Tokenized assets Perpetual Futures
Perpetual futures on tokens linked to real-world assets, including the gold-backed PAX Gold and Tether Gold, and Ondo, the token of a platform that brings traditional financial products on-chain. Every contract settles in USDT.
| Market | Price | Trade | ||||
|---|---|---|---|---|---|---|
| 1 |  PAX GoldPAXG-PERP | 3,898.58−0.06% | −0.06% | 9.9M | 75x | Trade |
| 2 |  Tether GoldXAUT-PERP | 3,880.00−0.05% | −0.05% | 180.1K | 100x | Trade |
| 3 |  OndoONDO-PERP | 0.4106+0.88% | +0.88% | 68K | 100x | Trade |
Tokenized assets are blockchain tokens that represent something held off-chain. PAX Gold, issued by Paxos, and Tether Gold, issued by Tether, each represent one troy ounce of physical gold held in vaults, so their prices follow gold rather than the crypto market. Ondo is different: it is the governance token of Ondo Finance, which issues tokenized products such as US Treasury funds, and it is not backed by those assets.
Gold-backed tokens tend to respond to what moves gold, such as interest rates, the US dollar and demand for safe havens, while Ondo behaves more like other crypto tokens. As USDT-settled perpetuals, you trade the price without holding the token or any claim on gold.
A perpetual future is a contract that tracks the price of an asset and never expires. You can go long, profiting if the price rises, or short, profiting if it falls, without owning the asset itself.
You post margin and choose your leverage. Leverage multiplies both gains and losses: at 10x, a 1% move in the price is a 10% change in your margin. If losses use up the margin, the position is liquidated.
Frequently asked questions
Each PAXG token represents one fine troy ounce of London Good Delivery gold held by Paxos in London vaults, and Paxos says it can be redeemed for that gold. Its price closely follows gold but can differ slightly, since it trades as a token on its own markets.
Both represent one troy ounce of physical gold per token. PAXG is issued by Paxos with gold held in London, while XAUT is issued by Tether with gold held in Switzerland.
No. A perpetual position is a contract on the token's price, settled in USDT. You do not hold the token, so you have no claim on the gold behind it.
No. ONDO is a governance token used to vote on Ondo Finance decisions. The tokenized Treasury products Ondo issues are separate assets, and holding ONDO is not a claim on them.
They are tokens issued and traded on blockchains, so they belong to the crypto category even when the asset behind them is gold. The TradFi category is for contracts on traditional markets themselves.
No. There is no KYC and no sign-up form. You connect a wallet and sign a message to log in — self-custody wallet sign-in, with no password — then deposit USDT to start trading.
A perpetual future is a contract that tracks the price of an asset and never expires. You can go long, profiting if the price rises, or short, profiting if it falls, without owning the asset itself.
There are 75 perpetual futures markets, across crypto, gold and oil, all settled in USDT with cross margin.
No. A perpetual has no expiry date, so you can hold a position for as long as your margin covers it.
Maker orders pay 0.02% and taker orders 0.06% of the order value, on every market.
Yes. Every market is open 24/7, including gold and oil.