Axiory Japan notice flags sharp XAG/USD short swap move
A notice on Axiory's Japan website dated 13 October 2025 said XAG/USD short positions carried a swap rate of -150.4317 per lot, compared with about -22.01 previously, citing extreme silver volatility and increased difficulty financing silver positions. It warned of wider spreads, price gaps and reduced liquidity, and said overnight swap costs could keep fluctuating significantly.
View original sourceXAG/USD short swap rate
Axiory's Japan website said XAG/USD short positions carried a swap rate of -150.4317 per lot at the time of the notice. It said one lot comprises 5,000 contracts, and that the rate compared with about -22.01 previously. The notice did not specify an effective date or duration for the rate.
Company explanation
Axiory attributed the swap move to extreme volatility and increased difficulty in financing silver positions. It said a shortage of physical silver was adding pressure, and that the exchange-for-physical (EFP) spread had widened notably in recent days, which it said indicated difficulty in sourcing physical silver.
Trading conditions warning
The broker warned that traders may encounter wider spreads, price gaps and reduced liquidity, and asked them to consider these factors when entering or adjusting positions. It said continued volatility and unusual market conditions were likely. For positions held overnight, it warned that swap rates may continue to fluctuate significantly and that swap costs may increase substantially.
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