According to HyperInsight data, PAXG gold token contracts on Hyperliquid have shown strong performance, with trading volume surpassing $47.9 million in the last 24 hours, ranking the 12th on the platform, an increase of over 110.82%.
Strong market performance with expanding open interest
The current open interest for PAXG contracts has climbed to $71.51 million, reflecting sustained market interest and positioning. The funding rate is reported at 0.0013%, a low figure that indicates a balance between bullish and bearish sentiment.
- 24-hour trading volume: $47.9 million
- Total open interest: $71.51 million
- Latest funding rate: 0.0013%
Understanding Funding Rates
In cryptocurrency derivatives markets, funding rates are a key mechanism for anchoring perpetual contract prices to spot prices. When market sentiment is bullish, long positions typically pay funding fees to short positions, helping maintain market equilibrium.