The precious metals market kicked off 2026 with an epic "roller coaster" trend.

Against the macro backdrop of central banks increasing their holdings, a weakening dollar, and international geopolitical turmoil, gold and silver prices first reached new highs, with gold prices touching $5,400 per ounce and silver prices breaking through $118 per ounce. Within a month, gold saw a maximum increase of about 25%, while silver surged by about 65%. This was followed by a sharp retracement, with gold overall pulling back about 15%-18% from its peak, and silver experiencing a heavy drop of 30%-39%. Such extreme fluctuations have transformed gold and silver from dull safe-haven assets into instruments with profit effects and volatility that rival mainstream cryptocurrencies.

In such a volatile market, for most traders, the optimal choice is not physical holding and delivery, but rather speculating on a direction and magnitude, maximizing profits through capturing price fluctuations. Therefore, gold and silver perpetual contracts, which offer advantages in two-way trading and capital efficiency, have become a priority for many.

In the fierce competition among exchanges launching gold and silver contracts, which platform is truly the best choice? A truly excellent platform must meet the following three criteria:

• Deep liquidity: Accommodating large capital inflows and outflows, avoiding price distortion and extreme spikes.

• Low trading costs: Reducing friction from high-frequency and large transactions.

• High elastic leverage: Fully unleashing the profit potential of trending markets.

Based on this, we conducted a systematic comparison of the gold and silver perpetual contracts on six major platforms: MEXC, Binance, Bybit, Bitget, Gate, and OKX, focusing on liquidity, trading costs, and leverage ratios.

Which of the six CEXs offers the best trading experience for gold/silver contracts?

Liquidity Comparison

In terms of liquidity, we conducted depth and slippage tests on the main gold contract XAUTUSDT and the silver contract XAGUSDT. These metrics directly affect order execution efficiency and costs. The following data is sourced from actual measurements on major exchanges (as of January 27, 2026).

Gold Contract XAUTUSDT

Within the ±0.01% range closest to the market price, MEXC's order volume is nearly 400,000, more than double that of other exchanges. This means that during minor market fluctuations, MEXC can absorb more orders instantly, resulting in smaller price deviations. This is extremely beneficial for quantitative bots or short-term high-frequency strategies, as filling orders becomes very easy and stable.

When we expand to a 1% price range, MEXC provides over 10 million in depth support, compared to the second place OKX at 6.8 million. In volatile markets, this depth makes it less likely to experience exaggerated spike transactions, and the impact of large orders on prices is smaller.

In terms of spreads, Binance excels with the narrowest spreads, providing an advantage in immediate costs during frequent short-term trades. Other exchanges, except for Gate, have slightly wider spreads, but overall remain within a relatively controllable range.

Looking at another important friction cost—slippage. For a 100,000 USDT order, MEXC's slippage loss is only 0.44 USDT, significantly lower than other platforms, with Binance at 2.39 USDT, Bitget at 2.85 USDT, and Gate as high as 7.31 USDT.

In summary, although Binance has the narrowest spreads and advantages for small high-frequency trades, MEXC maintains closer execution prices and reduces impact costs with larger transaction volumes and order execution.

Silver Contract XAGUSDT

Compared to gold, silver typically exhibits higher volatility and is more prone to thinner order books and increased slippage during extreme market conditions. In the ±0.05% depth range, which tests the density of the order book, MEXC ranks first, with order volumes not only higher than Binance but also significantly exceeding Bitget and Gate. For ultra-short and high-frequency trading, orders on MEXC are more likely to be matched close to the execution price, thereby reducing impact costs.

As the price deviation range expands, MEXC's order book advantage becomes even more apparent. Within the ±0.5% depth range, the order volume is about 2.3 million USDT; within the ±1% range, the depth is about 3.4 million USDT, significantly higher than other platforms. Thicker depth means the market has stronger absorption capacity, resulting in less impact from large orders on prices, and extreme fluctuations are less likely to produce spike candles.

In terms of spreads, Binance has the narrowest level, making it more suitable for controlling immediate transaction costs for small frequent trades. MEXC and Bitget are similar, slightly wider than Binance.

In the slippage test, for a 100,000 USDT order size, MEXC and Binance have the lowest slippage loss, around 5 USDT; Bitget is about 7 USDT, and Gate is around 18 USDT. This indicates that for higher volatility assets like silver, MEXC's execution quality is more stable, and implicit trading costs are lower.

Overall, in higher volatility assets like silver, when order sizes increase or market conditions fluctuate dramatically, thicker orders and lower slippage are more likely to determine whether trades are executed close to expectations. When the market is volatile, MEXC's thicker order book can provide a higher margin of safety and execution certainty.

Fee Comparison

Transaction fees are another core factor affecting trading profits. For large capital and high-frequency trading users, even a few basis points of fee difference can lead to significant net value erosion over time.

Comparing the contract fees of six major exchanges, the default range is typically about 0.05% for takers and about 0.02% for makers. For a 1 million USDT order, opening or closing a limit order requires about 200 USDT, while a market order requires 500 USDT; if calculating a complete transaction (opening + closing), the cost can directly double. To unlock lower fees, users often need to hold a large amount of platform tokens or meet high monthly trading volume thresholds to obtain VIP level discounts. This sets a high barrier to entry for ordinary users.

However, MEXC's current limited-time zero-fee promotion directly eliminates this friction cost. Regardless of account size, all users can trade gold or silver contracts without paying platform fees, thereby retaining more profits in their net value and avoiding long-term erosion by fees.

Leverage Comparison

In trending markets for precious metals, leverage can effectively enhance capital efficiency and position management flexibility. Under the same trading opportunities, higher leverage allows traders to control larger nominal capital with less margin, facilitating staggered position building, short-cycle hedging, and high-turnover execution.

Looking at the maximum leverage limits for gold and silver perpetual contracts, MEXC's configuration is significantly higher than most mainstream platforms. MEXC's gold contract offers a maximum leverage of 500 times, while the silver contract reaches up to 200 times. In contrast, Binance, Bitget, and Gate generally limit their gold and silver contracts to 100 times, while Bybit and OKX's gold contracts are only 50 times. This means that, under the same capital and price fluctuation, MEXC users can theoretically control positions 5 times larger than those on Binance and Bitget. Of course, high leverage amplifies both profits and risks. When prices fluctuate in the opposite direction, high leverage is more likely to trigger forced liquidations, necessitating strict risk management.

Moreover, MEXC's high leverage advantage is not isolated; it forms a synergistic effect with zero fees and deep liquidity, creating a 1+1+1>3 combination. Zero fees significantly reduce friction costs for high-frequency, grid, or large transactions, ensuring that every bit of profit stays as much as possible in the user's net value. Thicker depth reduces price impact and slippage during large inflows and outflows, ensuring that opening or closing positions is more stable and closer to expected prices. The combination further amplifies the potential for leveraging small amounts to achieve large gains.

The advantage of "zero fees + globally leading liquidity" empowers diverse traders

MEXC's limited-time zero-fee policy for gold and silver contracts, combined with the platform's outstanding liquidity, will bring tangible benefits to different types of traders.

Beginner Traders: Lower Costs, All-Day Practice Opportunities

For inexperienced beginner traders, MEXC's precious metals perpetual contracts significantly lower the threshold for trying out trading. First, "zero fees" allow beginners to confidently engage in small, frequent trading practice. Second, MEXC supports 24/7 trading, enabling beginners to participate in the market during their spare time, without being restricted to weekday trading hours. Additionally, beginners can flexibly use leverage according to their risk tolerance to seize market opportunities with small funds, which was nearly unimaginable in the past, as traditional gold futures contracts are not friendly to small capital players due to their scale and margin requirements. Of course, beginners should also carefully control their positions and pay attention to risk management to avoid unnecessary losses from excessive leverage.

Intermediate Traders: Favorable for Diverse Strategies

For intermediate traders with some experience, MEXC's gold and silver contracts offer a rich strategic space. First, one-stop trading of diverse assets becomes possible; these traders typically pay attention to both the crypto market and macro safe-haven assets. Now, through MEXC, they can flexibly adjust positions on the same platform. For example, when expecting an increase in macro safe-haven sentiment, they can shift part of their crypto positions to go long on gold or silver contracts, achieving cross-market hedging. This convenience is difficult to achieve in traditional environments, where separate operations are usually required for stock/futures accounts and crypto accounts. Moreover, many intermediate traders have a habit of frequent short-term or swing trading. MEXC's limited-time waiver of gold and silver contract fees makes the cost of switching positions almost zero, allowing traders to adjust their positions more boldly without worries, which is particularly important in volatile markets.

High-Frequency Traders: Ultimate Cost Efficiency

For high-frequency traders and professional traders with massive daily trading volumes, the "zero fee" strategy is tailor-made. These traders capture tiny price differences in seconds and may execute hundreds or thousands of trades in a single day. Even if traditional exchanges charge only a fraction of a fee per trade, the accumulated costs can be substantial. Under the zero-fee promotion, this translates to a direct increase in profit margins under the same strategies. Additionally, MEXC emphasizes that its gold and silver contracts have deep liquidity, which is a lifeline for high-frequency and quantitative trading, allowing for frequent transactions at prices close to theoretical optimal levels without slippage getting out of control. Overall, MEXC's precious metals contracts not only attract professional trading teams but also help enhance the platform's overall liquidity, creating a virtuous cycle.

More importantly, the "zero fee + globally leading liquidity" advantage is also part of MEXC's long-term strategy. After the limited-time promotion ends, MEXC will continue to maintain a highly competitive advantage in fees, creating value for traders. Whether for novice users or professional institutions, trading gold and silver contracts on MEXC will offer unprecedented benefits and convenience.

Conclusion: The Ambition for Expanding a Multi-Asset Trading Ecosystem

The launch of gold and silver contracts on MEXC with a limited-time zero-fee policy may seem like an expansion of contract categories, but it actually reflects the further implementation of its "one-stop, multi-asset trading platform" strategy. As tokenized assets, real-world assets, and crypto assets gradually converge at the trading level, traders are beginning to prefer obtaining exposure to multiple assets such as Bitcoin, stocks, gold, and silver on a single platform. MEXC is responding to this trend by breaking down the boundaries between traditional finance and the on-chain world through a unified trading experience.

Looking ahead, as more commodities, stocks, and other assets are introduced, MEXC is building a "super trading gateway" that spans both crypto-native assets and traditional assets, not binding itself to a specific track for the sake of concepts, but genuinely providing users with efficient, low-cost, and around-the-clock multi-asset trading capabilities. The launch of gold and silver contracts is a landmark node in this process, but far from the endpoint. In the future, whoever can continuously optimize fee structures, enhance liquidity, and meet users' diverse asset allocation needs is more likely to become the main battleground in the "on-chain multi-asset era."