Live market
Gold and silver, live from a perpetual market
The gold price on this page is a perpetual contract price read from an exchange order book, which tracks the spot price of gold without anybody holding or delivering metal, and the funding figure beside it is what it costs to keep that position open.
Read from the exchange as this page rendered. These are perpetual contracts on gold and silver, which is a different thing from a spot quote, and the difference is the first section below.
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Pacifica Market Maker
runs a maker strategy on this same Pacifica book and shows spread, inventory and PnL as they change.
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| Metal | Price | Since yesterday | Funding | Open interest |
|---|---|---|---|---|
| Silver XAG | $66.47 | +0.46% | 0.0013% | 7,833 XAG |
| Gold XAU | $4,337.55 | -0.16% | 0.0013% | 330 XAU |
Read from the Pacifica perpetual book at 2026-09-23 02:12 UTC, through our own keyless relay, and refreshed at most every five minutes. Perpetual contract prices, not a dealer quote for physical metal, and no metal is held or delivered anywhere in them.
72 of the 78markets on this venue quoted the same funding figure as gold when this page rendered. That is the venue's baseline rate, so treat a funding number sitting on it as saying nothing about metals.
What a gold perpetual is, and what it is not
It is a contract whose price follows gold, held on margin, with no expiry to roll. There is no metal anywhere in it: nothing is stored, nothing is delivered, and nobody is holding bullion on your behalf. That makes it a way to take a position on the price rather than a way to own the asset, and the distinction matters most precisely when people most want gold, which is when they are worried about the system the contract lives in.
Why this number differs from the spot price you see elsewhere
A dealer quotes spot gold per troy ounce and charges a spread to buy or sell physical metal. This price comes from an order book where traders take leveraged positions, so it sits slightly above or below spot depending on which side is more eager, and funding pulls it back. The two track each other closely and they are not the same number, so quoting this one as the gold price is accurate only if you say where it came from.
Funding is the cost of holding, and it is not storage
Physical gold costs money to keep: a vault, insurance, or a fund's annual fee taken out of your holding. A perpetual has none of those and charges funding instead, paid between longs and shorts at each interval. The costs are not comparable in size or in behaviour: a storage fee is steady and known in advance, while funding moves with positioning and can flip to paying you. Anyone comparing the two should compare them over the same holding period rather than as headline percentages.
Read the funding figure carefully, because most of the time it is not saying anything
This venue has a baseline funding rate, and the large majority of its markets sit exactly on it at any given moment, metals included. The count beside the table says how many did when this page rendered. So two identical funding figures for gold and silver are the normal state and not a coincidence worth reading into, and funding only becomes information about metals on the days it moves off that baseline. A page that presented the baseline as a market signal would be inventing one.
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Open, change it, publish your own
Delta Neutral - Multi Dex
scans perpetual venues for exactly these funding mispricings and opens both legs of the trade.
Open the template
Three working apps that read this kind of market. Open one, change it, and publish your own.
- Pacifica Market Maker
runs a maker strategy on this same Pacifica book and shows spread, inventory and PnL as they change.
- Stocks Delta-Neutral
the same funding spread trade on stock perps, long one venue and short the other.
- Delta Neutral - Multi Dex
scans perpetual venues for exactly these funding mispricings and opens both legs of the trade.
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