Paragon
DEXOpen Interest
$14.27m-1.90%over 24h
Key Metrics
Volume (30d)$127.18m
7d$47.27m
24h$7.03m
All-time$481.88m
8.9x
Markets22
Reference assets22
Asset groups3
0.3%
Est. Fees (30d)$14,146
24h$830.43
All-time$75,326
$172,105
Markets
| Market | Open Interest | Volume | Price | Funding | Est. Fees | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Asset Type | Access Model | Pair | Interval | ||||||||||||
| para:vstVistra Corp. | Stock Perp | Permissionless | $2.18m | -16.57% | $2.04m | $14.74m | $22.56m | VST-USDC | $159.22 | +0.61% | -0.01% | +6.57% | 1h | 10x | $91.95 | $1,015 |
| para:10yU.S. 10-Year Treasury Yield | Bond Perp | Permissionless | $1.82m | -7.40% | $383,093 | $7.72m | $15.37m | 10Y-USDC | $5.26 | -0.19% | +0.201% | +1.10% | 1h | 20x | $17.24 | $691.59 |
| para:ttwoTake-Two Interactive Software, Inc. | Stock Perp | Permissionless | $1.73m | +4.44% | $244,258 | $2.87m | $2.87m | TTWO-USDC | $213.94 | +1.65% | +0.138% | +82.68% | 1h | 10x | $10.99 | $129.34 |
| para:unitreeYushu Technology Co., Ltd. | Stock Perp | Permissionless | $1.53m | +2.71% | $642,333 | $2.21m | $12.26m | UNITREE-USDC | $64.25 | +2.09% | -0.275% | -81.60% | 1h | 10x | $28.91 | $551.74 |
| para:othersAltcoin Market Cap | Crypto Index Perp | Permissionless | $898,013 | +181% | $558,673 | $3.34m | $8.84m | OTHERS-USDC | $216.06 | +1.93% | -0.004% | -25.08% | 1h | 10x | $251.40 | $3,977 |
| para:btcdBitcoin Dominance | Crypto Index Perp | Permissionless | $894,285 | +7.05% | $70,015 | $573,418 | $5.76m | BTCD-USDC | $60.22 | +0.33% | +0.12% | +15.94% | 1h | 20x | $31.51 | $2,591 |
| para:crdoCredo Technology Group Holding Ltd | Stock Perp | Permissionless | $713,656 | -0.05% | $231,348 | $2.44m | $10.97m | CRDO-USDC | $212.86 | -3.21% | +0.037% | +4.78% | 1h | 10x | $10.41 | $493.72 |
| para:cohrCoherent Corp. | Stock Perp | Permissionless | $610,009 | +36.48% | $1.03m | $2.73m | $7.03m | COHR-USDC | $309.10 | -2.73% | +0.08% | +27.77% | 1h | 10x | $46.56 | $316.36 |
| para:total2Total Crypto Market Cap ex-BTC | Crypto Index Perp | Permissionless | $556,551 | -22.77% | $640,935 | $1.02m | $6.2m | TOTAL2-USDC | $1,099 | +1.25% | -0.133% | -50.99% | 1h | 20x | $288.42 | $2,790 |
| para:avgoBroadcom Inc. | Stock Perp | Permissionless | $519,384 | -2.52% | $30,101 | $881,158 | $7.33m | AVGO-USDC | $361.96 | -2.65% | -0.315% | -145% | 1h | 10x | $1.35 | $329.64 |
| para:glwCorning Incorporated | Stock Perp | Permissionless | $419,128 | +16.04% | $140,962 | $566,036 | $1.89m | GLW-USDC | $155.86 | -1.64% | +0.049% | +6.57% | 1h | 10x | $6.34 | $84.86 |
| para:lrcxLam Research Corporation | Stock Perp | Permissionless | $362,934 | -43.33% | $197,827 | $873,788 | $5m | LRCX-USDC | $320.46 | -2.76% | +0.018% | +6.57% | 1h | 10x | $8.90 | $225.10 |
| para:irenIREN Limited | Stock Perp | Permissionless | $354,032 | -2.20% | $35,205 | $315,815 | $2.56m | IREN-USDC | $35.03 | -3.33% | +0.029% | +6.57% | 1h | 10x | $1.58 | $115.09 |
| para:stxSeagate Technology Holdings plc | Stock Perp | Permissionless | $342,258 | -12.07% | $75,715 | $2.71m | $4.33m | STX-USDC | $781.64 | -0.70% | +0.017% | +9.98% | 1h | 10x | $3.41 | $194.63 |
| para:smciSuper Micro Computer, Inc. | Stock Perp | Permissionless | $272,486 | -3.77% | $25,593 | $229,215 | $1.74m | SMCI-USDC | $41.16 | -4.42% | -0.007% | +6.57% | 1h | 10x | $1.15 | $78.50 |
| para:cienCiena Corporation | Stock Perp | Permissionless | $214,034 | -4.05% | $44,651 | $484,803 | $1.71m | CIEN-USDC | $443.58 | +1.71% | +0.001% | -1.51% | 1h | 10x | $2.01 | $76.91 |
| para:cifrCipher Digital Inc. | Stock Perp | Permissionless | $214,009 | +9.75% | $154,217 | $1.02m | $1.02m | CIFR-USDC | $13.28 | -0.44% | +0.112% | +12.36% | 1h | 10x | $6.94 | $45.80 |
| para:aaoiApplied Optoelectronics, Inc. | Stock Perp | Permissionless | $156,555 | -52.68% | $285,066 | $1.06m | $3.42m | AAOI-USDC | $111.87 | -1.20% | -0.005% | +6.57% | 1h | 10x | $12.83 | $153.94 |
| para:terTeradyne, Inc. | Stock Perp | Permissionless | $146,177 | -4.77% | $76,230 | $715,313 | $1.91m | TER-USDC | $404.52 | -0.85% | -0.053% | +6.57% | 1h | 10x | $3.43 | $85.74 |
| para:netCloudflare, Inc. | Stock Perp | Permissionless | $139,342 | +1.25% | $41,408 | $406,980 | $1.27m | NET-USDC | $356.94 | +3.24% | -0.007% | +6.57% | 1h | 10x | $1.86 | $57.22 |
| para:crwdCrowdStrike Holdings, Inc. | Stock Perp | Permissionless | $103,061 | +17.10% | $30,930 | $190,615 | $2.2m | CRWD-USDC | $271.57 | +2.21% | -0.113% | -38.35% | 1h | 10x | $1.39 | $98.89 |
| para:rddtReddit, Inc. | Stock Perp | Permissionless | $94,197 | +7.85% | $40,791 | $170,051 | $961,382 | RDDT-USDC | $161.18 | +3.03% | -0.051% | -12.70% | 1h | 10x | $1.84 | $43.26 |
About Paragon
Paragon is a HIP-3 builder-deployed perpetual venue on Hyperliquid built by N8V Labs and founded by Taha El-Magbri, focused on crypto-native market-index perpetuals. Launched April 2, 2026, it became the first venue to list cash-settled perpetual contracts on widely tracked analytical benchmarks — BTC.D (Bitcoin's share of total crypto market cap), TOTAL2 (total crypto market cap excluding Bitcoin), and OTHERS (altcoin market cap excluding the top 10) — with up to 50× leverage. Markets appear under the para namespace on Hyperliquid and are margined and cash-settled in USDC.
Entity
Legal entityN8V Labs (Paragon)
Primary chainHyperliquid L1
Registry
Paragon is built by N8V Labs and led by Founder Taha El-Magbri. Markets are deployed under the para namespace on Hyperliquid via HIP-3 builder-deployed perpetuals. Paragon launched the first crypto-native perpetual index markets (BTC.D, TOTAL2, OTHERS) on April 2, 2026.
Markets
Open interest by asset group
Asset classes
Fees & revenue
Revenue modelMaker/Taker Fees + Funding Skim
ConfidenceIssuer-Disclosed
Margin settlement assetsUSDC (Hyperliquid)
Fees last verified2026-05-11
Paragon is a HIP-3 builder-deployer on Hyperliquid. Fees follow HIP-3 framework: standard taker ~7-9 bps, Growth Mode taker ~0.45-0.9 bps. 50% of fees go to Paragon deployer, 50% to Hyperliquid protocol. Source: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals