Paragon
DEXOpen Interest
$12.05mKey Metrics
Volume (30d)$127.95m
7d$34.44m
24h$2.05m
All-time$509.3m
Turnover (30d)10.6x
Markets22
Reference Assets22
Asset Groups3
Share of DEX OI0.2%
Est. Fees (30d)$15,302
24h$180.82
All-time$78,917
Est. Annual$186,169
Markets
| Market | Open Interest | Volume | Price | Funding | Est. Fees | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Asset Type | Access Model | Pair | Interval | ||||||||||||
| para:unitreeYushu Technology Co., Ltd. | Stock Perp | Permissionless | $1.51m | -0.08% | $32,089 | $1.91m | $9.79m | UNITREE-USDC | $63.01 | -0.35% | -0.053% | -12.72% | 1h | 10x | $1.44 | $440.77 |
| para:10yU.S. 10-Year Treasury Yield | Bond Perp | Permissionless | $1.51m | +4.02% | $117,056 | $4.89m | $17.88m | 10Y-USDC | $5.11 | -0.60% | +0.095% | +1.10% | 1h | 20x | $5.27 | $804.40 |
| para:ttwoTake-Two Interactive Software, Inc. | Stock Perp | Permissionless | $1.32m | -3.05% | $79,754 | $2.72m | $5.35m | TTWO-USDC | $204.63 | -2.86% | +0.277% | +162% | 1h | 10x | $3.59 | $240.76 |
| para:vstVistra Corp. | Stock Perp | Permissionless | $1.23m | -10.93% | $205,200 | $4.04m | $21.93m | VST-USDC | $151.17 | -1.49% | -0.012% | +6.57% | 1h | 10x | $9.23 | $987.07 |
| para:total2Total Crypto Market Cap ex-BTC | Crypto Index Perp | Permissionless | $1.01m | -6.96% | $72,995 | $2.31m | $6.56m | TOTAL2-USDC | $1,073 | -1.36% | +0.059% | +26.05% | 1h | 20x | $32.85 | $2,950 |
| para:btcdBitcoin Dominance | Crypto Index Perp | Permissionless | $844,746 | +14.85% | $123,266 | $1.18m | $5.95m | BTCD-USDC | $60.44 | +0.24% | -0.006% | +6.57% | 1h | 20x | $55.47 | $2,677 |
| para:glwCorning Incorporated | Stock Perp | Permissionless | $839,000 | -7.51% | $189,327 | $1.16m | $2.44m | GLW-USDC | $132.49 | -3.52% | -0.025% | +6.57% | 1h | 10x | $8.52 | $109.66 |
| para:cohrCoherent Corp. | Stock Perp | Permissionless | $638,629 | +9.23% | $500,773 | $2.56m | $6.56m | COHR-USDC | $234.19 | -6.16% | -0.055% | +6.57% | 1h | 10x | $22.53 | $295.40 |
| para:crdoCredo Technology Group Holding Ltd | Stock Perp | Permissionless | $610,752 | -9.66% | $60,022 | $1.2m | $7.91m | CRDO-USDC | $169.16 | -4.10% | -0.12% | -37.08% | 1h | 10x | $2.70 | $355.83 |
| para:irenIREN Limited | Stock Perp | Permissionless | $414,330 | -6.16% | $80,888 | $713,266 | $2.36m | IREN-USDC | $27.27 | -6.43% | +0.152% | +23.29% | 1h | 10x | $3.64 | $106.29 |
| para:lrcxLam Research Corporation | Stock Perp | Permissionless | $361,256 | -0.11% | $23,375 | $345,111 | $3.87m | LRCX-USDC | $266.30 | -3.03% | +0.049% | +18.91% | 1h | 10x | $1.05 | $174.32 |
| para:avgoBroadcom Inc. | Stock Perp | Permissionless | $310,032 | -6.89% | $47,504 | $379,486 | $6.61m | AVGO-USDC | $329.24 | -3.75% | +0.383% | +232% | 1h | 10x | $2.14 | $297.48 |
| para:othersAltcoin Market Cap | Crypto Index Perp | Permissionless | $284,433 | -9.15% | $21,924 | $3.6m | $11.06m | OTHERS-USDC | $208.14 | -2.32% | +0.047% | +8.67% | 1h | 10x | $9.87 | $4,977 |
| para:netCloudflare, Inc. | Stock Perp | Permissionless | $243,435 | -32.11% | $158,224 | $1.1m | $1.88m | NET-USDC | $296.02 | -7.54% | +0.264% | +157% | 1h | 10x | $7.12 | $84.58 |
| para:aaoiApplied Optoelectronics, Inc. | Stock Perp | Permissionless | $212,851 | -3.24% | $35,214 | $656,504 | $2.71m | AAOI-USDC | $75.61 | -9.90% | -0.398% | -277% | 1h | 10x | $1.58 | $121.76 |
| para:stxSeagate Technology Holdings plc | Stock Perp | Permissionless | $154,264 | -8.60% | $91,842 | $1.18m | $4.87m | STX-USDC | $633.76 | -7.07% | -0.24% | -88.40% | 1h | 10x | $4.13 | $218.99 |
| para:cifrCipher Digital Inc. | Stock Perp | Permissionless | $149,030 | -8.95% | $67,970 | $2.93m | $3.8m | CIFR-USDC | $9.04 | -7.27% | +0.143% | +77.00% | 1h | 10x | $3.06 | $170.79 |
| para:smciSuper Micro Computer, Inc. | Stock Perp | Permissionless | $115,538 | -35.45% | $52,382 | $367,227 | $1.51m | SMCI-USDC | $31.95 | -8.03% | -0.073% | -29.72% | 1h | 10x | $2.36 | $67.96 |
| para:terTeradyne, Inc. | Stock Perp | Permissionless | $97,502 | +5.20% | $21,655 | $465,916 | $1.74m | TER-USDC | $325.07 | -4.80% | +0.046% | +6.43% | 1h | 10x | $0.97 | $78.47 |
| para:crwdCrowdStrike Holdings, Inc. | Stock Perp | Permissionless | $71,060 | -25.40% | $27,054 | $235,912 | $1.01m | CRWD-USDC | $227.48 | -7.32% | +0.368% | +176% | 1h | 10x | $1.22 | $45.28 |
| para:cienCiena Corporation | Stock Perp | Permissionless | $66,108 | +41.71% | $39,620 | $325,067 | $1.43m | CIEN-USDC | $331.80 | -6.30% | +0.177% | +112% | 1h | 10x | $1.78 | $64.37 |
| para:rddtReddit, Inc. | Stock Perp | Permissionless | $65,172 | -1.35% | $6,448 | $171,863 | $741,560 | RDDT-USDC | $155.98 | -1.14% | +0.029% | +6.57% | 1h | 10x | $0.29 | $33.37 |
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