Gold(XAU) Derivatives Product Experience: Based on short-term testing, whether this product can succeed depends critically on the funding rate. With a 4-hour settlement cycle and limited liquidity, the funding rate soars continuously, often surpassing the 0.05% level. Roughly estimating, the annualized cost can reach over 100%—this number is quite outrageous. Conversely, the annual increase in spot gold usually cannot even reach 100%. In a long-term bullish gold market, this kind of fee structure becomes a trap for long traders. The hard-earned market gains are largely eaten up by funding fees, making the profit or loss uncertain. It seems that without addressing liquidity and fee issues, such products will have little appeal to retail investors.