How Are Silver T+D Trading Fees Calculated?

2026-11-03 15:24:40 | 1

Trading fees for Silver T+D are calculated based on the actual transaction value and the applicable fee rate. Fees may apply to both opening and closing positions. To calculate the total cost accurately, investors need to consider the actual execution price, the quantity traded, and the fee rate applied to their accounts, rather than relying solely on the quoted silver price or the number of lots traded.

Understanding how these charges are calculated can help investors estimate the fees incurred on each Silver T+D transaction.

How Are Silver T+D Trading Fees Calculated

How the Fee Is Calculated？

Silver T+D trading fees are not charged at a fixed amount per transaction. Instead, they are calculated as a percentage of the actual transaction value.

On the Shanghai Gold Exchange (SGE), the Ag(T+D) contract has a trading unit of 1 kilogram per lot and is quoted in Chinese yuan (CNY) per kilogram. Therefore, the transaction value is calculated by multiplying the execution price by the actual quantity traded.

The formula is:

Trading Fee = Execution Price × Traded Quantity × Fee Rate

The quantity must be expressed in kilograms. For example, purchasing 3 lots of Silver T+D represents a total traded quantity of 3 kilograms, not 3 grams or 3 troy ounces.

Silver T+D Fee Rates for 2026

According to the Shanghai Gold Exchange's published fee schedule for 2026, the standard trading fee rate for the Ag(T+D) contract is 0.012% (1.2 basis points) from January 1 to December 31, 2026.

For intraday trading, where a position is opened and closed on the same trading day, a reduced opening fee rate of 0.0075% (0.75 basis points) applies, while the closing fee is waived.

This means that transactions with the same value may incur different fees depending on the applicable rate.

It is also important to distinguish between the fee rates published by the exchange and the actual fees charged to individual investors. Members of the exchange may apply their own client fee arrangements. As a result, the exchange's published rate may not be the final rate charged to an investor. The actual amount payable should be checked against the account agreement, applicable fee schedule, and transaction statements.

Silver T+D Trading

Worked Example: Opening and Closing 3 Lots

Suppose an investor purchases 3 lots of Silver T+D at CNY 11,841 per kilogram. The following example uses the standard 2026 Ag(T+D) trading fee rate of 0.012%, excluding intraday trading discounts and any additional charges imposed by the exchange member.

The opening fee is calculated as follows:

Opening Fee = 11,841 × 3 × 0.00012 = CNY 4.26276

Later, the silver price rises to CNY 12,111 per kilogram, and the investor sells all 3 lots to close the position. Assuming the standard fee rate still applies:

Closing Fee = 12,111 × 3 × 0.00012 = CNY 4.35996

The total trading fee for the transaction is:

4.26276 + 4.35996 = CNY 8.62272, or approximately CNY 8.62.

This example shows that opening and closing fees must be calculated separately. Since the execution prices may differ, the fees incurred on each side of the transaction may also vary, even when the traded quantity remains the same.

If the transaction qualifies for the intraday trading fee reduction, the opening fee would instead be:

11,841 × 3 × 0.000075 = approximately CNY 2.66.

The closing fee would be waived, bringing the total trading fee to approximately CNY 2.66. This is around CNY 5.96 less than the standard fee of CNY 8.62.

If an order is filled in multiple executions, each fill should be calculated using its actual execution price and quantity. The individual fees should then be added together. The quoted price displayed when placing an order should not be used as a substitute for the actual execution price.

Other Costs to Consider

When calculating Silver T+D trading costs, investors should pay particular attention to three factors: the actual traded quantity, the applicable fee rate, and the fee schedule applied to their accounts.

For intraday trading discounts in particular, investors should confirm that their transactions meet the relevant eligibility requirements. The reduced fee rate should not be automatically applied to every opening or closing order.

Trading fees are not the only cost associated with Silver T+D. Deferred compensation fees and margin requirements are separate items and should not be included in the trading fee calculation.

Upway Global reminds investors that Silver T+D is a margin-based trading product. Price fluctuations may result in significant changes in account equity and profit and loss. Investors should consider margin adjustments, position risk, and applicable fees when assessing trading costs and potential risks. Trading fees alone do not reflect the overall cost or risk of a transaction.

This article is for educational purposes only and does not constitute investment advice.

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