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Paragon
DEXOpen Interest
$6.32mKey Metrics
Volume (30d)$136.8m
7d$38.77m
24h$4.09m
All-time$621.24m
Turnover (30d)21.6x
Markets23
Reference Assets23
Asset Groups4
Share of DEX OI0.2%
Est. Fees (30d)$13,624
24h$195.05
All-time$89,848
Est. Annual$165,758
Taker Fee9 bps
Markets
| Market | Open Interest | Volume | Price | Funding | Est. Fees | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Asset Type | Access Model | Pair | Interval | ||||||||||||
| Stock Perp | Permissionless | $1.59m | -0.22% | $181,600 | $2.95m | $6.15m | TTWO-USDC | $228.65 | +0.02% | +0.089% | +1.67% | 8h | 10x | $8.17 | $276.92 | |
| Bond Perp | Permissionless | $978,433 | -0.00% | $397,387 | $2.94m | $12.2m | 10Y-USDC | $5.14 | 0% | +0.012% | +0.14% | 8h | 20x | $17.88 | $549.18 | |
| Stock Perp | Permissionless | $612,154 | +0.16% | $690,103 | $11.4m | $29.47m | UNITREE-USDC | $101.84 | +0.16% | +0.05% | -25.25% | 8h | 10x | $31.05 | $1,326 | |
| Stock Perp | Permissionless | $507,308 | +0.29% | $1.62m | $6.6m | $13.58m | COHR-USDC | $213.74 | +0.12% | -0.04% | +0.82% | 8h | 10x | $73.09 | $610.96 | |
| Stock Perp | Permissionless | $350,046 | -0.99% | $13,643 | $275,544 | $2.05m | GLW-USDC | $111.88 | +0.03% | +0.031% | +0.82% | 8h | 10x | $0.61 | $92.14 | |
| Stock Perp | Permissionless | $303,228 | -0.47% | $43,700 | $847,825 | $6.92m | VST-USDC | $131.17 | -0.12% | -0.175% | -7.28% | 8h | 10x | $1.97 | $311.42 | |
| Stock Perp | Permissionless | $294,113 | +0.79% | $116,994 | $1.56m | $8.4m | CRDO-USDC | $128.55 | +0.55% | 0% | -1.60% | 8h | 10x | $5.26 | $377.81 | |
| Crypto Index Perp | Permissionless | $244,178 | -0.03% | $3,630 | $388,621 | $2.78m | BTCD-USDC | $60.04 | +0.04% | -0.098% | -5.28% | 8h | 20x | $1.63 | $1,249 | |
| Crypto Index Perp | Permissionless | $220,986 | +0.47% | $19,701 | $2.02m | $8.7m | TOTAL2-USDC | $913.40 | +0.46% | +0.05% | +2.15% | 8h | 20x | $8.87 | $3,915 | |
| Stock Perp | Permissionless | $182,309 | -0.94% | $423,798 | $1.95m | $5.69m | SMCI-USDC | $26.41 | -0.37% | +0.106% | +6.95% | 8h | 10x | $19.07 | $256.11 | |
| Stock Perp | Permissionless | $177,235 | -0.19% | $19,362 | $875,224 | $5.68m | STX-USDC | $520.71 | +0.09% | +0.054% | +5.19% | 8h | 10x | $0.87 | $255.52 | |
| Crypto Index Perp | Permissionless | $161,519 | +0.75% | $3,298 | $1.2m | $6.96m | OTHERS-USDC | $175.24 | +0.66% | -0.013% | +0.82% | 8h | 10x | $1.48 | $3,133 | |
| Stock Perp | Permissionless | $150,103 | +0.20% | $66,976 | $973,629 | $4.8m | IREN-USDC | $17.83 | +0.68% | 0% | +3.09% | 8h | 10x | $3.01 | $215.79 | |
| Stock Perp | Permissionless | $110,362 | +0.02% | $119,131 | $1.4m | $6.72m | CIFR-USDC | $6.64 | -0.48% | -0.033% | +0.82% | 8h | 10x | $5.36 | $302.53 | |
| Stock Perp | Permissionless | $83,688 | -1.07% | $8,094 | $46,621 | $940,937 | RDDT-USDC | $98.45 | 0% | +0.035% | -58.84% | 8h | 10x | $0.36 | $42.34 | |
| Stock Perp | Permissionless | $73,059 | -0.00% | $79,498 | $376,008 | $2.12m | LRCX-USDC | $222.60 | -0.09% | +0.074% | +3.16% | 8h | 10x | $3.58 | $95.27 | |
| Stock Perp | Permissionless | $72,401 | -0.16% | $22,396 | $379,168 | $1.23m | AVGO-USDC | $341.17 | -0.04% | +0.018% | +0.82% | 8h | 10x | $1.01 | $55.39 | |
| Stock Perp | Permissionless | $67,767 | +1.66% | $130,089 | $314,187 | $1.89m | CRWD-USDC | $232.60 | +0.27% | -0.044% | -3.57% | 8h | 10x | $5.85 | $84.84 | |
| ETF Perp | Permissionless | $35,425 | +16.69% | $52,401 | $674,816 | $2.33m | SMH-USDC | $480.94 | -0.15% | 0% | -76.28% | 8h | 10x | $2.36 | $104.74 | |
| Stock Perp | Permissionless | $32,957 | -0.00% | $36,695 | $1.13m | $3.37m | AAOI-USDC | $48.80 | +0.21% | -0.011% | +0.82% | 8h | 10x | $1.65 | $151.50 | |
| Stock Perp | Permissionless | $32,429 | -0.02% | $17,609 | $149,514 | $1.17m | TER-USDC | $247.74 | +0.47% | +1.371% | +74.43% | 8h | 10x | $0.79 | $52.47 | |
| Stock Perp | Permissionless | $31,977 | -1.04% | $16,791 | $105,925 | $1.38m | CIEN-USDC | $277.16 | -0.19% | +1.153% | +35.30% | 8h | 10x | $0.76 | $62.20 | |
| Stock Perp | Permissionless | $14,415 | +0.41% | $7,652 | $226,200 | $2.29m | NET-USDC | $305 | +0.17% | 0% | +54.33% | 8h | 10x | $0.34 | $103.08 | |
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 50x 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
Perp Maker Fee3 bps
Perp Taker Fee9 bps
Margin Settlement AssetsUSDC
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