Trade gold on Hyperliquid

A spot-gold perp from trade.xyz, and a core perp on a gold-backed token. They behave differently.

Updated Fact-checked November 4, 2026 Data as of 2026-11-04 10:16 UTC 11 sources
Short answer

Yes, two ways. trade.xyz's xyz:GOLD tracks the USD spot price of one troy ounce of gold (XAU/USD), and Hyperliquid's own PAXG perp tracks PAX Gold, a token backed by allocated gold. Gold is the one trade.xyz metal that is not in growth mode, so its fees are higher. In the 24 hours to 2026-11-04 10:16 UTC, xyz:GOLD traded $92.6M with $317M open interest at a mark of $4,047.70 (Hyperliquid API).

Live market data

xyz:GOLD HIP-3 · run by trade.xyz
Live
Mark price
$4,047.70
24h change
+3.54%
24h volume
$92.6M
Open interest
$317M
Funding (1h)
+0.0006%
Funding (annualized)
+5.5%
Max leverage
25x
Taker / maker fee
0.09% / 0.03%

Standard HIP-3 fees (deployer fee scale 1): 2x core perp rates. Fees are tier 0 before staking or referral discounts.

PAXG Hyperliquid core perp
Live
Mark price
$4,047.90
24h change
+3.44%
24h volume
$6.04M
Open interest
$26.6M
Funding (1h)
+0.0013%
Funding (annualized)
+10.9%
Max leverage
10x
Taker / maker fee
0.045% / 0.015%

Validator-operated market. Fees are tier 0 before staking or referral discounts.

Hyperliquid API snapshot, 2026-11-04 10:16 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is in USD at the mark price.

Two gold markets

xyz:GOLD is trade.xyz’s HIP-3 perp on the USD spot price of one troy ounce of gold (XAU/USD). Unlike oil or copper, gold has a deep spot market, so trade.xyz prices it from spot quotes rather than futures, and there’s no monthly roll.

PAXG is one of Hyperliquid’s own validator-operated perps. It tracks the token PAX Gold, which its issuer backs with allocated gold. Its oracle is Hyperliquid’s usual crypto oracle: a weighted median of PAXG spot prices on major exchanges. It trades 24/7 on crypto venues, so there’s no “market closed” period, but it follows the token, which can sit at a small premium or discount to spot gold.

Both are cash-settled in USDC. Neither gives you metal or a claim on a vault.

Why gold costs more to trade here

Hyperliquid lets HIP-3 deployers switch on growth mode, which cuts fees by at least 90%, only for markets that don’t overlap an existing validator-run perp. trade.xyz’s fee page names gold specifically as ineligible “because PAXG-USDC already tracks gold price”. So xyz:GOLD pays standard HIP-3 fees: 0.09% taker / 0.03% maker at tier 0, ten times what xyz:SILVER or xyz:SP500 pay. The core PAXG perp pays core rates (0.045% / 0.015%). If you trade gold actively, that difference adds up; compare the fee lines on the live cards above.

Hours: 23/5 external price, 24/7 trading

The external price for xyz:GOLD runs Sunday 6:00 PM to Friday 5:00 PM ET, with a daily maintenance gap from 5:00 to 6:00 PM ET Monday to Thursday, and it follows futures-market holiday closures. Outside those hours the market keeps trading and the oracle switches to trade.xyz’s internal pricing, which follows Hyperliquid’s own order book inside discovery bounds. When the external feed returns, the price snaps back to it, which can move the mark in one step.

xyz:GOLD uses ±4% bands with two re-anchors per direction, so the weekend market can move at most about +12.5% / −11.5% from Friday’s close.

Which one to use

xyz:GOLD usually has far more volume and open interest, and tracks spot gold directly. PAXG has lower fees and no internal-pricing session, but a thinner book and a token-specific basis. Silver, platinum and palladium are also listed by trade.xyz; see silver on Hyperliquid.

Contract specs

xyz:GOLD · trade.xyz

TracksThe USD spot price of 1 troy ounce of gold (XAU/USD).
Price sourceLiquid spot gold quotes (not futures).
External hoursExternal price 23/5: Sunday 6:00 PM to Friday 5:00 PM ET, with a daily 5:00–6:00 PM ET gap Monday to Thursday.
Outside those hoursDuring the daily gap, weekends and futures holidays the market keeps trading on internal pricing, limited by discovery bounds.
Max leverage25x (live from the API)
Margin modeCross or isolated (your choice); live from the API
Price limits±4% per band, 2 re-anchors per direction
SettlementCash-settled in USDC; no shares, coins or barrels change hands.
Spec sourcetrade.xyz Specification Index (reviewed November 4, 2026)

PAXG · Hyperliquid (validator-operated)

TracksThe Hyperliquid oracle index of PAX Gold (PAXG), a token backed by allocated gold spot, quoted in USDT terms and margined in USDC (a quanto contract).
Price sourceValidators publish the oracle every 3 seconds as a weighted median of spot prices on Binance, OKX, Bybit, Kraken, KuCoin, Gate, MEXC and Hyperliquid.
External hours24/7. Crypto spot never closes, so there is no internal-pricing session.
Outside those hoursNot applicable.
Max leverage10x (live from the API)
Margin modeCross or isolated (your choice); live from the API
SettlementCash-settled in USDC; no shares, coins or barrels change hands.
Spec sourceHyperliquid Docs: Contract specifications (reviewed November 4, 2026)

How to trade it

  1. Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz's terms bar US persons. If you're in a restricted place, stop here.
  2. Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
  3. Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
  4. Open the market. Use trade.xyz (its link applies the same Hyperliquid referral) or the official Hyperliquid app, which lists HIP-3 markets alongside core perps. Search for xyz:GOLD or PAXG. Each HIP-3 dex keeps its own margin, separate from core perps, so the app may ask you to move USDC into that dex first.
  5. Choose margin mode and leverage. Some HIP-3 markets are isolated-only (the margin mode row above says which). Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
  6. Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.

Risks

  • It's a perp, not the commodity. You get cash-settled price exposure in USDC. No physical delivery, no futures account, and the price you trade can drift from the underlying, especially when its home market is closed.
  • The deployer runs the oracle. trade.xyz and Hyperliquid (validator-operated) publish the price that drives funding and liquidations, sets leverage limits and can halt and settle a market. Each HIP-3 deployer stakes 500,000 HYPE that validators can vote to slash if the deployer's actions harm the protocol, which is an incentive, not insurance for your position.
  • Outside market hours the price is set by traders here. When the underlying market is shut, the oracle follows this order book within discovery bounds. When the real market reopens, the price can jump to wherever it opens, and stops can fill far from where you set them.
  • Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
  • Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
  • Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.

Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.

Questions people ask

Can you trade gold on Hyperliquid?

Yes. trade.xyz's xyz:GOLD tracks spot gold (XAU/USD) and Hyperliquid's core PAXG perp tracks the PAX Gold token. Both are USDC-margined perps; neither delivers metal.

Why are gold fees higher than silver on Hyperliquid?

trade.xyz's fee docs exclude gold from growth mode because the PAXG market already tracks the gold price, and Hyperliquid only allows growth mode for markets that don't overlap existing validator-run perps. So xyz:GOLD pays standard HIP-3 fees (0.09% taker at tier 0) while silver pays about 0.009%.

Can I trade gold on Hyperliquid on weekends?

Yes, xyz:GOLD trades 24/7. From Friday 5:00 PM to Sunday 6:00 PM ET (and during the daily 5–6 PM ET futures break) the oracle follows Hyperliquid's own order book, limited to ±4% per band, two re-anchors per direction from the last external price.

Can I trade this on Hyperliquid from the US?

No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet.

Sources

  1. trade.xyz docs: Specification Index
  2. trade.xyz docs: Commodities
  3. trade.xyz docs: Discovery bounds
  4. trade.xyz docs: Fees and growth mode
  5. Hyperliquid Docs: Contract specifications
  6. Hyperliquid Docs: Oracle
  7. trade.xyz docs: General disclaimer (restricted persons)
  8. The Block: ICE moves to bring trade.xyz Hyperliquid perps to the US (2026-10-29)
  9. Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-04 10:16 UTC)
  10. Hyperliquid Docs: HIP-3 builder-deployed perpetuals
  11. Hyperliquid Docs: Fees (HIP-3 and growth mode)