According to BlockBeats, on February 3rd, data from Hyperliquid showed that among gold-related contracts on the platform, the trading activity of the synthetic asset xyz:GOLD was significantly higher than that of the physically pegged token PAXG. Its 24-hour trading volume was approximately 12 times that of PAXG, reaching $410 million, while its open interest reached $170 million, more than double that of PAXG. Specific data comparisons are as follows:
PAXG (issued by Paxos, 1:1 pegged to physical gold): 24-hour trading volume of approximately $34.5 million, open interest of approximately $77.7 million, and supports up to 10x leverage.
xyz:GOLD (a synthetic gold asset deployed by TradeXYZ via HIP-3): 24-hour trading volume of approximately $410 million, open interest of approximately $170 million, and supports up to 20x leverage.
Furthermore, Hyperliquid significantly outperforms other platforms in total open interest for gold contracts, but its trading volume remains significantly lower than Binance's. Binance's PAXG contracts saw a 24-hour trading volume of approximately $940 million and an open interest of approximately $154 million, supporting leverage up to 75x.
According to Hyperinsight monitoring , perhaps due to lower end-to-end costs and better order book depth, the current PAXG long whale on the Hyperliquid platform are generally less than $4 million, while the long positions of xyz:GOLD are significantly larger.
