Paragon
DEXOpen Interest
$14.11mKey Metrics
Volume (30d)$128.77m
7d$33.27m
24h$3.84m
All-time$549.42m
Turnover (30d)9.1x
Markets23
Reference Assets23
Asset Groups4
Share of DEX OI0.2%
Est. Fees (30d)$14,287
24h$211.58
All-time$82,659
Est. Annual$173,829
Markets
| Market | Open Interest | Volume | Price | Funding | Est. Fees | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Asset Type | Access Model | Pair | Interval | ||||||||||||
| para:unitreeYushu Technology Co., Ltd. | Stock Perp | Permissionless | $2.31m | +5.30% | $1.08m | $8.64m | $13.85m | UNITREE-USDC | $101.33 | +4.09% | -5.5% | -3,538% | 1h | 10x | $48.51 | $623.19 |
| para:cohrCoherent Corp. | Stock Perp | Permissionless | $1.57m | +7.01% | $167,082 | $1.69m | $6.49m | COHR-USDC | $239.53 | +7.35% | +0.061% | +16.13% | 1h | 10x | $7.52 | $292.23 |
| para:ttwoTake-Two Interactive Software, Inc. | Stock Perp | Permissionless | $1.55m | -0.96% | $163,435 | $1.05m | $6.5m | TTWO-USDC | $201.73 | -0.78% | -0.154% | -64.20% | 1h | 10x | $7.35 | $292.49 |
| para:10yU.S. 10-Year Treasury Yield | Bond Perp | Permissionless | $1.18m | +0.33% | $48,995 | $2.37m | $16.89m | 10Y-USDC | $5.04 | +0.84% | +0.063% | +1.10% | 1h | 20x | $2.20 | $759.97 |
| para:vstVistra Corp. | Stock Perp | Permissionless | $1.09m | -6.43% | $164,118 | $1.76m | $20.78m | VST-USDC | $147.10 | +3.56% | +0.062% | +49.36% | 1h | 10x | $7.39 | $935.30 |
| para:glwCorning Incorporated | Stock Perp | Permissionless | $836,865 | -2.87% | $290,443 | $1.25m | $3.16m | GLW-USDC | $127.69 | +0.15% | +0.049% | +32.86% | 1h | 10x | $13.07 | $142.14 |
| para:total2Total Crypto Market Cap ex-BTC | Crypto Index Perp | Permissionless | $835,179 | +5.89% | $17,715 | $908,879 | $6.04m | TOTAL2-USDC | $1,061 | +1.62% | +0.082% | +47.67% | 1h | 20x | $7.97 | $2,718 |
| para:btcdBitcoin Dominance | Crypto Index Perp | Permissionless | $719,971 | -12.87% | $72,031 | $395,568 | $4.23m | BTCD-USDC | $60.51 | -0.09% | -0.005% | +6.57% | 1h | 20x | $32.41 | $1,903 |
| para:crdoCredo Technology Group Holding Ltd | Stock Perp | Permissionless | $626,130 | +9.08% | $280,877 | $2.68m | $7.14m | CRDO-USDC | $171.47 | +9.09% | -0.053% | +6.57% | 1h | 10x | $12.64 | $321.47 |
| para:othersAltcoin Market Cap | Crypto Index Perp | Permissionless | $472,509 | -0.31% | $5,977 | $1.23m | $10.7m | OTHERS-USDC | $203.34 | +2.21% | +0.087% | +28.82% | 1h | 10x | $2.69 | $4,815 |
| para:irenIREN Limited | Stock Perp | Permissionless | $461,651 | +2.24% | $240,533 | $1.69m | $3.06m | IREN-USDC | $27.81 | +8.53% | -0.023% | +6.57% | 1h | 10x | $10.82 | $137.82 |
| para:stxSeagate Technology Holdings plc | Stock Perp | Permissionless | $446,834 | +80.03% | $667,053 | $1.92m | $8.3m | STX-USDC | $634.94 | -2.51% | +0.066% | +46.16% | 1h | 10x | $30.02 | $373.30 |
| para:netCloudflare, Inc. | Stock Perp | Permissionless | $293,773 | -7.58% | $59,880 | $760,092 | $2.29m | NET-USDC | $329.18 | -0.96% | +0.318% | +131% | 1h | 10x | $2.69 | $103.26 |
| para:smciSuper Micro Computer, Inc. | Stock Perp | Permissionless | $290,062 | +2.22% | $41,408 | $1.38m | $2.14m | SMCI-USDC | $35.51 | +7.99% | +0.033% | +6.57% | 1h | 10x | $1.86 | $96.41 |
| para:avgoBroadcom Inc. | Stock Perp | Permissionless | $285,413 | +2.48% | $62,768 | $416,347 | $1.9m | AVGO-USDC | $345.57 | +4.33% | -0.04% | +3.40% | 1h | 10x | $2.82 | $85.49 |
| para:cifrCipher Digital Inc. | Stock Perp | Permissionless | $253,601 | +17.71% | $156,453 | $915,111 | $4.81m | CIFR-USDC | $8.57 | +10.65% | +0.59% | +262% | 1h | 10x | $7.04 | $216.26 |
| para:aaoiApplied Optoelectronics, Inc. | Stock Perp | Permissionless | $223,924 | -24.28% | $104,779 | $747,515 | $2.45m | AAOI-USDC | $77.71 | +7.39% | +0.048% | +1.67% | 1h | 10x | $4.72 | $110.40 |
| para:smhVanEck Semiconductor ETF | ETF Perp | Permissionless | $203,015 | +3.66% | $63,662 | $630,759 | $630,759 | SMH-USDC | $561.43 | +3.71% | -0.278% | -156% | 1h | 10x | $2.86 | $28.38 |
| para:lrcxLam Research Corporation | Stock Perp | Permissionless | $190,908 | -29.49% | $77,628 | $1.02m | $2.36m | LRCX-USDC | $244.24 | +3.31% | -0.083% | +6.57% | 1h | 10x | $3.49 | $106 |
| para:crwdCrowdStrike Holdings, Inc. | Stock Perp | Permissionless | $88,697 | +0.29% | $18,754 | $886,026 | $1.37m | CRWD-USDC | $269.48 | +3.46% | -0.172% | -19.30% | 1h | 10x | $0.84 | $61.50 |
| para:terTeradyne, Inc. | Stock Perp | Permissionless | $72,279 | -27.55% | $46,677 | $306,729 | $1.75m | TER-USDC | $314.42 | +2.22% | -0.015% | +52.74% | 1h | 10x | $2.10 | $78.64 |
| para:cienCiena Corporation | Stock Perp | Permissionless | $62,668 | +4.38% | $820.99 | $475,794 | $1.39m | CIEN-USDC | $353.18 | +4.55% | +0.341% | +86.06% | 1h | 10x | $0.037 | $62.62 |
| para:rddtReddit, Inc. | Stock Perp | Permissionless | $42,467 | -11.28% | $11,261 | $152,130 | $538,144 | RDDT-USDC | $137.48 | -0.87% | +0.354% | +203% | 1h | 10x | $0.51 | $24.22 |
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