PAX Gold (PAXG) is a tokenized gold product issued by Paxos Trust — each token represents one troy ounce of physical gold held in allocated custody. On Hyperliquid, PAXG trades as a perpetual contract; funding settles hourly.
On 14 August 2026, spot gold fell roughly 1.9% during the Asia-to-Europe session, bringing the PAXG mark to $4,320.40/oz. Open interest stood at $35,722,336 (8,264 oz-equivalent).
| Metric | Value |
|---|---|
| PAXG mark | $4,320.40 / oz |
| 24h change | −2.01% |
| Open interest | $35,722,336 (8,264 oz) |
| Volume 24h | $4,702,206 |
| Funding rate | 0.00125%/hr (= 0.01%/8h) · 10.95%/yr |
| Long daily carry | ~$10,700/day |
Data source: Hyperliquid metaAndAssetCtxs API. Snapshot: 14 Aug 2026, ~10:00 UTC. Funding settles hourly on Hyperliquid; APR = hourly rate × 24 × 365.
At 10.95%/yr on $35.7M of open interest, the long book collectively pays shorts approximately $10,700/day. On a per-position basis:
This is the hourly charge deducted from longs and credited to shorts regardless of price direction. The rate is recalculated each hour and does not persist automatically. It is a cost of carry — not a directional signal or forecast.
Hyperliquid’s funding rate has two components: a baseline interest rate (0.01%/8h = 10.95%/yr, fixed by the protocol) and a premium component that reflects the gap between the perp’s mark price and the spot oracle.
At the time of the snapshot, the PAXG perp mark was at or very close to the oracle, making the premium component approximately zero. The 10.95%/yr rate therefore reflects the baseline interest rate only — the same figure that was printing across the majority of Hyperliquid markets at the same moment. It is not a signal that longs are crowded or that a directional move is imminent.
This is a structural observation about what holding a PAXG long costs. It does not indicate how the long and short books are balanced. For live PAXG price and OI, see ARX’s Gold markets page.
On-chain funding and positioning data, several times a day.
Join ARX Telegram →This is market data commentary for informational purposes only, prepared on a best-efforts basis from publicly available data. It does not constitute financial, investment, legal, or tax advice, or a recommendation to buy, sell, or hold any asset or take any trading action. Past market structure, funding rates, and positioning data do not predict future outcomes. Interacting with on-chain perpetual markets is high-risk — you may lose all or a substantial portion of any amount deployed; conduct your own independent assessment. Data sourced from the Hyperliquid metaAndAssetCtxs API; point-in-time snapshot, 14 Aug 2026 ~10:00 UTC. ARX is a non-custodial SaaS analytics and order-transmission platform: at the user’s explicit instruction, ARX formats and transmits the user’s own order to a Connected Protocol. ARX does not execute, match, or settle orders, does not custody funds, does not manage assets, does not offer leverage, and is not a counterparty — matching and settlement occur at the Connected Protocol. Services may not be available in all jurisdictions. Not available to Prohibited Persons or in Restricted Jurisdictions. T&C · Privacy Policy · Disclosures · Risk.