You're being paid 3.36% to absorb price risk. Only ~3.36% of it is real fees — and they stop covering impermanent loss if PAXG-WETH diverges more than ±69%.
Real fee/staking yield: 3.36% · token emissions: 0% of the headline.
Break-even fact: a ±69% move in PAXG-WETH erases a full year of the fees you actually keep (~3.36%). Whether that move happens is up to the market — but any emissions inflating the headline will fade regardless.
Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.