Silver vs Micro Silver (1,000 oz)
Same underlying, different size: one SI equals 5 SIL.
Margins as of Specs checked as of How we source this
| SI | SIL | |
|---|---|---|
| Exchange | Commodity Exchange Inc. | Commodity Exchange Inc. |
| Contract unit | 5,000 troy ounces | 1,000 troy ounces |
| Tick size | 0.005 | 0.005 |
| Tick value | $25 | $5 |
| One point | $5,000 | $1,000 |
| Initial margin | $23,910.70 | $4,782.80 |
| Maintenance margin | $21,737 | $4,348 |
| Settlement | Physical delivery | Physical delivery |
| Contract months | Jan (F), Mar (H), May (K), Jul (N), Sep (U), Dec (Z) | Jan (F), Mar (H), May (K), Jul (N), Sep (U), Dec (Z) |
| Front contract | SIZ26, roll by 25 Nov 2026 | SILZ26, roll by 25 Nov 2026 |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. |
How they compare
Silver (SI) and Micro Silver (1,000 oz) (SIL) track the same underlying on Commodity Exchange Inc.. The difference is size. One point is worth $5,000 on SI and $1,000 on SIL, so one SI carries the same exposure as 5 SIL contracts. Ticks are 0.005 on SI, worth $25, and 0.005 on SIL, worth $5.
Exchange initial margin is $23,910.70 for SI and $4,782.80 for SIL, a ratio of 5.0 to 1. Margins are set product by product, so they don't always scale exactly with contract size. Both trade the same hours (CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break).
The practical difference is granularity. With SIL, position size moves in steps of $5 per tick rather than $25, which matters when the amount you are prepared to lose at a given stop isn't a whole number of SI contracts. Commissions and exchange fees are charged per contract, so 5 SIL usually cost more to trade than one SI; check both with your broker, along with liquidity at the times you trade.
Size a position on either with the SI calculators or the SIL calculators.
Questions
- How many SIL equal one SI?
- 5. One SI point is worth $5,000; one SIL point is worth $1,000.
- What is the margin difference between SI and SIL?
- Exchange initial margin is $23,910.70 for SI and $4,782.80 for SIL (as of 27 Oct 2026).
- Do SI and SIL trade the same hours?
- Yes.