PAXG PERP, gold exposure up to 10x on Swapmos

PAXG is a token redeemable against allocated physical gold, so it trades close to the spot bullion price. That price responds to real interest rates, the dollar, central bank buying and geopolitical risk rather than to the crypto cycle. As a USDC margined perpetual there is no expiry and no storage question, funding passes between longs and shorts, and leverage magnifies moves either way.

Taking you to the live market

Leverage works in both directions. At 100x, a 1% move against a position takes out all of the margin behind it.