[Ethena: The Arbitrage Space Between Futures and Spot for Gold is Larger Than BTC and ETH] Odaily Planet Daily News - Ethena's official account on X released an analysis of the arbitrage opportunities in the perpetual contract market for gold tokens (PAXG, XAUT). Data shows that over the past twelve months, the annualized funding rate for PAXG was 5.8%, and for XAUT, it was 12.4%, both significantly higher than the average levels for BTC and ETH during the same period (5.2% and 4.1%, respectively). The daily volatility of gold funding rates is higher than that of cryptocurrencies, primarily due to lower market trading volumes. However, gold funding rates were positive 82% to 89% of the time, which is roughly consistent with BTC (88%) and ETH (85%). Additionally, Ethena noted that the funding rates for gold and cryptocurrencies are almost uncorrelated. When cryptocurrency funding rates are compressed, gold funding rates tend to remain stable or even rise. Therefore, incorporating gold perpetual contracts into a futures-spot arbitrage strategy (holding spot positions while simultaneously holding equivalent short positions) can enhance returns and reduce return volatility.