Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
GateRouter
Smartly choose from 40+ AI models, with 0% extra fees
Ethena: The arbitrage opportunities between futures and spot for gold are greater than those for BTC and ETH
Odaily Planet Daily reports that Ethena officially published an arbitrage analysis of the perpetual contract markets for gold tokens (PAXG, XAUT) on X. Data shows that over the past twelve months, the annualized funding rate for PAXG was 5.8%, and for XAUT it was 12.4%, both significantly higher than the average levels of BTC and ETH during the same period (5.2% and 4.1%, respectively). The daily volatility of gold funding rates is higher than that of cryptocurrencies, due to lower market trading volume, but gold funding rates are positive 82% to 89% of the time, similar to BTC (88%) and ETH (85%).
In addition, Ethena also stated that the funding rates of gold and cryptocurrencies are almost uncorrelated. When the funding rate of cryptocurrencies is compressed, gold’s funding rate tends to remain stable or increase. Therefore, including gold perpetual contracts in a calendar or cash-and-carry arbitrage portfolio (holding both spot and equivalent short positions) will improve returns and reduce return volatility.