Gold Perpetual Futures: XAU, GOLD, PAXG and XAUT Compared
Gold perpetual futures on every exchange we track, one identity at a time: XAU and Hyperliquid GOLD contracts next to PAXG and XAUT token perpetuals, each with its exchange's funding quote, interval, open interest and 24h volume, so you can see which gold perp is cheapest to hold now.
Lowest current 8h-equivalent funding per identity: XAU 0.0000% on Bybit, GOLD 0.0050% on Hyperliquid, PAXG 0.0009% on Hyperliquid, XAUT 0.0100% on Binance. Each identity is a different instrument; the quotes are not a spread between them.
Four separate instruments, never merged: XAU and GOLD are gold-price contracts, PAXG and XAUT are perpetuals on gold-backed tokens. Each contract shows its 8-hour-equivalent funding next to the exchange's own quote and interval. MEXC open interest is left out as unreliable, as it is from every combined total. Missing or stale values are shown as — and left out of each identity's sums; there is no combined gold total.
XAU gold contract
3 exchanges · by included open interestA perpetual on the exchange's gold spot index (XAU/USD): it settles against a price feed, with no token or metal behind the contract. Details: XAU on every exchange · XAU long/short ratio · XAU liquidation heatmap.
| Exchange / contract | Last price | Funding /8h | Exchange quote | Interval | APR | Open interest | 24h volume | Next funding | Exchange page |
|---|---|---|---|---|---|---|---|---|---|
| Bybit XAUUSDT | 3,893.2 | 0.0000% | 0.0000% | 4h | 0.0% | $71.54M | $15.85M | 12:00 UTC | XAU on Bybit |
| HTX XAU-USDT | 3,894.4 | 0.0000% | 0.0000% | 4h | 0.0% | $2.72M | $1.06M | 12:00 UTC | — |
| MEXC XAU_USDT | 3,894.1 | 0.0000% | 0.0000% | 4h | 0.0% | $643.02M * | $44.14M | 12:00 UTC | XAU on MEXC |
Lowest current quote: Bybit XAUUSDT at 0.0000% per 8h (0.0000% per 4h); highest: MEXC XAU_USDT at 0.0000% per 8h. Positive funding means longs pay shorts, negative means shorts pay longs. These are current quotes for the next interval, not settled payments.
GOLD on Hyperliquid (HIP-3)
1 exchange · by included open interestA builder-deployed Hyperliquid gold contract (xyz:GOLD): the deployer's oracle sets the reference price under HIP-3 margin and oracle rules, separate from the XAU contracts on other exchanges. Details: GOLD on Hyperliquid (HIP-3).
| Exchange / contract | Last price | Funding /8h | Exchange quote | Interval | APR | Open interest | 24h volume | Next funding | Exchange page |
|---|---|---|---|---|---|---|---|---|---|
| Hyperliquid xyz:GOLD | 3,889.4 | 0.0050% | 0.0006% | 1h | 5.5% | $154.55M | $11.20M | 09:00 UTC | GOLD on Hyperliquid |
Lowest current quote: Hyperliquid xyz:GOLD at 0.0050% per 8h (0.0006% per 1h). Positive funding means longs pay shorts, negative means shorts pay longs. These are current quotes for the next interval, not settled payments.
PAXG (Pax Gold) perpetual
7 exchanges · by included open interestA perpetual on Paxos' gold-backed PAXG token: it tracks the token's own market price, which trades at its own premium or discount to spot gold. Details: PAXG on every exchange · PAXG long/short ratio · PAXG liquidation heatmap.
| Exchange / contract | Last price | Funding /8h | Exchange quote | Interval | APR | Open interest | 24h volume | Next funding | Exchange page |
|---|---|---|---|---|---|---|---|---|---|
| Binance PAXGUSDT | 3,899.2 | 0.0098% | 0.0049% | 4h | 10.8% | $105.62M | $10.50M | 12:00 UTC | PAXG on Binance |
| KuCoin PAXGUSDTM | 3,900.9 | 0.0100% | 0.0050% | 4h | 11.0% | $35.96M | $14.53M | 12:00 UTC | PAXG on KuCoin |
| Bybit PAXGUSDT | 3,898.2 | 0.0100% | 0.0050% | 4h | 11.0% | $14.28M | $1.43M | 12:00 UTC | PAXG on Bybit |
| Hyperliquid PAXG | 3,897.1 | 0.0009% | 0.0001% | 1h | 0.9% | $11.89M | $650K | 09:00 UTC | PAXG on Hyperliquid |
| Lighter PAXG | 3,897.6 | 0.0024% | 0.0003% | 1h | 2.6% | $1.70M | $282K | 09:00 UTC | — |
| HTX PAXG-USDT | 3,900 | 0.0100% | 0.0050% | 4h | 11.0% | $721K | $194K | 12:00 UTC | — |
| MEXC PAXG_USDT | 3,903.2 | 0.0098% | 0.0049% | 4h | 10.7% | $17.49M * | $313K | 12:00 UTC | — |
Lowest current quote: Hyperliquid PAXG at 0.0009% per 8h (0.0001% per 1h); highest: KuCoin PAXGUSDTM at 0.0100% per 8h. Positive funding means longs pay shorts, negative means shorts pay longs. These are current quotes for the next interval, not settled payments.
XAUT (Tether Gold) perpetual
5 exchanges · by included open interestA perpetual on Tether's gold-backed XAUT token: it tracks the token's own market price, which trades at its own premium or discount to spot gold. Details: XAUT on every exchange · XAUT long/short ratio · XAUT liquidation heatmap.
| Exchange / contract | Last price | Funding /8h | Exchange quote | Interval | APR | Open interest | 24h volume | Next funding | Exchange page |
|---|---|---|---|---|---|---|---|---|---|
| Bybit XAUTUSDT | 3,877.7 | 0.0100% | 0.0050% | 4h | 11.0% | $78.34M | $6.83M | 12:00 UTC | XAUT on Bybit |
| Binance XAUTUSDT | 3,879.5 | 0.0100% | 0.0050% | 4h | 11.0% | $64.31M | $11.47M | 12:00 UTC | XAUT on Binance |
| KuCoin XAUTUSDTM | 3,881.4 | 0.0636% | 0.0318% | 4h | 69.6% | $33.13M | $1.22M | 12:00 UTC | XAUT on KuCoin |
| HTX XAUT-USDT | 3,878.7 | 0.0100% | 0.0050% | 4h | 11.0% | $1.05M | $208K | 12:00 UTC | — |
| MEXC XAUT_USDT | 3,883.2 | 0.0100% | 0.0050% | 4h | 11.0% | $361.70M * | $10.23M | 12:00 UTC | — |
Lowest current quote: Binance XAUTUSDT at 0.0100% per 8h (0.0050% per 4h); highest: KuCoin XAUTUSDTM at 0.0636% per 8h. Positive funding means longs pay shorts, negative means shorts pay longs. These are current quotes for the next interval, not settled payments.
Data comes from exchange public APIs through our existing market feeds. Funding /8h is each exchange's quote normalized to 8 hours; the exchange quote is that rate scaled back to the contract's own interval (rate × hours ÷ 8); APR is the 8h rate × 3 × 365. OI is in USD, counted on one side; * marks open interest left out of the identity's eligible total. Last price is the latest trade close our feed holds, which has no freshness stamp. A perpetual never delivers gold or the token it tracks. Exchange coverage · Data accuracy
FAQ
Which gold perpetual should I use?
It depends on what you want to track. XAU and GOLD contracts follow a gold price feed (an exchange index or a HIP-3 oracle) with no token behind them. PAXG and XAUT perpetuals follow the market price of a gold-backed token, which carries that token's own premium or discount and liquidity. Then compare the current funding quote on your side of the trade, your collateral (USDT or USDC) and the venue's leverage and caps. This page shows the quotes; it does not recommend an instrument.
Does a gold perpetual give me gold or the token?
No. A perpetual is a cash-settled derivative: holding a PAXG or XAUT perp never delivers the token and gives no claim on the gold behind it, and an XAU or GOLD contract has no metal behind it at all. Token redemption terms apply only to the token itself, under its issuer's rules.
Why do funding rates differ between XAU, GOLD, PAXG and XAUT?
Each contract has its own reference price, collateral, funding interval (1h, 4h or 8h), rate caps and positioning, so their quotes move independently. Rates here are normalized to 8 hours for reading side by side, with each exchange's own quote next to them. They are not interchangeable instruments, and a gap between two of them is not a risk-free spread.