PAX Gold (PAXG) perp index risk
Each exchange prices PAXG perp liquidations from a mark price built on an index: a weighted basket of spot prices. This page shows each index's composition and an estimate of how much resting spot liquidity backs it.
Index depth is a static-book estimate for the index, not the mark. Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice. Methodology and limitations · Constituent changes · All perps
Indexes: Binance PAXGUSDT · Bitget PAXGUSDT · Bybit PAXGUSDT
Binance PAXGUSDT index
index PAXGUSDT · constituents 2026-10-02 19:20ZComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Snapshot price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | PAXGUSDT | spot | 67.2% | 4154.01 2026-10-02 19:20Z |
+0.00% | |
| Coinbase | PAXG-USD*uindex(USDUSDT) | spot | 9.0% | 4154.45 2026-10-02 19:20Z |
+0.02% | |
| MEXC | GOLD(PAXG)USDT | spot | 9.0% | 4154 2026-10-02 19:20Z |
+0.00% | |
| Gate | PAXG_USDT | spot | 6.0% | 4153.42 2026-10-02 19:20Z |
-0.01% | |
| binance_cross2 | PAXGUSDC*USDCUSDT | cross | 4.5% | 4153.61 2026-10-02 19:20Z |
-0.00% | |
| uniswapv2 | PAXG-WETH*uindex(ETHUSDT) | dex | 4.5% | 4148.22 2026-10-02 19:20Z |
-0.13% |
Prices as published by Binance with the composition; each price shows its observed snapshot time in UTC. Widest constituent spread 0.15%. Guard: Binance caps a source more than 3% from the median (exchange doc, rule set binance-usdm-2026-09-25). Modelled index from these prices: 4153.74.
Mark and index
Observed mark 4153.990000, last price 4154.300000 (5-minute bucket starting 2026-10-02 19:25Z; mark observation time unavailable). Mark vs modelled index comparison withheld: the sources cannot establish a same-minute observation. Composition prices above are separate snapshots and may have drifted. No modelled mark move is shown for this perp.
Index depth and est. liquidation exposure
No static-book estimate for this perp yet: index depth is only estimated for perps whose spot books are sampled. Today that covers 108 coins (Binance 16, Bybit 73, Bitget 60); the majors are not sampled yet. Covered examples: ACE, ACT, AIGENSYN, AIXBT, ALICE, APEX. The composition and guard above still apply.
Bitget PAXGUSDT index
index PAXGUSDT · constituents 2026-10-02 18:37Z · coverage OkComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Snapshot price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | PAXG/USDT | spot | 84.1% | 4149.74 2026-10-02 18:37Z |
+0.02% | |
| KuCoin | PAXG/USDT | spot | 7.7% | 4149.05 2026-10-02 18:37Z |
-0.00% | |
| OKX | PAXG/USDT | spot | 5.6% | 4149.1 2026-10-02 18:37Z |
+0.00% | |
| Bitget | PAXG/USDT | spot | 2.5% | 4148.09 2026-10-02 18:37Z |
-0.02% |
Prices as published by Bitget with the composition; each price shows its observed snapshot time in UTC. Widest constituent spread 0.04%. Guard: Bitget drops a source more than 5% from the median (exchange doc, rule set bitget-usdtm-2025-10-13). Modelled index from these prices: 4149.61.
Mark and index
No observed mark price in the last 20 minutes.
Index depth and est. liquidation exposure
| Range | Index depth (est.) | Depth / OI | Est. liquidation exposure | of which observed | Exposure-to-depth ratio (est.) |
|---|---|---|---|---|---|
| +2% | - | - | $18M | $0 | - |
| +5% | - | - | $28M | $30k | - |
| -2% | - | - | $18M | $0 | - |
| -5% | - | - | $28M | $70k | - |
Coverage 100% of index weight modelled. Included OI $160M (100% complete, exposure ok). Confidence high. Estimate 2026-10-02 19:24Z, books 2026-10-02 19:22Z, exposure 2026-10-02 19:20Z. Models: static-book v1; bitget-usdtm-2025-10-13; liq-in-range v1; prior hl-2026-09-27.
Index depth history (est.): collecting history, 2 hourly points so far. The chart appears once 24 are stored.
Bybit PAXGUSDT index
index PAXGUSDT · constituents 2026-10-02 18:35ZComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Snapshot price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | PAXGUSDT | spot | 75.8% | 4149.19 2026-10-02 18:35Z |
+0.04% | |
| Kraken | PAXG/USD | spot | 9.4% | 4147.51 2026-10-02 18:35Z |
-0.00% | |
| Gate | PAXG_USDT | spot | 5.8% | 4147.61 2026-10-02 18:35Z |
+0.00% | |
| OKX | PAXG-USDT | spot | 5.6% | 4147.2 2026-10-02 18:35Z |
-0.01% | |
| KuCoin | PAXG-USDT | spot | 3.5% | 4149.05 2026-10-02 18:35Z |
+0.03% |
Prices as published by Bybit with the composition; each price shows its observed snapshot time in UTC. Widest constituent spread 0.05%. Guard: Bybit drops a source more than 3% from the median (exchange doc, rule set bybit-linear-2026-09-04). Modelled index from these prices: 4148.83.
Mark and index
Observed mark 4154.310000, last price 4154.200000 (5-minute bucket starting 2026-10-02 19:25Z; mark observation time unavailable). Mark vs modelled index comparison withheld: the sources cannot establish a same-minute observation. Composition prices above are separate snapshots and may have drifted. No modelled mark move is shown for this perp.
Index depth and est. liquidation exposure
No static-book estimate for this perp yet: index depth is only estimated for perps whose spot books are sampled. Today that covers 108 coins (Binance 16, Bybit 73, Bitget 60); the majors are not sampled yet. Covered examples: ACE, ACT, AIGENSYN, AIXBT, ALICE, APEX. The composition and guard above still apply.
Constituent divergence history, last 30 days
No constituent divergence recorded for PAXG in the last 30 days.
Index, not mark. Index depth is a static-book estimate of resting spot liquidity between the index and the stated move, after the exchange's guard. Liquidations use the mark price, which also follows the perp's own price and basis. Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice.
Method. Constituents and weights come from each exchange's public index API, refreshed hourly. Spot order books are sampled every 5 minutes. Sources we cannot read are held fixed, so the figure is neither an upper nor a lower bound. See how mark and index prices work and the constituent change log.
PAXG index risk FAQ
What does this page show?
For each PAXG perpetual on Binance, OKX, Bybit and Bitget: the spot sources the exchange uses for its index and their weights, how far each source's price currently sits from the median of the others (observed), the exchange's published outlier guard, and a static-book estimate of resting spot liquidity between the index and +/-2% and +/-5%.
Is index depth the amount needed to move the mark price?
No. Liquidations use the mark price, which also depends on the perp's own price and basis. Index depth is a static-book estimate for the index only: real books refill and arbitrage closes gaps, so it is neither an upper nor a lower bound on any real-world figure.
What do the coverage states mean?
OK: at least 80% of index weight comes from order books we read, books under 15 minutes old and constituents under 2 hours old. Partial: 50-80% modelled, the rest held fixed. Stale: the last estimate is older than that and is shown greyed. Insufficient: composition only, no depth or ratio.
Why is the sensitivity marked uncalibrated?
It multiplies the static-book figure by 0.5x, 1x and 2x to show how much the estimate depends on book refill. The multipliers are not fitted to observed events yet, so treat them as a range of assumptions, not a measurement.