Paragon
DEXOpen Interest
$14.18m-0.96%over 24h
Key Metrics
Volume (30d)$125.46m
7d$45.55m
24h$5.31m
All-time$480.16m
8.9x
Markets22
Reference assets22
Asset groups3
0.3%
Est. Fees (30d)$14,133
24h$817.97
All-time$75,313
$171,953
Markets
| Market | Open Interest | Volume | Price | Funding | Est. Fees | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Asset Type | Access Model | Pair | Interval | ||||||||||||
| para:vstVistra Corp. | Stock Perp | Permissionless | $2.18m | +0.52% | $1m | $13.7m | $21.51m | VST-USDC | $161.43 | +3.17% | -0.022% | +6.57% | 1h | 10x | $45 | $968.13 |
| para:10yU.S. 10-Year Treasury Yield | Bond Perp | Permissionless | $1.81m | -5.14% | $335,542 | $7.67m | $15.32m | 10Y-USDC | $5.25 | +0.27% | +0.19% | +1.10% | 1h | 20x | $15.10 | $689.45 |
| para:ttwoTake-Two Interactive Software, Inc. | Stock Perp | Permissionless | $1.73m | +4.68% | $277,964 | $2.91m | $2.91m | TTWO-USDC | $214.12 | +2.15% | +0.063% | +25.46% | 1h | 10x | $12.51 | $130.86 |
| para:unitreeYushu Technology Co., Ltd. | Stock Perp | Permissionless | $1.53m | +4.08% | $586,696 | $2.16m | $12.21m | UNITREE-USDC | $64.15 | +2.58% | -0.311% | -185% | 1h | 10x | $26.40 | $549.24 |
| para:btcdBitcoin Dominance | Crypto Index Perp | Permissionless | $893,043 | +7.37% | $50,736 | $554,139 | $5.74m | BTCD-USDC | $60.13 | +0.10% | +0.063% | +21.55% | 1h | 20x | $22.83 | $2,582 |
| para:crdoCredo Technology Group Holding Ltd | Stock Perp | Permissionless | $721,473 | +7.03% | $205,905 | $2.42m | $10.95m | CRDO-USDC | $215.53 | +3.02% | -0.09% | -13.67% | 1h | 10x | $9.27 | $492.57 |
| para:total2Total Crypto Market Cap ex-BTC | Crypto Index Perp | Permissionless | $701,356 | -2.73% | $719,122 | $1.1m | $6.28m | TOTAL2-USDC | $1,099 | +1.12% | -0.108% | -54.77% | 1h | 20x | $323.61 | $2,825 |
| para:othersAltcoin Market Cap | Crypto Index Perp | Permissionless | $699,335 | +119% | $660,110 | $3.44m | $8.94m | OTHERS-USDC | $215.24 | +1.72% | -0.036% | -2.90% | 1h | 10x | $297.05 | $4,023 |
| para:cohrCoherent Corp. | Stock Perp | Permissionless | $572,898 | -45.02% | $726,959 | $2.42m | $6.72m | COHR-USDC | $311.75 | +1.98% | +0.05% | +21.64% | 1h | 10x | $32.71 | $302.51 |
| para:avgoBroadcom Inc. | Stock Perp | Permissionless | $518,721 | +1.64% | $25,021 | $876,078 | $7.32m | AVGO-USDC | $361.69 | +0.90% | -0.224% | -134% | 1h | 10x | $1.13 | $329.41 |
| para:glwCorning Incorporated | Stock Perp | Permissionless | $421,764 | +7.89% | $53,598 | $478,672 | $1.8m | GLW-USDC | $156.84 | +3.16% | +0.019% | +6.57% | 1h | 10x | $2.41 | $80.93 |
| para:lrcxLam Research Corporation | Stock Perp | Permissionless | $357,257 | -6.01% | $24,586 | $700,547 | $4.83m | LRCX-USDC | $320.06 | +0.45% | +0.04% | +16.79% | 1h | 10x | $1.11 | $217.30 |
| para:irenIREN Limited | Stock Perp | Permissionless | $353,819 | -0.82% | $21,644 | $302,253 | $2.54m | IREN-USDC | $34.83 | -2.56% | +0.063% | +6.57% | 1h | 10x | $0.97 | $114.48 |
| para:stxSeagate Technology Holdings plc | Stock Perp | Permissionless | $353,233 | -4.78% | $60,145 | $2.69m | $4.31m | STX-USDC | $780.04 | +0.20% | +0.081% | +23.92% | 1h | 10x | $2.71 | $193.93 |
| para:smciSuper Micro Computer, Inc. | Stock Perp | Permissionless | $276,360 | -5.54% | $14,275 | $217,897 | $1.73m | SMCI-USDC | $41.75 | -1.41% | +0.043% | +6.57% | 1h | 10x | $0.64 | $77.99 |
| para:cifrCipher Digital Inc. | Stock Perp | Permissionless | $215,114 | -24.94% | $98,788 | $962,280 | $962,280 | CIFR-USDC | $13.30 | -0.43% | +0.041% | +16.28% | 1h | 10x | $4.45 | $43.30 |
| para:cienCiena Corporation | Stock Perp | Permissionless | $214,667 | -1.86% | $33,020 | $473,172 | $1.7m | CIEN-USDC | $446.81 | +4.48% | -0.081% | -12.85% | 1h | 10x | $1.49 | $76.39 |
| para:aaoiApplied Optoelectronics, Inc. | Stock Perp | Permissionless | $154,414 | -39.85% | $241,863 | $1.01m | $3.38m | AAOI-USDC | $111.28 | +4.44% | -0.046% | +6.57% | 1h | 10x | $10.88 | $152 |
| para:terTeradyne, Inc. | Stock Perp | Permissionless | $145,462 | -0.47% | $73,558 | $712,641 | $1.9m | TER-USDC | $403.41 | +2.10% | -0.017% | -2.91% | 1h | 10x | $3.31 | $85.62 |
| para:netCloudflare, Inc. | Stock Perp | Permissionless | $132,446 | -1.87% | $47,169 | $412,741 | $1.28m | NET-USDC | $362.27 | +6.60% | +0.025% | +6.57% | 1h | 10x | $2.12 | $57.48 |
| para:crwdCrowdStrike Holdings, Inc. | Stock Perp | Permissionless | $103,844 | +23.40% | $15,417 | $175,102 | $2.18m | CRWD-USDC | $273.39 | +3.68% | -0.089% | -37.26% | 1h | 10x | $0.69 | $98.19 |
| para:rddtReddit, Inc. | Stock Perp | Permissionless | $93,346 | -5.77% | $35,238 | $164,499 | $955,829 | RDDT-USDC | $160.78 | +2.86% | -0.085% | -33.59% | 1h | 10x | $1.59 | $43.01 |
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