Tokenized Gold (PAXG) Trading Guide: Strategies & Analysis 2026
The dominant P&L driver for active PAXG traders is not gold's macro direction but the structurally non-zero basis between PAXG on-chain and COMEX/LBMA spot, driven by gas costs, 430-token redemption minimums, and compliance-constrained arbitrageurs. High leverage on PAXG (up to 2000x on CoinUnited.io) amplifies basis mis-pricing into significant realized gains or losses, making venue-disaggregated entry models essential, not optional. Fragmentation risk from competing tokenized gold products and compliance-gated redemption pathways structurally prevents full arbitrage convergence, keeping the basis alive for informed traders.