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Fully Utilise Your Gold: Earn Up to 30% APY on PAXG While You Trade on Backpack
Backpack enables users to use PAXG (tokenised gold) as collateral to trade across all supported spot and perpetual markets — while earning yield in the same unified account.
Backpack is launching a 14-day campaign where users can earn up to 30% APY on lent PAXG, with trading activity unlocking how much of their PAXG is eligible to earn. All while keeping it fully usable as collateral.
How it works
- Duration: 14 days (April 9, 00:00 UTC – April 22, 23:59 UTC)
- Deposit & Lend PAXG: Deposit PAXG into Backpack. Only lent PAXG is eligible for yield, while remaining fully usable as trading collateral.
- Opt in to the campaign: Go to the campaign quest and opt in to participate.
- Enable Auto-Lend: Turn on Auto-Lend to keep your PAXG continuously lent and earning throughout the campaign.
- Trade to unlock your earning cap: Trade any spot or perpetual markets to generate volume. Your total trading volume determines your tier, which sets the maximum amount of PAXG eligible to earn yield.
- Yield is earned pro-rata: Yield accrues based on how much PAXG you have lent and how long it remains lent during the campaign period.
- Cap applies to eligible PAXG only: Each tier defines a maximum eligible PAXG amount. Lending above your cap will not earn additional yield.
- Rewards are paid in PAXG: Final rewards are distributed in PAXG after the campaign ends.
- Exclusions: USDT/USD volume is excluded and will not count toward your campaign volume.
How the Earning Cap Works
Your PAXG earning is capped based on the trading tier you reach.
If you lend 1 PAXG and unlock a 1.0 PAXG cap, your full position earns yield. If you lend 1.5 PAXG but your cap is still 1.0, only 1.0 PAXG earns, until you trade more to unlock a higher tier.
As you trade, your cap increases. More volume = more of your PAXG earning.
In the campaign quest, you’ll see this broken down clearly:
- Unlocked Capacity — how much PAXG you can earn on
- Currently Earning — how much PAXG is actually earning
- Unused Capacity — how much more you can lend to start earning
If you’ve unlocked more than you’ve lent → lend more PAXG
If you’ve lent more than you’ve unlocked → trade more to increase your cap
Volume Levels
Why This Matters
Most platforms make you choose: earn yield on your gold, or use it to trade.
On Backpack, you don’t have to. Your PAXG can earn yield while remaining fully usable as trading collateral, so you never have to give up trading power to earn.
Get started
Lend your PAXG early to start earning from day one.
Trade to unlock higher tiers: the more you trade, the more of your PAXG becomes eligible to earn. As you move up tiers, your earning capacity increases automatically throughout the campaign.
Disclaimer
Promotional yield applies only to eligible lent PAXG during the campaign period. Actual rewards depend on your trading tier, lent amount, and lending duration. Rewards are paid in PAXG after the campaign ends. Terms, exclusions, and eligibility requirements apply, and Backpack may update campaign parameters if needed.
