is long and which is short is the difference between the two directions, and it is the whole position.