Ethena: Gold's futures and spot arbitrage opportunities are larger than those of BTC and ETH.

Ethena officially released an arbitrage analysis on the perpetual contract market for gold tokens (PAXG, XAUT) on X. Data shows that over the past twelve months, PAXG's annualized funding rate was 5.8%, and XAUT's was 12.4%, both significantly higher than the average levels of BTC and ETH during the same period (5.2% and 4.1%, respectively). Gold's funding rate exhibits higher daily volatility than cryptocurrencies due to lower market trading volume, but gold's funding rate is positive 82% to 89% of the time, largely consistent with BTC (88%) and ETH (85%). Furthermore, Ethena states that gold and cryptocurrency funding rates are almost uncorrelated; when cryptocurrency funding rates are compressed, gold's funding rates tend to remain stable or rise. Therefore, incorporating gold perpetual contracts into a futures-spot arbitrage strategy (holding both spot and an equal short position) will improve profitability and reduce volatility.