Paragon (para) HIP-3 markets
Live markets, capacity, fees, and operators for the Paragon builder-deployed perp DEX on Hyperliquid. Official data as of 2026-09-27 14:39 UTC.
Direct answer
Paragon (para) is a HIP-3 perp DEX on Hyperliquid with 29 active of 36 listed markets and $17.94M in open interest, 0.5% of all HIP-3 open interest. Its DEX-wide cap is $50M, 35.9% used. Its markets traded $3.33M over 24 hours, led by TREAD at $1.48M. 24 of its active markets run in growth mode with reduced fees.
- Open interest
- $17.94M
- DEX cap used
- 35.9%
- Active markets
- 29 / 36
- Markets at cap
- 0
Paragon markets
| Market | 24h volume | Open interest | Cap used | Funding / h | Tier 0 taker | Fee setting | Max lev. |
|---|---|---|---|---|---|---|---|
| TREAD | $1.48M | $1.05M | 11% | 9.87 bps | 0.09% | 100% scale | 5x |
| BTCD | $541K | $1.12M | 11% | 0.07 bps | 0.09% | 100% scale | 20x |
| OTHERS | $321K | $697K | 14% | -0.69 bps | 0.09% | 100% scale | 10x |
| ANSEM | $276K | $1.57M | 31% | 1.44 bps | 0.068% | 50% scale | 3x |
| STX | $186K | $437K | 2% | 1.71 bps | 0.009% | Growth mode | 10x |
| CRDO | $102K | $1.05M | 4% | -1.22 bps | 0.009% | Growth mode | 10x |
| SOFI | $80K | $252K | 1% | -2.21 bps | 0.009% | Growth mode | 10x |
| UNITREE | $73K | $1.79M | 7% | 0.18 bps | 0.009% | Growth mode | 10x |
| TOTAL2 | $73K | $1.27M | 25% | -0.27 bps | 0.09% | 100% scale | 20x |
| VST | $51K | $1.68M | 7% | 0.07 bps | 0.009% | Growth mode | 10x |
| 2Y | $43K | $1.04M | 4% | 0.01 bps | 0.009% | Growth mode | 20x |
| RDDT | $23K | $85K | 0% | 0.26 bps | 0.009% | Growth mode | 10x |
| LRCX | $16K | $190K | 1% | 0.07 bps | 0.009% | Growth mode | 10x |
| TTWO | $13K | $1.09M | 4% | -0.26 bps | 0.009% | Growth mode | 10x |
| SMCI | $12K | $307K | 1% | 1.96 bps | 0.009% | Growth mode | 10x |
| CIFR | $8K | $186K | 1% | -0.92 bps | 0.009% | Growth mode | 10x |
| 10Y | $7K | $1.32M | 5% | 0.01 bps | 0.009% | Growth mode | 20x |
| CRWD | $7K | $65K | 0% | 2.32 bps | 0.009% | Growth mode | 10x |
| NET | $4K | $261K | 1% | -1.08 bps | 0.009% | Growth mode | 10x |
| IREN | $3K | $539K | 2% | 1.23 bps | 0.009% | Growth mode | 10x |
| TER | $2K | $124K | 0% | -1.51 bps | 0.009% | Growth mode | 10x |
| AVGO | $2K | $589K | 2% | -1.09 bps | 0.009% | Growth mode | 10x |
| AAOI | $1K | $155K | 1% | 1.38 bps | 0.009% | Growth mode | 10x |
| CIEN | $1K | $72K | 0% | -1.52 bps | 0.009% | Growth mode | 10x |
| GLW | $471 | $300K | 1% | 2.11 bps | 0.009% | Growth mode | 10x |
| COHR | $311 | $511K | 2% | 1.30 bps | 0.009% | Growth mode | 10x |
| 30Y | $0 | $95K | 0% | 0.01 bps | 0.009% | Growth mode | 20x |
| MELI | $0 | $82K | 0% | -0.69 bps | 0.009% | Growth mode | 10x |
| IGV | $0 | $12K | 0% | -1.46 bps | 0.009% | Growth mode | 10x |
Who operates it
The deployer defines the markets and staked 500,000 HYPE to run the DEX. The oracle updater sets prices, and the fee recipient collects the deployer's share of trading fees.
- Fee recipient
- 0x1770f43c71b8b2977771b73ca4c4cbe0c20412ed
- Oracle updater
- 0x8888888c43cbb7e1c4132542e46831bffd866ed3
Recent configuration changes
| Seen by | Market | Field | Change |
|---|---|---|---|
| 2026-09-24 18:47 | para:30Y | isDelisted | true → false |
| 2026-09-24 18:47 | para:2Y | isDelisted | true → false |
| 2026-09-24 00:47 | para:10Y | fundingMultiplier | 0.6 → 0.1 |
| 2026-09-24 00:47 | para:30Y | oiCapUsd | — → 25000000.0 |
| 2026-09-24 00:47 | para:30Y | fundingMultiplier | — → 0.1 |
| 2026-09-24 00:47 | para:30Y | marginMode | strictIsolated → noCross |
| 2026-09-24 00:47 | para:30Y | growthMode | — → enabled |
| 2026-09-24 00:47 | para:2Y | oiCapUsd | — → 25000000.0 |
| 2026-09-24 00:47 | para:2Y | fundingMultiplier | — → 0.1 |
| 2026-09-24 00:47 | para:2Y | marginMode | strictIsolated → noCross |
| 2026-09-24 00:47 | para:2Y | growthMode | — → enabled |
| 2026-09-21 06:47 | para:DRV | presence | absent → present |
Changes come from six-hourly official snapshots, so each time shows when the change was first seen, not the exact moment it happened. Full history and CSV: HIP-3 capacity history.
Other active HIP-3 DEXs
Risk notice
Stock perps are synthetic derivatives, not shares. They do not provide ownership, dividends, or voting rights, and traders can lose money through funding, basis, oracle issues, liquidity gaps, margin, and market volatility.Sources
3 references · ExpandCollapse
- Hyperliquid Docs: HIP-3 builder-deployed perpetualsAccessed 2026-09-04Supports: HIP-3 builder-deployed perp mechanics, deployer responsibilities, 500,000 HYPE staking requirement, minimum stake duration, deployment rules, configurable fees, settlement, oracle duties, slashing risk, cross margin, and backstop liquidation.
- Hyperliquid Docs: Perpetuals info endpointAccessed 2026-09-04Supports: Core and HIP-3 perpetual DEX discovery, current market contexts including rolling dayNtlVlm, perpetual metadata, funding history, predicted funding, DEX and market limits, DEX status, configuration metadata, clearinghouse state, and open-interest cap fields.
- Hyperliquid Docs: FeesAccessed 2026-08-26Supports: Rolling 14-day volume tiers, perps and spot fee schedules, HIP-3 deployer fee scale and growth mode, strict HYPE staking-tier thresholds and discounts, referral fee formula and limits, staking-account linking risks, fee-model caveats, fee distribution to HLP, the assistance fund, and deployers, the assistance fund system address, and burn recognition of assistance-fund HYPE.