Paragon
DEXOpen Interest
$13.67mKey Metrics
Volume (30d)$129.85m
7d$34.34m
24h$4.92m
All-time$550.5m
Turnover (30d)9.5x
Markets23
Reference Assets23
Asset Groups4
Share of DEX OI0.2%
Est. Fees (30d)$14,438
24h$362.73
All-time$82,810
Est. Annual$175,668
Markets
| Market | Open Interest | Volume | Price | Funding | Est. Fees | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Asset Type | Access Model | Pair | Interval | ||||||||||||
| para:unitreeYushu Technology Co., Ltd. | Stock Perp | Permissionless | $2.43m | +10.31% | $1.82m | $9.39m | $14.6m | UNITREE-USDC | $97.09 | +3.55% | -0.409% | -254% | 1h | 10x | $82.10 | $656.79 |
| para:ttwoTake-Two Interactive Software, Inc. | Stock Perp | Permissionless | $1.56m | -3.54% | $120,769 | $1.01m | $6.46m | TTWO-USDC | $199.44 | -1.06% | +0.044% | +17.04% | 1h | 10x | $5.43 | $290.57 |
| para:cohrCoherent Corp. | Stock Perp | Permissionless | $1.51m | +0.80% | $415,967 | $1.94m | $6.74m | COHR-USDC | $236.55 | -0.01% | +0.071% | +37.22% | 1h | 10x | $18.72 | $303.43 |
| para:10yU.S. 10-Year Treasury Yield | Bond Perp | Permissionless | $1.11m | -6.01% | $202,516 | $2.52m | $17.04m | 10Y-USDC | $5.06 | +0.91% | +0.378% | +1.10% | 1h | 20x | $9.11 | $766.87 |
| para:vstVistra Corp. | Stock Perp | Permissionless | $1.07m | -2.10% | $153,616 | $1.75m | $20.77m | VST-USDC | $144.03 | -1.32% | -0.014% | +6.57% | 1h | 10x | $6.91 | $934.82 |
| para:total2Total Crypto Market Cap ex-BTC | Crypto Index Perp | Permissionless | $872,670 | +5.10% | $69,972 | $961,136 | $6.09m | TOTAL2-USDC | $1,054 | -0.16% | +0.036% | +35.40% | 1h | 20x | $31.49 | $2,742 |
| para:glwCorning Incorporated | Stock Perp | Permissionless | $856,885 | +1.72% | $43,748 | $999,609 | $2.91m | GLW-USDC | $131.12 | +2.26% | +0.073% | +28.82% | 1h | 10x | $1.97 | $131.04 |
| para:crdoCredo Technology Group Holding Ltd | Stock Perp | Permissionless | $624,268 | -1.29% | $189,331 | $2.59m | $7.05m | CRDO-USDC | $168.76 | +2.41% | +0.037% | +6.57% | 1h | 10x | $8.52 | $317.35 |
| para:btcdBitcoin Dominance | Crypto Index Perp | Permissionless | $478,770 | -41.99% | $234,289 | $557,825 | $4.39m | BTCD-USDC | $60.54 | +0.06% | -0.027% | +2.78% | 1h | 20x | $105.43 | $1,976 |
| para:irenIREN Limited | Stock Perp | Permissionless | $455,729 | -1.51% | $54,546 | $1.5m | $2.88m | IREN-USDC | $27.30 | +0.24% | +0.016% | +6.57% | 1h | 10x | $2.45 | $129.45 |
| para:othersAltcoin Market Cap | Crypto Index Perp | Permissionless | $449,332 | -6.12% | $45,006 | $1.27m | $10.74m | OTHERS-USDC | $201.67 | +0.25% | +0.018% | +14.05% | 1h | 10x | $20.25 | $4,833 |
| para:stxSeagate Technology Holdings plc | Stock Perp | Permissionless | $330,908 | +24.64% | $941,138 | $2.19m | $8.57m | STX-USDC | $680.33 | +0.29% | +0.02% | +6.57% | 1h | 10x | $42.35 | $385.63 |
| para:avgoBroadcom Inc. | Stock Perp | Permissionless | $286,298 | +1.42% | $35,860 | $389,440 | $1.87m | AVGO-USDC | $346.70 | +1.58% | -0.053% | -7.03% | 1h | 10x | $1.61 | $84.28 |
| para:netCloudflare, Inc. | Stock Perp | Permissionless | $284,036 | -7.61% | $10,578 | $710,790 | $2.25m | NET-USDC | $319.76 | -3.63% | +0.017% | +6.57% | 1h | 10x | $0.48 | $101.05 |
| para:smciSuper Micro Computer, Inc. | Stock Perp | Permissionless | $281,441 | -6.73% | $43,539 | $1.38m | $2.14m | SMCI-USDC | $34.80 | -1.06% | +0.048% | +8.80% | 1h | 10x | $1.96 | $96.51 |
| para:cifrCipher Digital Inc. | Stock Perp | Permissionless | $204,798 | -5.76% | $132,866 | $891,524 | $4.78m | CIFR-USDC | $8.36 | -0.93% | +0.073% | +6.57% | 1h | 10x | $5.98 | $215.20 |
| para:aaoiApplied Optoelectronics, Inc. | Stock Perp | Permissionless | $203,131 | -31.67% | $107,806 | $750,543 | $2.46m | AAOI-USDC | $79.39 | +3.50% | -0.017% | +6.57% | 1h | 10x | $4.85 | $110.54 |
| para:lrcxLam Research Corporation | Stock Perp | Permissionless | $180,059 | -15.04% | $49,032 | $988,792 | $2.33m | LRCX-USDC | $253.53 | +5.34% | -0.001% | +6.57% | 1h | 10x | $2.21 | $104.72 |
| para:smhVanEck Semiconductor ETF | ETF Perp | Permissionless | $173,983 | -13.57% | $85,974 | $653,071 | $653,071 | SMH-USDC | $564.55 | +1.41% | -0.111% | -46.67% | 1h | 10x | $3.87 | $29.39 |
| para:terTeradyne, Inc. | Stock Perp | Permissionless | $115,372 | +10.47% | $131,301 | $391,353 | $1.83m | TER-USDC | $310.29 | -5.01% | -0.022% | +6.57% | 1h | 10x | $5.91 | $82.44 |
| para:crwdCrowdStrike Holdings, Inc. | Stock Perp | Permissionless | $86,906 | -1.59% | $5,479 | $872,752 | $1.35m | CRWD-USDC | $266.40 | -0.85% | -0.003% | +6.57% | 1h | 10x | $0.25 | $60.90 |
| para:cienCiena Corporation | Stock Perp | Permissionless | $62,978 | +0.89% | $4,193 | $479,166 | $1.4m | CIEN-USDC | $363.11 | +3.38% | -0.003% | +6.57% | 1h | 10x | $0.19 | $62.78 |
| para:rddtReddit, Inc. | Stock Perp | Permissionless | $45,091 | +2.85% | $15,206 | $156,074 | $542,088 | RDDT-USDC | $136.82 | -1.45% | +0.012% | +6.57% | 1h | 10x | $0.68 | $24.39 |
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