Hysteresis can be found in driven many-body systems such as magnets and superfluids. Rate-dependent hysteresis arises when a system is driven periodically while relaxing towards equilibrium. A two-state paramagnet driven by an oscillating magnetic field in the relaxation approximation clearly demonstrates rate-dependent hysteresis. A noninteracting atomic Fermi gas in an optical ring potential, when driven by a periodic artificial gauge field and subjected to dissipation, is shown to exhibit hysteresis loops of atomic current due to a competition of the driving time and the relaxation time. This is in contrast to electronic systems exhibiting equilibrium persistent current driven by magnetic flux due to rapid relaxation. Universal behavior of the dissipated energy in one hysteresis loop is observed in both the magnetic and atomic systems, showing linear and inverse-linear dependence on the relaxation time in the strong and weak dissipation regimes. While interactions in general invalidate the framework for rate-dependent hysteresis, an atomic Fermi gas with artificial spin-orbit coupling exhibits hysteresis loops of atomic currents. Cold-atoms in ring-shape potentials are thus promising in demonstrating rate-dependent hysteresis and its associated phenomena.