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xyz:GOLD’s 24h Trading Volume Surges to $410M, Outpacing PAXG

Hyperliquid data shows xyz:GOLD trading volume 12 times larger than PAXG, as a major trader posts gains from gold-backed crypto positions during the recent rally.

PAXG

Summary

Hyperliquid reported xyz:GOLD’s 24-hour trading volume at $410 million on February 3, far above PAXG’s $34.5 million. Open interest for xyz:GOLD stood at $170 million versus PAXG’s $77.7 million. On February 4, whale activity in PAXG longs saw an entry at $4,839 during gold’s rally to $5,050/oz, generating $150,000 profit (+49%) and holding about $3.1 million in value, making it the second-largest PAXG long on Hyperliquid.

Terms & Concepts
  • Open Interest: The total value of outstanding derivative contracts, such as futures or options, that have not been settled.
  • PAXG (Paxos Gold): A token backed by physical gold, issued by Paxos Trust, representing one troy ounce of gold per token.
  • Perpetual Contract: A type of futures contract in cryptocurrency trading that has no expiry date, allowing traders to hold positions indefinitely.