PAXG-PERPCrypto · Tokenized assetsTrade PAX Gold (PAXG) Perpetual Futures
Go long or short on PAX Gold with up to 75x leverage. No KYC, no sign-up: connect your wallet and trade 24/7.
- No KYC
- No sign-up
- Self-custody
- Up to 75x leverage
- Mark price
- 3,897.67
- 24h high
- 3,902.72
- 24h low
- 3,895.37
- 24h volume
- 9.9M USDT
PAX Gold is a gold-backed token issued by Paxos Trust Company, a regulated financial institution. Each PAXG token represents one fine troy ounce of gold held in a London Good Delivery bar stored in professional vaults, and Paxos states that the token holder owns the underlying gold. PAXG launched in 2019 as an ERC-20 token on Ethereum.
The token is designed to track the spot price of gold closely. Paxos issues new tokens when customers deposit funds or gold and redeems them when tokens are returned, and it publishes regular attestations from an independent accounting firm confirming that the gold held matches the tokens outstanding. Holders can redeem tokens through Paxos for cash or, subject to minimums and conditions, for physical gold. Because it is an Ethereum token, PAXG can be moved around the clock, divided into small fractions and used in some decentralized finance applications.
PAXG gives crypto users a way to hold gold exposure without leaving blockchain rails. Traders follow it as a hedge, a way to rotate out of more volatile crypto assets, or a way to trade gold outside traditional market hours.
Because PAXG tracks one troy ounce of gold, its price moves with the gold market. Gold responds to real interest rates, since it pays no yield, to the strength of the US dollar, to central bank buying, and to demand for safe havens during geopolitical tension, financial stress or worries about inflation.
Within crypto markets, PAXG can trade at a small premium or discount to spot gold depending on liquidity and demand, particularly on weekends when traditional gold markets are closed. Those gaps usually narrow as issuance and redemption with the issuer keep the token aligned with the metal.
The PAXG perpetual is a futures contract on the price of PAX Gold with no expiry date. You never own PAX Gold itself: you go long if you expect the price to rise or short if you expect it to fall, and settle profit and loss in USDT.
You choose your leverage, up to 75x. Margin is cross: your whole perpetual balance backs every open position. Positions are valued at a mark price taken from market data, which can differ from the last trade, and an order more than 20% away from the mark price is rejected.
- 1Connect a wallet. Connect MetaMask, or log in with email or Google, and sign the login message.
- 2Deposit USDT. Deposit USDT and move it to your perpetual account to use as margin.
- 3Choose long or short and your leverage. Open the PAXG market, pick a direction and leverage, and place a market or limit order.
- 4Manage the position. Set a take-profit or stop-loss, add margin, or close the position whenever you like.
| Topic | Max Orion | Centralized exchange |
|---|---|---|
| Sign-up | No KYC: connect a wallet and sign a message | Email, password and identity checks |
| Your account | Your wallet address is your account | A username held by the exchange |
| Orders | Every order is signed by your wallet | Orders sent under a logged-in session |
| Hours | Crypto, gold and oil, 24/7 | Commodities often follow market hours |
Leverage multiplies losses as well as gains. If the PAX Gold price moves against your position far enough that your perpetual balance, including unrealized losses, falls below the maintenance margin, positions are closed automatically at the prevailing price and you can lose your whole balance. A stop-loss becomes a market order when triggered and is not guaranteed to fill at its price. Only trade with money you can afford to lose. PAX Gold is far less volatile than most crypto assets, since its price follows gold, which typically moves much less than bitcoin or ether.
Frequently asked questions
A PAXG perpetual is a futures contract on the price of PAX Gold with no expiry date. You go long if you expect the price to rise or short if you expect it to fall, post margin in USDT, and keep the position open for as long as your margin covers it.
You can trade PAX Gold perpetuals with up to 75x leverage. The higher the leverage, the smaller the price move against you that liquidates the position.
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.
Every market settles in USDT, with cross margin: your whole perpetual balance backs all of your open positions, so a profit on one adds margin to the others and a loss on one reduces the margin left for all of them.
A perpetual has no expiry, so a periodic funding payment between longs and shorts keeps its price close to the underlying market. When the perpetual trades above the underlying, longs pay shorts; when it trades below, shorts pay longs.
A maker order, which waits in the order book, pays 0.02% of its value. A taker order, which fills immediately, pays 0.06%.
Leverage multiplies losses as well as gains. If the price moves against your position far enough that your margin no longer covers it, the position is liquidated and the margin is lost. Only trade with money you can afford to lose.
