Competitive leverage
ETF vs Perps — Leveraged Gold
$10k start · daily rebalance to constant L× · Binance PAXGUSDT vs UGL (2×) and SHNY (3×). Liquid CEX gold perps vs matched leveraged ETF/ETN — same retail leverage comparison. No theoretical leverage sleeve — traded products only.
Head-to-head: equivalent leverage
Relative wealth = perp equity ÷ ETF/ETN equity. Above 1.00 means the perp sleeve kept more capital.
| Pair | ETF/ETN end | ETF return | BN perp end | Perp return | Edge $ | Wealth advantage | Return gap (pp) |
|---|
2x pair — equity
3x pair — equity
Perp advantage over time (%)
(BN perp equity ÷ ETF/ETN equity − 1) × 100. Positive = perps ahead.
2x estimated performance gap ($)
UGL: how far the fund lags a clean 2× daily move in GLD. BN: funding + trading fees paid on the perp.
3x estimated performance gap ($)
SHNY: how far the fund lags a clean 3× daily move in GLD. BN: funding + trading fees paid on the perp.
Cost head-to-head scoreboard (end of window)
| Sleeve | Definition | Cumulative $ | % of $10k | Eff. rate / yr |
|---|
Daily time series
| Date | ETF2 eq | BN2 eq | Adv 2x% | ETF3 eq | BN3 eq | Adv 3x% | UGL cost$ | BN2 fees$ | SHNY cost$ | BN3 fees$ |
|---|
Market context — gold price
PAXGUSDT close (perp collateral / PnL mark). ETF/ETN remain GLD-linked. Source: Binance Vision
Market context — Binance PAXGUSDT funding (each day's APY %)
That day's funding annualized (daily sum of 4h prints × 365). Chart-only scale — the sim still applies each day's raw rate to then-current notional after rebalance.