Kraken's 24/7 silver (XAG) perpetual offers up to 20x leverage
Kraken’s XAG perpetual tracks the Silver Pyth 24/7 Index, trades around the clock with no expiry and allows up to 20x leverage, though not in every region.
Kraken lets traders take leveraged positions on silver at any hour through XAG, a perpetual future based on the Silver Pyth 24/7 Index. In an update to affiliates, including nReferral, on October 6, 2026, Kraken described it as giving leveraged exposure to silver with up to 20x leverage, tradeable around the clock. The contract, listed as PF_XAGUSD, has been trading on Kraken's futures platform since July 23, 2026, and a gold contract on the matching Pyth gold index followed on August 5. Kraken's affiliate dashboard lists this XAG promotion as running until December 31, 2026; Kraken has not said that trading in the contract will stop then.
How the contract works
XAG is a perpetual: it has no expiry date, so there is nothing to roll over, and it is settled in US dollars with no delivery of physical silver. Funding is calculated from the gap between the contract price and the index, accrues while a position is open and settles every hour. Kraken's specifications list a minimum order of 0.1, a tick size of 0.0001 and a maximum position of 60,000 units. It is traded in Kraken Pro alongside Kraken's other perpetuals.
Where the price comes from
The contract follows the Silver Pyth 24/7 Index, one of the 24/7 index products Pyth Network launched on June 10, 2026. According to The Block's report on that launch, the indices combine prices from onchain and offchain trading venues so that assets that normally trade only in market hours have a continuous price, and Kraken was named among the first users. This means XAG keeps moving at night and at weekends, when the main silver markets are shut, based on that combined feed rather than on a regular exchange session.
Leverage and availability
Kraken's contract specifications, last updated November 2, 2026, put XAG in the 20x margin class. Kraken's commodity perpetuals page listed up to 25x for gold, silver and WTI crude oil when we checked on November 7, 2026, so check the leverage shown in Kraken Pro before you trade. Commodity perpetuals are not available everywhere: Kraken's page lists the US, the UK, Canada, Australia, India, the UAE, the Philippines, Kazakhstan, New Zealand, Singapore, Hong Kong and sanctioned countries among the excluded jurisdictions. Earlier, from August 5 to September 5, 2026, Kraken ran a trading competition on its gold and silver perpetuals.
Risks and what nReferral earns
At 20x, a move of about 5% against your position can wipe out the margin behind it, and Kraken warns that most retail derivatives accounts lose money. Weekend and overnight prices come from the Pyth index rather than a main exchange, so they can move sharply when those markets reopen. nReferral is a Kraken affiliate and earns a commission on the trading activity of people who sign up with its referral code, 83yhwjdj. Under Kraken's referral terms, the same code may also give a 20% rebate on futures trading fees.
Sources
KRAKEN REFERRAL CODE 2026
| Product | Trading Rebate |
|---|---|
| Spot Trading | 20% |
| Margin Trading | 20% |
| Futures | 20% |
| Tokenized Equity | 20% |
| PTL Trading | 20% |
| Prop, first purchase | 20% |
| Rollover | 20% |
| Options | 20% |
Available rewards are confirmed during registration.
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