Ethena has released an analysis indicating that the arbitrage potential in the perpetual futures markets for gold tokens, specifically PAXG and XAUT, surpasses that of Bitcoin (BTC) and Ethereum (ETH). Over the past year, the annualized funding rate for PAXG was 5.8% and for XAUT was 12.4%, both exceeding the average rates for BTC and ETH, which stood at 5.2% and 4.1%, respectively. Despite higher daily volatility due to lower trading volumes, gold funding rates were positive 82% to 89% of the time, aligning closely with BTC and ETH. Ethena's analysis also highlights that gold and cryptocurrency funding rates are largely uncorrelated. When cryptocurrency funding rates compress, gold rates tend to remain stable or increase. This suggests that incorporating gold perpetual contracts into a futures-spot arbitrage strategy could enhance returns and reduce volatility, offering a strategic advantage for traders.