Paragon
DEXOpen Interest
$12.18mKey Metrics
Volume (30d)$127.11m
7d$33.6m
24h$1.22m
All-time$508.46m
Turnover (30d)10.4x
Markets22
Reference Assets22
Asset Groups3
Share of DEX OI0.2%
Est. Fees (30d)$15,270
24h$148.90
All-time$78,885
Est. Annual$185,780
Markets
| Market | Open Interest | Volume | Price | Funding | Est. Fees | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Asset Type | Access Model | Pair | Interval | ||||||||||||
| para:10yU.S. 10-Year Treasury Yield | Bond Perp | Permissionless | $1.53m | +6.03% | $71,030 | $4.84m | $17.83m | 10Y-USDC | $5.11 | -0.32% | +0.095% | +1.10% | 1h | 20x | $3.20 | $802.33 |
| para:unitreeYushu Technology Co., Ltd. | Stock Perp | Permissionless | $1.51m | +0.16% | $34,138 | $1.91m | $9.8m | UNITREE-USDC | $62.88 | -0.14% | -0.12% | -92.21% | 1h | 10x | $1.54 | $440.86 |
| para:ttwoTake-Two Interactive Software, Inc. | Stock Perp | Permissionless | $1.32m | -1.44% | $18,434 | $2.66m | $5.29m | TTWO-USDC | $204.63 | -1.20% | +0.21% | +129% | 1h | 10x | $0.83 | $238 |
| para:vstVistra Corp. | Stock Perp | Permissionless | $1.23m | -8.77% | $162,130 | $4m | $21.89m | VST-USDC | $151.17 | -1.96% | -0.106% | -41.99% | 1h | 10x | $7.30 | $985.13 |
| para:total2Total Crypto Market Cap ex-BTC | Crypto Index Perp | Permissionless | $1.01m | -2.74% | $49,596 | $2.29m | $6.53m | TOTAL2-USDC | $1,065 | -1.13% | +0.076% | +16.98% | 1h | 20x | $22.32 | $2,939 |
| para:btcdBitcoin Dominance | Crypto Index Perp | Permissionless | $942,816 | +28.10% | $171,725 | $1.23m | $6m | BTCD-USDC | $60.53 | +0.33% | +0.003% | +6.57% | 1h | 20x | $77.28 | $2,699 |
| para:glwCorning Incorporated | Stock Perp | Permissionless | $840,154 | -17.60% | $118,945 | $1.09m | $2.37m | GLW-USDC | $131.11 | -2.53% | -1.492% | -284% | 1h | 10x | $5.35 | $106.49 |
| para:cohrCoherent Corp. | Stock Perp | Permissionless | $637,449 | -17.82% | $232,700 | $2.3m | $6.3m | COHR-USDC | $231.86 | -1.86% | -0.257% | -222% | 1h | 10x | $10.47 | $283.34 |
| para:crdoCredo Technology Group Holding Ltd | Stock Perp | Permissionless | $608,146 | -4.15% | $28,259 | $1.17m | $7.88m | CRDO-USDC | $168.44 | -3.48% | -0.322% | -222% | 1h | 10x | $1.27 | $354.40 |
| para:irenIREN Limited | Stock Perp | Permissionless | $411,639 | +0.80% | $57,899 | $690,277 | $2.34m | IREN-USDC | $27.15 | -2.21% | -0.452% | -356% | 1h | 10x | $2.61 | $105.26 |
| para:lrcxLam Research Corporation | Stock Perp | Permissionless | $355,795 | +1.37% | $17,253 | $338,989 | $3.87m | LRCX-USDC | $265.55 | -1.27% | -0.395% | -236% | 1h | 10x | $0.78 | $174.05 |
| para:avgoBroadcom Inc. | Stock Perp | Permissionless | $309,094 | -3.36% | $33,232 | $365,213 | $6.6m | AVGO-USDC | $328.09 | -1.88% | -0.304% | -24.49% | 1h | 10x | $1.50 | $296.83 |
| para:othersAltcoin Market Cap | Crypto Index Perp | Permissionless | $281,416 | -3.00% | $11,281 | $3.59m | $11.05m | OTHERS-USDC | $205.94 | -2.14% | +0.042% | +6.57% | 1h | 10x | $5.08 | $4,972 |
| para:netCloudflare, Inc. | Stock Perp | Permissionless | $243,377 | -13.71% | $26,277 | $967,571 | $1.75m | NET-USDC | $295.95 | -0.15% | -0.009% | +6.57% | 1h | 10x | $1.18 | $78.64 |
| para:aaoiApplied Optoelectronics, Inc. | Stock Perp | Permissionless | $212,803 | +1.24% | $21,972 | $643,262 | $2.69m | AAOI-USDC | $75.59 | -3.46% | -0.196% | -217% | 1h | 10x | $0.99 | $121.16 |
| para:stxSeagate Technology Holdings plc | Stock Perp | Permissionless | $169,496 | +7.80% | $66,525 | $1.15m | $4.84m | STX-USDC | $627.27 | -4.01% | -0.25% | -162% | 1h | 10x | $2.99 | $217.85 |
| para:cifrCipher Digital Inc. | Stock Perp | Permissionless | $151,885 | +2.71% | $24,549 | $2.89m | $3.75m | CIFR-USDC | $9.01 | -1.91% | -0.372% | -195% | 1h | 10x | $1.10 | $168.84 |
| para:smciSuper Micro Computer, Inc. | Stock Perp | Permissionless | $119,323 | -1.24% | $10,365 | $325,210 | $1.47m | SMCI-USDC | $32.02 | -0.52% | -0.323% | -208% | 1h | 10x | $0.47 | $66.07 |
| para:terTeradyne, Inc. | Stock Perp | Permissionless | $97,278 | +15.39% | $17,348 | $461,609 | $1.74m | TER-USDC | $324.41 | -3.47% | -0.404% | -232% | 1h | 10x | $0.78 | $78.27 |
| para:crwdCrowdStrike Holdings, Inc. | Stock Perp | Permissionless | $71,039 | -1.39% | $6,368 | $215,226 | $985,492 | CRWD-USDC | $227.41 | +0.06% | +0.1% | +38.56% | 1h | 10x | $0.29 | $44.35 |
| para:cienCiena Corporation | Stock Perp | Permissionless | $66,268 | +40.54% | $32,328 | $317,776 | $1.42m | CIEN-USDC | $331.80 | -2.51% | -0.227% | -100% | 1h | 10x | $1.45 | $64.04 |
| para:rddtReddit, Inc. | Stock Perp | Permissionless | $65,051 | -3.48% | $3,060 | $168,475 | $738,173 | RDDT-USDC | $155.67 | -1.97% | -0.103% | -36.82% | 1h | 10x | $0.14 | $33.22 |
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