darklord of $DIME founder @tradeparadigm, @paradex
Maia
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ADL is a relic of isolated margin systems copied from @BitMEX. It doesn’t work for options, and at best is a terrible experience for cross-margin users.
Paradex deliberately chose not to implement ADL.
It breaks cross-platform hedges, adds a lot of unpredictability to users’ risk management, and fails for complex assets and portfolio-margin setups. There’s also no guarantee of finding profitable ADL counterparties under cross margin, without further amplifying liquidations. @DeribitOfficial also operates without ADL.
Socialized loss (SL) is a far better experience for users and scales easily to more complex assets and margin types 👇
Portfolio-Level Integrity
ADL operates at the single-market level, without considering the user’s overall account exposure. The trader who is high on the ADL queue due to a highly profitable/leveraged position on one market isn't necessarily profitable on an account level.
Example:
BTC = $100,000, ETH = $4,000
Insurance Fund (IF) = $100,000 collateral + short 40 BTC perps.
Alice has a $4M BTC-ETH spread on, i.e. +40 BTC perps (long) and –1,000 ETH perps (short)
→ Both BTC and ETH rally +5%
→ BTC to $105,000, ETH to $4,200.
Under a normal scenario, Alice’s BTC and ETH positions offset, leaving her with flat PnL. But the insurance fund’s bankruptcy price is $102,500. To protect the fund, ADL is triggered and forces Alice’s BTC leg to be closed at $102,500 as it cannot afford a loss that is higher than $100,000. Alice realizes BTC profits based on a 2.5% move while her ETH short continues to lose 5%, leaving her with a $100,000 loss. This can, in theory, lead to an unfair liquidation of Alice's account.
"Ethena" Risk
The same is true for a trader that could be holding the opposite position on a different exchange. If the position is subject to ADL, it closes the profitable leg, leaving the user with a naked losing leg. This destroys the intended hedge and amplifies risk exposure. @ethena smartly negotiated this provision away for it's trading on CEXs but that now means the risk of ADL is being unfairly borne by the exchange's other users. Smart for Ethena but not scalable for the exchange.
Given the potential market exposure imposed on affected accounts, ADL often triggers a forced unwind of positions, leading to fire-sale behavior that further amplifies market volatility and erodes liquidity.
This mechanism is particularly unsuitable for exchanges with options, where users frequently hold multiple correlated instruments on the same underlying asset for hedging or risk-neutral strategies. In such environments, forcibly closing a single profitable leg through ADL can break portfolio hedges, destabilize the portfolio and, by extension, the market.
To our knowledge, NO EXCHANGE discloses how cross-instrument exposures are handled under ADL.
Conditional + Reversible
Under a SL mechanism, losses are conditional, deferred (not immediately realized) and give users a choice. They are applied only upon withdrawal, and only if the platform is still experiencing a solvency deficit at that time.
If the market rebounds, or if the insurance fund grows (either through profitable liquidations or additional allocations) and covers the deficit, the shortfall is erased and no SL is applied.
By contrast, ADL crystallizes losses instantly and doesn’t give the user a choice. If a sudden market move causes insurance fund depletion, the system immediately closes profitable positions via deleveraging. Those users now permanently lose their realized profits.
SL introduces time, and recovery potential into the loss-allocation process while giving users a choice. It penalizes only those who exit during insolvency, while long-term users benefit if solvency is later restored.
Fair + Predictable Risk Distribution
ADL targets specific traders (often highly leveraged and profitable ones), forcibly closing their positions to cover the platform shortfall. It penalizes traders for system-level insolvencies outside their control.
SL by comparison avoids arbitrary targeting and maintains fairness. All users share the risk evenly and only when a persistent shortfall exists.
Transparency
ADL is a complex, queue-based mechanism that is very hard to anticipate for users. In contrast, a SL adjustment is a simple, transparent function of the insurance fund shortfall relative to the platform’s TVL. As it affects users only when they withdraw, it ensures predictability and transparency in the loss allocation.
Compute Efficient = "Chain Friendly"
SL simplicity makes it straightforward to implement on-chain in a trustless manner. There is less compute complexity which means cost and throughput constraints are alleviated. ADL’s dynamic queue logic is computationally heavy as it requires scanning all accounts on the platform, making it very expensive and error-prone. It also adds congestion to a system that is likely to already be congested when ADL is triggered.
October 10 = Wake Up Call
If your CEX can’t guarantee portfolio integrity under stress, it’s the architecture that’s broken. Switch to DEXs with intelligent loss-allocation that protects hedges, distributes risk fairly while staying conditional and predictable.
Paradexio
This is so highly misleading by only focusing on the ADL on the largest coins, which suffered from far less price discolation and ADL overall than other coins
If you are running a long / short book as I was, you are long these assets below, not short them
This also looks at ADL in a vacuum, and without regard to anything else in an account
Your larger shorts are going to be in the other top 50 alts that are dog shit imo (ATOM, STX, APT, FET) - those shorts closed much earlier and blew you out leaving with only longs to liquidate your account
There are so many other places where the @HyperliquidX platform is broken for perps (no ADL transparency / queue, no flash crash protection, one touch price oracles for liquidation (non time based), no whale risk blocker, and zero insurance fund is laughable for someone at $hype scale
So please get this propaganda off my timeline, it is insulting. I can assure you @HyperliquidX did not perform well for anyone running a larger profitable long / short book, or even any sort of mild leverage on just longs. I cannot recommend to anyone serious or an instó to trade on hype when they don't even acknowledge these issues.
In fact, between @DriftProtocol and @dYdX where I run very similar books, only @HyperliquidX blew me out.
Still waiting for my @chameleon_jeff chat 🫡
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"If a trader wants to trade massive size, one of the best things to do is tell the world beforehand."
This is a ludicrous claim and is a consequence of believing your own BS.
Jeff argues that making every whale order fully transparent on-chain actually improves their execution quality because
(a) market-makers see the flow, step in, and tighten spreads, and
(b) the public liquidation/stop prices don’t really put whales at risk.
Both are objectively wrong.
(1) Pre-trade transparency increases adverse-selection costs for large traders
Execution cost is a zero-sum game because market-makers are utility maximizing entities. And information is a cost that is factored into this spread. Every extra dollar a market-maker extracts in spread is a dollar the transacting side pays.
This is micro-structure 101.
When a dealer/market maker knows the true size of an order, they widen spreads to offset inventory and information risk. If size revelation were free, TWAP/VWAP algos and hidden-size (“iceberg”) orders wouldn’t exist.
By transmitting full-size, the whale ends up paying both the prevailing-spread and the follow-on impact as the book-reprices.
Hyperliquid publishes size, margin, even liquidation prices in real time. That removes every information advantage the whale has and is offering this up for free to the market makers. So either you:
(a) keep that advantage and trade at the prevailing spread OR
(b) you give it up and pay both the prevailing spread plus the follow-on price impact as the book re-prices.
Perfect transparency doesn’t eliminate spread—it simply transfers the cost of execution entirely onto the party showing size.
In fact you also see this behavior on the HL orderbook. Every time there is a large order at the TOB, you notice the other-side immediately thin out. You can observe this even without an algo. Just stare at the orderbook long enough.
(2) Transparency feeds other predatory and anticipatory traders further increasing the cost of transacting.
There is already a ton of empirical data and research on on “predatory trading,” “order-anticipation,” and MEV all document that when large flow is observable, other fast agents front-run or back-run it, extracting rents from the order-placing originator.
See Flash Boys 2.0 or this paper → arxiv.org/abs/1904.05234
(3) Public liquidation bands create new attack surfaces and invite “hunting”
Liquidation “hunts” are not hypothetical. Same logic as broadcasting size: information is a cost. If the world knows your liquidation price, you WILL get hunted. Ask @JamesWynnReal. Jeff knows this; spinning a known risk as a “feature” is pure narrative gymnastics.
(4) Tradfi market structure tells the opposite story
50% of U.S. equity volume now trades off-exchange or in dark pools precisely so institutions don't advertise size.
Icebergs, conditional blocks, and RFQ platforms like @tradeparadigm and @Tradeweb exist simply because big size and fully lit books don’t mix. Paradigm alone is 35% of Deribit’s daily volume—proof that large clips avoid the CLOB. We wouldn’t have a business if everything went to the lit book.
Retardio
Also note that in Tradfi regulators demand post-trade transparency for fairness, yet allow pre-trade opacity because it delivers better execution.
TLDR,
a) Transparent books are great for retail price discovery; they’re empirically worse for block execution. This is why @paradex will have both a CLOB and RFQs for large-block execution away from the orderbook.
b) 50-years of market-structure evolution, real-world behavior of institutional desks (dark pools, algos, hidden size) and the academic record on predatory trading, front-running and MEV all contradict Jeff’s arguments.
The more troubling thing is that yet another crypto founder is more than happy to bend facts to fit a self serving narrative.
@chameleon_jeff: "My exchange is transparent so therefore transparent exchanges are better"
@armaniferrante "I built a centralized exchange because it is easy so all exchanges are better and more secure" (lol😂)
Remember kids…..principles + truth > popularity.
Why transparent trading improves execution for whales
Throughout Hyperliquid’s growth, skeptics questioned the platform's ability to scale liquidity. These concerns have been resolved now that Hyperliquid is one of the most liquid venues globally. With Hyperliquid’s adoption by some of the largest traders in crypto, discussion has shifted to concerns around transparent trading. Many believe that whales on Hyperliquid are:
1) frontrun as they enter their position
2) hunted because their liquidation and stop prices are public
These concerns are natural, but the opposite is actually true: for most whales, transparent trading improves execution compared to private venues.
The high level argument is that markets are efficient machines that convert information into fair prices and liquidity. By trading publicly on Hyperliquid, whales give market makers more opportunity to provide liquidity to their flow, resulting in better execution. Billion dollar positions can have better execution on Hyperliquid than on centralized exchanges.
This post covers a complex line of reasoning, so it may be more compelling to start with a real-world example from tradfi to demonstrate this universal principle. After all, actions speak louder than words.
Example
Consider the largest tradfi ETFs in the world that need to rebalance daily. Examples include leveraged ETFs that increase positions when prices move favorably and decrease positions in the other direction. These funds manage hundreds of billions of dollars in AUM. Many of these funds choose to execute on the closing auction of the exchanges. In many ways this is a more extreme version of whales trading publicly on Hyperliquid:
1. These funds’ positions are known almost exactly by the public. This is true on Hyperliquid as well.
2. These funds follow a precise strategy that is public. This is not true on Hyperliquid. Whales can trade however they want.
3. These funds trade predictably every day, often in massive size. This is not true on Hyperliquid. Whales can trade whenever they want.
4. The closing auction gives ample opportunity for other participants to react to the ETFs’ flows. This is not true on Hyperliquid, where trading is continuous and immediate.
Despite these points, these ETF managers opt into a Hyperliquid-like transparency. These funds have full flexibility to make their flows private, but proactively choose to broadcast their intentions and trades. Why?
History of transparency in electronic markets
A complementary example is the history of electronic markets. As summarized above, markets are efficient machines that convert information into fair prices and liquidity. In particular, electronic trading was a step-function innovation for financial markets in the early 2000s. Prior trading occurred largely in trading pits, where execution quality was often inconsistent and spreads wider. With the advent of programmatic matching engines transparently enforcing price-time priority, spreads compressed and liquidity improved for end users. Public order books allowed market forces to incorporate supply and demand information into fairer prices and deeper liquidity.
The spectrum of information
Order books are classified by their information granularity. Note that L0 and L4 are not standard terminology, but are included here as natural extensions of the spectrum.
L0: No book information (e.g. dark pools)
L1: Best bid and offer
L2: Levels of the book with price, total size of level, and optionally number of orders in the level
L3: Individual anonymized orders with time, price and size. Some fields including sender are private
L4 (Hyperliquid): Individual orders with complete parity between private and public information
Each new level of order book granularity offers dramatically improved information for participants to incorporate into their models. Tradfi venues stop at L3, but Hyperliquid advances to L4. Part of this is necessity, as blockchains are transparent and verifiable by nature. However, I argue that this is a feature, not a bug.
Zooming out, the tradeoff between privacy and market efficiency spans the full spectrum from L0 to L4 books. On this scale, L3 books can be viewed as an arbitrary compromise, not necessarily optimal. The main argument against L4 books is that some strategy operators prefer privacy. Perhaps there is some alpha in the strategy that is revealed by the order placement. However, it’s easy to underestimate the sheer talent and effort going into the industry of quantitative finance, which backs out much of these flows despite anonymized data. It’s difficult to enter a substantial position over time without leaking that information to sophisticated participants.
As an aside, I believe financial privacy should be an individual right. I look forward to blockchains implementing privacy primitives in a thoughtful way in the coming years. However, it's important not to conflate privacy and execution. Rather than hand-in-hand concepts, they are independently important concepts that can be at odds.
How market makers react to information
One might argue that some privacy is still strictly beneficial. But privacy is far from free due to its tradeoff with execution: toxic flow can commingle with non-toxic taker flow, worsening execution for all participants. Toxic flow can be defined as trades where one side immediately regrets making the trade, where the timescale of "immediate" defines the timescale of the toxicity. One common example is sophisticated takers who have the fastest line of communication between two venues running toxic arbitrage taker strategies. Market makers lose money providing liquidity to these actors.
The main job of a market maker is to provide liquidity to non-toxic flow while avoiding toxic flow as much as possible. On transparent venues, market makers can categorize participants by toxicity and selectively size up to provide as a non-toxic participant executes. As a result, a whale can quickly scale into a large position faster than on anonymized venues.
Summary
Finally returning to the example of ETF rebalancing, I imagine the conclusion of rigorous experimentation confirmed the points above. Addressing the specific subpoints in the introduction:
1) A transparent venue does not lead to more frontrunning than private venues. Rather, traders with consistently negative short term markouts benefit by broadcasting their autocorrelated flow directly to the market. Transparent venues offer a provable way for every user to benefit from this feature.
2) Liquidations and stops are not “hunted” on transparent venues more than on private venues. Attempts to push the price on a transparent venue are met with counterparties more confident to take the mean reversion trade.
If a trader wants to trade massive size, one of the best things to do is tell the world beforehand. Though counterintuitive, the more information that is out there, the better the execution. On Hyperliquid, these transparent labels exist at the protocol level for every order. This enables a unique opportunity to scale liquidity and execution for traders of all sizes.
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💥Daily volume on Paradex is averaging $250m/d 💥
This is 100% growth since Mainnet launched ~2 months ago. A few highlights from our journey so far 👇
In total, $15 Billion has traded since launch. This is pretty insane growth given we are still in beta and our community building efforts have largely been restricted to a core group of beta users.
All this to say that we are just getting started 🤙
It isn't just about volume. Weekly active wallets have grown ~200% during that same time largely driven by our Pre-Season Points Program. Currently averaging 145 users per week compared to 51 while we were still in closed beta.
>> We will exit beta into Season 1 soon, but there is still time to lock your pre-season boosts and rewards that will carry over into Season 1
Power over Gas, is Power over All 💪🏼.
Gas/trade dropped 60% to sub 500 gas/ trade. This was a huge unlock for us, and immediately added 20+ markets (and counting!)
A huge shoutout to the @StarkWareLtd team on the monumental effort around continually increasing block size, optimizing proof verification gas/step and the transition to blob storage which reduced our DA costs by 90%.
Another crazy stat to highlight is that back in October, we were averaging 6000 gas/trade and today we are averaging sub 500, despite adding 20 new markets!! Keep in mind, our risk engine is entirely on chain, which means that adding new markets significantly eats up blockspace via the incremental risk checks (from new markets)
This incredible feat needs a separate post to detail out the amazing work done by both teams! Stay tuned 🙏
------------------------------------------------------------
What's next for Paradex?
There is ALOT we are working on, but here are a few things in the near term we are excited about
+ Degen Referral Program
+ Cross-Chain Bridges @layerswap and @rhinofi
+ @Starknet Native Wallet Support @argentHQ and @myBraavos
+ OI + TVL Points
+ Vaults 2.0
+ Points Perps????
Dex Power ✊
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Largest single trade on @tradeparadigm to date🔥🔥
Someone just printed our largest trade ever: ~ $1.2 billion in notional for a $50 million premium, filled via RFQ in a single shot with zero impact on the public order book!
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hey anna
remember how you told me i would be a nobody
and a drug addict.....ha ha ha
look at me now
i got a nice car
lookin goood 😂
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More Leverage + No Liquidations
The Magic of Perpetual Options 🔥
The big take away from my post last year on why options have not boomed like perps was that we need to simplify options to fit within the perpetual futures framework. The beauty of the perp framework is traders only need to care about:
Entry price
Exit price
Funding paid/received
So we built Perpetual Options, which do exactly that.
The beauty of Perp Options is that perp traders don’t need to change how they think or trade. If you trade perp futures, you’re basically just trading leveraged spot.
And the cost of that leverage is the funding rate (basis).
The problem with leverage is that if the price moves against you, you get liquidated unless you post margin.
Now what if I told you that, for a few extra basis points in funding, you can eliminate that downside?
That’s what Perpetual Options do.
With perp options, the funding rate now includes two components
+ the cost of leverage (basis)
+ the cost of insurance or price protection (convexity)
In return, you get
+ MOAR leverage (OTM options give you >100x )
+ NO liquidations (by price)
The tradeoff is higher funding
It sounds almost too good to be true, but it’s real, and we think we’ve nailed the design.
Look at the image below—it looks like a perp.
And that’s the point. All you care about is:
+ Entry price
+ Exit price
+ Funding
Retardio proof
P.S. In the screenshot, we include the perp futures funding next to the perp options funding, so you can see exactly how much extra you're paying for the “insurance.” That difference between the two is the cost of convexity........expressed as a funding rate
People often ask why crypto options volumes haven't boomed like perps. As someone who helped build @tradeparadigm into an options powerhouse, trading ~$500M daily and making up 30% of @DeribitExchange 's volumes, here's my take 👇
1/ Perps look like options
@CryptoHayes wrote a great post several years ago, highlighting how perps mimic option payoffs. Your margin acts like an option premium—you can't lose more than that, so it’s like trading an option.
blog.bitmex.com/when-options…
2/ High leverage + high volatility simulate the accelerated payoffs of high gamma option options
In tradfi, 0DTE (Zero-Day-to-Expiry) options dominate because they offer "accelerated" profits through high gamma. High gamma means that for every $1 move in the underlying asset, a high gamma option provides accelerated profits compared to a lower gamma option (all else being equal).
In other words, 0DTE options traders are chasing gamma, and 0DTEs deliver that in abundance.
Now, does this mean there aren't any gamma traders in crypto? Absolutely not. In fact, my thesis is that all crypto traders are essentially gamma traders, seeking the same "accelerated" profits that high gamma options provide.
The key difference is that perps deliver this thrill through a unique combination of:
A) Super high leverage (100x or more)
B) High volatility of crypto assets
C) Perps' option-like payoffs (you can only lose your initial margin)
A and B are often underappreciated, but together with C, they closely simulate the thrill of trading a 0DTE option.
3/ Perps are ridiculously liquid and easy to trade
Perps don't fragment liquidity across different expiries and strikes. There's no complex options chain with hundreds of numbers, no Greeks—just one super-liquid instrument.
Traders only need to worry about: Entry Price, Exit Price, and Funding.
But does this mean options are doomed in crypto?
Not at all.
As crypto matures and volatility drops, the wild gains from perps will fade (we're already seeing this). In the search for yield, traders will turn to options for those juicy 10,000x returns, especially with low delta plays.
The future?
Simplify options trading to match the ease of perps—focus on entry price, exit price, and funding. If we nail that, options could not only reclaim market share from perps but also explode in growth, offering unique payoffs!
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Perp DEXs - The Financial Supercenters of the Internet Economy
Perp DEXs are not just another flavor of crypto exchange. They are the financial supercenters of the internet economy. The TAM is so insanely large that it blows my mind every time I sit down and think about it.
From Wall Street to On-Chain Supercenters
Financial supercenters already exist in the physical world. Think WallSt/NYC, London, Dubai, Hong Kong, and Singapore. These places are magnets for capital and talent because they centralize liquidity, information, and access.
Now zoom out. In the on-chain world, the equivalent is the perp DEX. Each perp DEX is one of several superclusters of liquidity that will exist on-chain in the future. These will be the beating hearts of the global digital economy.
Who Will Access Them?
Commercial businesses, whether they are apps, appchains, or entire DAOs, will access these hubs to:
- issue tokens
- invest cash into yield-bearing strategies
- borrow and lend against their assets
- hedge risks just like corporates do today with futures and swaps
- borrow and lend against their assets.
At the same time, speculators and arbitrageurs will continuously interact with these markets, compressing spreads, creating efficiency, and deepening liquidity.
The attractiveness of one supercenter over another will come down to the "costs" of accessing liquidity:
1) price (fees, spreads, slippage, cost of capital)
2) size + immediacy (how much size can be executed without moving the market)
3) risk of information slippage
4) ease of access (execution complexity, onboarding)
The winners will be the superclusters that provide the most choice while reducing these costs.
TAM: You Are Not Bullish Enough
When I say the TAM here is large, I don’t mean a 10x. I mean orders of magnitude larger. Think about it this way: the TAM for perp DEXs is equal to the TAM of all financial businesses combined:
- brokerages like Robinhood, Schwab, IBKR
- exchanges like CME, ICE, Nasdaq
- asset managers like BlackRock, Vanguard
- banks like JPMorgan, Goldman Sachs
- clearinghouses and settlement systems like DTCC
A perp DEX combines all of the above and makes them seamlessly composable. It’s the single point of convergence point for entire financial stack.
Why Valuations Will Go Parabolic
The market is still wildly mispricing what perp DEXs represent imo. Liquidity has powerful, reflexive network effects. Once a venue becomes the deepest and cheapest hub, it becomes a black hole for liquidity with intense gravity. Composability amplifies this further as it expands the surface area for activity. These supercenters are permissionless by design with global access and no bottlenecks. Anyone with a wallet can participate. No CEX or Tradfi institution can match this direct-access, structural advantage. Finally as native L1/L2 yield is unlocked (via bridge lending and censorship-resistant, yield bearing stables) and achieve scale, it increases the costs to move those dollars to other venues. In that context, today’s “billions” valuations are nothing but rounding errors, these entities are playing for TRILLIONS.
So when I say you’re not bullish enough, I mean it literally.
Perp DEXs aren’t just the next Robinhood or Binance. They are the next Wall Street, CME, Goldman, DTCC and the next BlackRock — combined, composable, borderless, and native to the internet. We are still early but the direction is clear: the future of finance isn’t scattered across silos. It’s concentrated in a handful of on-chain supercenters.
And those supercenters are perp DEXs.
Paradexio
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something weird going on with the @Aster_DEX orderbook.
desktop showing insane size but mobile has something completely different
which one is real?
anyone else spotted this?
*will add it to our liquidity monitor to see how diff the API feed is
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Bearish unlocks for $DIME 👇
+ Portfolio Margin
+ Interchain Transfers via Hyperlane
+ Multi-chain support for native Paradex tokens
+ Dated Options
+ Gigavault Options Strategies ~ 20-30% yield
+ Gold Perpetual Options
+ RFQ - @tradeparadigm integration
+ Spot / Perp Spreadbooks - @tradeparadigm intg..
+ Full Privacy
+ Spot
+ Spot VTFs (Vault Traded Funds)
+ XUSD (Yield bearing Stablecoin)
+ @MoneyBadgersX Launch
+ Mobile 3.0
+ Degen Mode (~Rollbit UI inspired)
impossible is nothing
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It’s officially perp‑DEX szn.
My DMs are full of “can I invest?” “what’s the best way to farm?” There are people out there are farming multiple DEXs. This makes sense, if you are low-T and think that diversification is good. But if not, and your man-card is still very much in your possession, here is a simple framework that you can use to go ALL IN on one.
Believe in something.
1) Team
Have they built a real business before?
A biased but good example is Paradex which is our second rodeo. Our first was @tradeparadigm which trades $1.5B / d and is ~35% of Deribit. We know how to build systems at scale, manage cash flow, hire, fire and build culture and when shit hits the fan transform to becoming wartime leaders. If the market or our enemies poke, we stab. That is the mindset.
How many times have the founders launched other tokens?
I can’t believe I need to say this, but if @PacmanBlur is launching his third token and you fall for it, NO ONE CAN SAVE YOU. If it looks like a red flag, do not be an idiot and ignore it.
Are the founders known?
The more you know, even the ugly parts, the lower your risk.
Who are the investors/backers?
Not all investors are created equal. Strategic investors >VCs and Podcasters
Paradigm raised money back in 2021 and has ALOT of the biggest traders in crypto on our cap table as owners and as customers. Since Paradex was incubated by Paradigm, all of these investors automatically have an incentive to help Paradex succeed. Our cap table is stacked with strategics like @jumpcapital that we tap for liquidity relationships. In addition, we’ve got ~3,000 institutions on Paradigm; every big crypto name that trades options trades there. This network is one of our biggest strengths.
2) Tech - How scalable is it, really?
Team's have had to make tradeoffs in their bid to being a top dex. For example. we (Paradex) fundamentally disagree with keeping execution on‑chain. We think consensus based L1s with complex risk engine workloads have already hit scaling bottlenecks. You see this in implementations where spot and perps need to live in separate wallets vs one unified margin system.
Conversely, there are teams powered by ZK, that don't have this problem, because all execution is moved off the L1 and on performance optimized L2s. That is an advantage that zk rollups like Lighter and Paradex have. Having scalable tech unlocks product differentiators like unified margin and multi-collateral which allows you to build more things on top like tokenized vaults and delta-neutral stable tokens that can be used as collateral. Being an L2 also allows u to compose with all the liquidity on L1 which is a MASSIVE advantage over any L1. Exchanges like Paradex and Lighter both inherit these advantages because of their choice of stack.
We also fundamentally disagree with the tradeoffs imposed by "cancel-priority", something I have been very vocal about in the past. We agree that in order to scale liquidity, a venue must solve the toxic flow problem. But we disagree with the solution being cancel-priority. We think it's a very crude and overly advantageous "free option" to the market makers. A solution like RPI scales far better.
Another critical bottleneck for scaling onchain finance is Privacy. Which DEXs have privacy enshrined into their roadmap and are committed to making it happen.
Big money likes privacy, do you really think we will move to the world in which Blackrock puts all their client money on chain for the world to see? Too much transparency invites predatory behavior and ends up becoming a tax on price formation. @JamesWynnReal can attest to this. As of now there are only @paradex and @Aster_DEX who have publicly talked about the need for privacy. If I missed any, pls comment below.
The TLDR for tech is is "do they have technical + business model innovation that scales" with as little constraints as possible. For @paradex it's RPI + Zero Fees + Privacy. What is it for other exchanges?
3) Alignment.
How aligned are the community, team, and investors via the tokenomics?
Paradex for example is the only exchange where 80% of the team tokens are tied to performance milestones that will be set every year. We have also publicly committed to full disclosure of all major agreements with the foundation that will be available to token holders. We believe this radical approach is the only way we build trust back with token holders that have been burned over the last few years. There's other stuff like value accrual linkage like buybacks etc. But that is table stakes by now, so if teams aren't doing that they NGMI.
P.S. Tried not to make this too long which meant I cut out a lot of the less important things, but I believe that if you do basic DD using the above framework, you should be OK. Also none of this is financial advice just my opinion and I know nothing, so please DYOR.
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Looking for a full-stack cracked dev to fight alongside us in the trenches, specifically focused on building out the trading experience.
You’ll work directly with me ⚔️
There are no product managers , managers or 1:1s at @paradex and @tradeparadigm. No bullshit, just code. Fair warning that this is NOT an easy place to work. I will torture you into greatness. But you’ll do some of the most meaningful work of your life with insane personal growth.
We’ll throw hard technical problems at you (not just UX), and you’ll have full ownership over whatever you ship.
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People often ask why crypto options volumes haven't boomed like perps. As someone who helped build @tradeparadigm into an options powerhouse, trading ~$500M daily and making up 30% of @DeribitExchange 's volumes, here's my take 👇
1/ Perps look like options
@CryptoHayes wrote a great post several years ago, highlighting how perps mimic option payoffs. Your margin acts like an option premium—you can't lose more than that, so it’s like trading an option.
blog.bitmex.com/when-options…
2/ High leverage + high volatility simulate the accelerated payoffs of high gamma option options
In tradfi, 0DTE (Zero-Day-to-Expiry) options dominate because they offer "accelerated" profits through high gamma. High gamma means that for every $1 move in the underlying asset, a high gamma option provides accelerated profits compared to a lower gamma option (all else being equal).
In other words, 0DTE options traders are chasing gamma, and 0DTEs deliver that in abundance.
Now, does this mean there aren't any gamma traders in crypto? Absolutely not. In fact, my thesis is that all crypto traders are essentially gamma traders, seeking the same "accelerated" profits that high gamma options provide.
The key difference is that perps deliver this thrill through a unique combination of:
A) Super high leverage (100x or more)
B) High volatility of crypto assets
C) Perps' option-like payoffs (you can only lose your initial margin)
A and B are often underappreciated, but together with C, they closely simulate the thrill of trading a 0DTE option.
3/ Perps are ridiculously liquid and easy to trade
Perps don't fragment liquidity across different expiries and strikes. There's no complex options chain with hundreds of numbers, no Greeks—just one super-liquid instrument.
Traders only need to worry about: Entry Price, Exit Price, and Funding.
But does this mean options are doomed in crypto?
Not at all.
As crypto matures and volatility drops, the wild gains from perps will fade (we're already seeing this). In the search for yield, traders will turn to options for those juicy 10,000x returns, especially with low delta plays.
The future?
Simplify options trading to match the ease of perps—focus on entry price, exit price, and funding. If we nail that, options could not only reclaim market share from perps but also explode in growth, offering unique payoffs!
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What margin mode do you use to trade perps?
66%
⚔️ Cross Margin
34%
🔒 Isolated Margin
313 votes • Final results
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$HYPE is now more liquid on Paradex than Binance 🔥
One of the best things about coming from behind is that you’re forced to innovate to catch the leader. CEXs spent years and hundreds of millions of users bootstrapping the liquidity they have today. If we followed that same playbook, it could take us just as long......and we might never get there given today’s competition.
So we can’t use the same playbook.
The only solution is relentless innovation. RPI orders are a direct consequence of this realization. If we want to compete, we need to do better, and do it now, not in a year cos we’d be dead by then.
It’s a brutal arena, but it’s exactly where we do our best work
Better-than-CEX era is here
Paradexio
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The New Digital Samsara
Liquidity → Yield → Mindshare → Liquidity
The infinite flywheel of liquidity, yield and mindshare that keeps attention trapped on a network.
This is the Paradex playbook and also a glimpse of what to expect next👇
1) Liquidity and Volume
Until a few weeks ago, thin books, especially on alts, were our biggest weakness. The UX is great and the platform rock-solid, but depth was lacking. RPI orders have flipped that script. Right now, only the Gigavault and one or two other market makers are posting RPI, yet liquidity is already thicker than most CEXs; as more makers come online, I expect it to 10× and likely surpass even the biggest centralized venues.
An exchange’s core product is liquidity. If that sucks, everything else is meaningless. We are obsessed with delivering “better-than-CEX” liquidity and will relentlessly iterate until we nail it. Once we do, traders always migrate to the thickest, lowest friction venue. Call it the first law of market thermodynamics.
2) Yield
The Gigavault has been delivering ~30 % APR, but with higher volatility than most retail and institutional investors tolerate. Because the vault can’t hedge off-exchange, you can't smooth PnL unless you are adverse selecting your users. This is an extremely difficult problem to solve and we already have implemented a few fixes that are REALLY working. Consequently, the GV is now crushing it, and upcoming options yield strategies should push performance higher while reducing PnL swings.
Going forward, consistent positive returns should trigger an avalanche of TVL, which in turn kickstarts the liquidity, volume and OI flywheel.
3) Mindshare Machine
With the liquidity problem now solved, awareness becomes priority #1. The launch of the @MoneyBadgersX will be the single biggest mind-share moment in crypto (that's a promise). We’ve spent six months engineering it, and we’re super close, keep an eye on the app in the next few weeks. Our goal is reach 1 million people across CT and other channels. We’ve approached mindshare with the same engineering rigor we apply to product, and we now understand its levers, and how to max each one.
Mindshare kickstarts the distribution flywheel, which in turn creates even more mindshare. @KaitoAI will be our partner in how we measure and reward user along with a slew of our own internal metrics. I will also add that engineering this flywheel has been SUPER fun, and we’re READY to share with the world what we have been working on.
In the meantime, each of you can do your part by sharing our story on X, TikTok, IG, or YouTube. We’ve built a tight community of believers who’ve stuck with us through thick and thin for 18 months. There’s no better marketing than our best users evangelizing for us.
So we’re counting on you. ❤️
Paradexio
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Will be dropping ungodly amounts of alpha dropped on the @PythNetwork Spaces with @realpepito this week 🔥
You've been warned but yet you won't be ready.
Paradexio
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Paradex is now the fastest exchange for limit-order fills across any CEX/DEX⚡️
Lightning-fast execution powered by PRISM
Only possible on Paradex
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The SuperDEX era is here, powered by $DIME 👇
paradex.trade 🔥
Scaling on-chain finance demands liquidity, privacy, and performance enshrined as foundational primitives. @paradex unifies all three.
On-chain finance is about to have its watershed moment. Buckle up 🚀
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Doing something SUPER special this week (27 Jun)! If you are in Singapore, trust me you don't want to miss it. Highly curated guestlist with limited slots! - DM me to get on the guest list!
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$40M TVL 🚀
No paid KOLs
No TVL deals
Just roll up your sleeves, down and dirty bootstrapping
Grind szn is fucking on 🚀
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Just realized @paradex has a 95% positive rating on @ethos_network with 267 reviews.
Big thanks to everyone to gave us a review 🙏
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Sorry for the delay here, but wanted to take the time to answer clearly 👇.
ZK-rollups vs OP-rollups
@paradex started out as a throughput derivatives trading and clearing system (it is much more today). This means that transaction finality needs to be both absolute and immediate. Most design decisions flow from this need.
OP-rollups provide probabilistic guarantees of state transition correctness and come with delayed finality (due to the challenge period). This presents two key issues for us at the application level:
1️⃣ Withdrawal Delays: Challenge periods (typically 7-14 days) are a hard stop for traders who need immediate access to capital to move capital across platforms and manage risk in volatile markets. Without fast withdrawals, their ability to hedge and reposition is severely limited.
2️⃣ Hedging Uncertainty: Probabilistic guarantees mean trades assumed final could later be busted if proven fraudulent. For large traders hedging across exchanges, if one of their "hedged" trades is busted, it introduces market risk and uncertainty, which affects liquidity and pricing for everyone. Another hard stop.
By comparison, ZK-rollups use validity proofs that cryptographically guarantee the correctness of state transitions. Finality is deterministic and immediate which aligns perfectly with our system.
Why Starknet?
At the time (~2 years ago), the only viable ZK-rollup options were @Starknet and @zksync. STRKs post-quantum resistance (yes, this mattered) and proven scalability in production with @dYdX v3 made it the clear choice.
Another key factor was working with the gigachads at @StarkWareLtd, who, IMO are the most technically competent team in crypto. Together, we’ve solved some of the hardest problems in crypto, including:
a) Fully On-Chain, Portfolio-Margined Risk Engine: Enabling users to trade spot, perps, and options from a single account using any crypto as collateral, with cryptographic guarantees of accurate margin calculations and system solvency—no validators needed.
b) Privacy for User Positions: Client-side proving will come in 2025, which unlocks position privacy. We are deeply committed to bringing privacy to traders, which we believe is a big hurdle to on-chain adoption.
We're pushing the boundaries of what's possible and we needed a team that can keep up 🙏
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On $10k orders market orders @paradex is now even more liquid than the CEXs. Better than CEX era is here, powered by the SuperDEX 🔥
p.s. Negative spreads means the book is crossed. This is one of the positive externalities of RPI... free edge for retail!
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Paradigm + Paradex putting up some serious numbers 🔥
30D Group Volume --> ~$100b (annualized $1.2T)
30D Group Revenue --> $5m (annualized $60m)
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Just updated the roadmap and ***HOLY fucking shit** we’ve shipped in 6 months what most CEXs do in 3-4 years. And we’re nowhere near done. The next few months are stacked, and once TGE hits and SuperChain goes Mainnet, things get even more bonkers.
BULLLLLLISH... VERY FUCKING BULLISH
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A shadow moves, the shape is clear
Dave’s debut is drawing near.
No sneak peeks, just silhouette,
But you’ve still got time to farm it yet.
XP’s the key, so don’t delay
The grind starts now, make your play.
gDime
Dave is on the way,
For XP whales who came to play.
If your bag’s been stacking tall 💰
You’re on the list - no rugs at all.
To earn a spot, you’re not too late
Stack XP and seal your fate.
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95% of the time @paradex beats Binance, Bybit, Hyperliquid, Lighter on $100k market orders for majors.
BTC/ETH trade mid or better (negative cost), SOL trades ~0 bp and HYPE ~1 bp. All powered by RPI orders.
The first principles insight here is that flow segmentation is the better way to solve the toxic flow problem than cancel priority or speed bumps.
Liquidity Monitor link in comments 👇
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Better than CEX era is here... You effectively get paid to trade on @paradex (not including fees)
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Back from the offsite and we are f*cking LOOOOCKED IN. Feels like we unlocked a new dimension after tripping absolute balls on shrooms. 🍄
JK. We definitely didn’t. Allegedly.
We’ve been grinding for 7 years, first with @tradeparadigm and now with @paradex. The alignment and energy across the team is f*cking next level and contagious. I’m unbelievably proud of how hard everyone has pushed through, sticking it out through multiple brutal cycles.
This year, we’re tracking toward $50M in revenue across both businesses, a massive milestone for a team that was nearly left for dead after FTX. And we’re doing it with just 35 people.
I’ve never been more bullish on what’s ahead. We’ve fought relentlessly to write our own destiny and we did it our way: Taking big, contrarian bets and ruthlessly cutting dependencies. And now, @paradex gives us full control of the future.
It’s only up from here....and it’s going to be f*cking glorious.
Expect bigger, bolder, and MOOOAR bullish things.
Paradexio 🌀
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time to buy everything, its a raging bull market
memes first, then NFTs
seems like the perfect time to launch @MoneyBadgersX !!
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3 reasons retail users should ALWAYS pay 0 fees👇
1. Fees should be based on toxicity, not volume
Orderbook spreads react to how toxic your flow is, not how much you trade (volume). When the ratio of toxic to non‑toxic flow is high, spreads widen. Retail is generally non‑toxic; professional/HFT players are often more toxic. Yet most exchanges charge by volume, which punishes non‑toxic retail with higher costs AND rewards toxic, high‑frequency players by giving them volume discounts. Zero Fee Model fee model flips this dynamic: it stops penalizing non‑toxic retail flow and removes the structural advantage given to toxic, high‑volume players.
2. Retail is overcharged to fund affiliates and middlemen
Most CEXs run on an affiliate-driven model. They charge 5–10 bps per trade to retail. Then send 60–90% of that to KOLs/affiliates to buy distribution. So basically they are overcharging retail users so they can pay middlemen
KOL relationships become purely transactional, constantly rotating to whoever offers the highest rev share. It’s a race to the bottom with retail footing the bill. With 0 fees for users, you remove this hidden “distribution tax” on every trade. Creators can still be rewarded more cleanly (e.g., via long-term token/alignment models) instead of skimming retail every time they click the trade button.
3. Zero fees align exchanges, builders, and users
Builder codes and frontends are a huge distribution edge for an exchange. But if the base exchange charges 2–3 bps, then builders must first “clear” that fixed fee hurdle before they can earn anything themselves. Both the exchange and the builder are competing for the same fee pie. With zero fees at the venue level the exchange gives full pricing discretion to builders. Builders can design their own business models and margins without a forced hurdle rate, and share a % of that back with the exchange as a tax for leveraging that exchange's liquidity infrastructure. It's the Roblox or App-Store model.
TLDR;
Retail/users should always pay 0 fees in crypto because + they’re non‑toxic,
+ currently overcharged to subsidize middlemen,
+ it is a more aligned model for builders, exchanges and users
P.S. full debate with @rf_extended last night where I shared the above arguments.
nitter.app/SageWhale/status/19893…
Retail should always trade at a better price than professionals.
In any markets this is not already true, I bet within 5 years it will be.
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Just realized that Paradex is now the #1 options DEX in crypto with $40 M ADV 🔥@DefiLlama, could we update the options leaderboards, please?
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why trade on @paradex
1) zero fees
2) better-than-CEX spreads
3) privacy
fuck u, higher
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since y'all cant comprehend the timelines on which we operate let me break it down for you
~2 weeks
+ Portfolio Margin
+ Gold Perpetual Options (tomorrow)
+ Degen Mode (~Rollbit UI inspired)
+ Interchain Withdrawls via Hyperlane
3-4 weeks
+ Multi-chain support for native Paradex tokens
+ Dated Options
+ Gigavault Options Strategies ~ 20-30% yield
6-8 weeks
+ RFQ - @tradeparadigm integration
+ Spot-Perp Spreadbooks - @tradeparadigm int
+ @MoneyBadgersX Launch
+ Mobile 3.0
12-14+ weeks
+ Full Privacy
+ Spot
+ Spot VTFs (Vault Traded Funds)
+ XUSD (Yield bearing Stablecoin)
things get less predictable the farther out, but this is generally how we swag estimates. Also its expected that a few things will slip. That is almost guaranteed....when you are shipping as fast as we are it also means there's a higher risk of things breaking...but you just deal with it as it comes (which means items from the roadmap get put on hold or outright dropped until u put out fires)
y'all asked so here it is.
Bearish unlocks for $DIME 👇
+ Portfolio Margin
+ Interchain Transfers via Hyperlane
+ Multi-chain support for native Paradex tokens
+ Dated Options
+ Gigavault Options Strategies ~ 20-30% yield
+ Gold Perpetual Options
+ RFQ - @tradeparadigm integration
+ Spot / Perp Spreadbooks - @tradeparadigm intg..
+ Full Privacy
+ Spot
+ Spot VTFs (Vault Traded Funds)
+ XUSD (Yield bearing Stablecoin)
+ @MoneyBadgersX Launch
+ Mobile 3.0
+ Degen Mode (~Rollbit UI inspired)
impossible is nothing
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The core idea of perp options is that
For Perp Futures
> Funding = Cost of Leverage
For Perp Options
> Funding = Cost of Leverage + Built‑in Insurance
This built‑in insurance protects you from liquidations if price moves against you.
So, for the first time in crypto, the combination of accelerated upside + no downside is now possible… for a fee, of course (aka higher funding).
It’s that easy👇
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Three comma club!
$1 Billion in 24h volume 🔥
To the trenchers who backed us since day 0 -- this one’s for you homies!
And this is just the fucking beginning
Paradexio 🚀
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The enemy isn’t HL; the enemy is CeFi.
All DEXs are aligned in their mission to take market share from CEXs first. Once we control a meaningful slice of the pie, then we can figure out how to divi it up amongst ourselves.
Trying to fight HL now is sub-optimal.....literally giving away alpha here.
Some are scrambling to catch up to Hyperliquid – while others are analyzing their design limitations and building to improve/exceed.
Which camp are you in?
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i kid you not the mindshare machine that we are about to unleash is going to blow minds and melt faces 🤯
Higher 🚀
Paradexio
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~$100 M+ of ETH gamma ripped through Paradigm today. Now picture what happens when we integrate @tradeparadigm into Paradex.
Edit: this was a single trade!! Total 24h platform volume was $800m~
Paradexio
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🔥$DIME Nation Season 2 (2025) Jersey🔥
I put on for my city, on-on for my city
I put on for my city, on-on for my city
I put on for my city, on-on for my city
I put on for my city, on-on for my city
Paradexio
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This was fun!
Thanks to @rf_extended and his team for being great sports and hopping on the stream.
We need more debates like this to push the space forward.
And remember folks, the enemy is CEFI
ParadeXio
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This dude has been straight crushing it trading perpetual options. $160k PnL in ~1month with 5600% in 30D APR 🔥
He also runs his own Alpha group on TG, link in thread below!
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Lol C-Tier.
This is a mistake dude. But go ahead, keep fading us. Nothing fuels us more.
Tier list of Perps
this ranking is based on the trading volumes of the platform
S-tier:
@HyperliquidX / @Lighter_xyz
A-tier:
@edgeX_exchange / @Aster_DEX
B-tier:
@JupiterExchange / @DriftProtocol / @OfficialApeXdex
C-tier:
@pacifica_fi / @avantisfi / @dYdX / @paradex / @MYX_Finance / @extendedapp / @reya_xyz / @GMX_IO / @grvt_io / @GainsNetwork_io
D-tier:
@ostium / @Merkle_Trade / @hibachi_xyz / @KiloEx_perp / @variational_io / @VestExchange
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SN is one of the only L2s to keep pushing down the decentralization path so this take is a bit misdirected. Decentralization might not be valued much by the market right now but it doesn't mean it isn't valuable. We build on ETH precisely because of its security and decentralization guarantees.
Also, Eli has done more for this space than most people I know. Having access to him and the SW team was a big reason we decided to fork public SN and build the first ZK appchain.
He has moved humanity forward with the invention of STRKs and his very contrarian bet on BTC defi is insanely ambitious and much needed. If everyone agreed with one narrative there won't be any innovation.
"Let he who has made a permanent contribution to this space pick up the first stone. He who has NOT, should STFU"
Retards 1:01
"Truly decentralized dexes" will win.
There's nothing decentralized when the sequencer is centralized.
L take by this retard as usual. I know zero investors who made money on Starknet, other than the team.
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We are big believers in direct access investing and trading models. We did that with @tradeparadigm and now we are doing i again with @paradex.
So today, we are rolling out Zero Fee Perps (ZFP) to 100+ perp markets on Paradex.
The problem statement is simple: CEXs overcharge their users only to hand 60-90% of it away to affiliates to buy distribution. The retail trader is left to foot the bill.
ZFP fixes this
We think a better and more sustainable model is to make creators and affiliates long-term owners vs merely rev-share renters. So we're also rolling out a new affiliate model with an explicit token allocation tied to referral milestones. If you are an affiliate or creator that wants to be a long-term owner of the network, please reach out!
I've never been more bullish about Paradex. We will not stop coming 🦡
Paradexio
Introducing Zero Fee Perps 🔥
Zero Fee Perps (ZFP) are now live on Mainnet.
Starting today, every retail trader on Paradex pays $0 in trading fees (maker or taker) on 100+ perpetual futures across web and mobile.
What “zero” means here
- $0 fees for retail on every perp, win or lose.
- Always-on — not a promo, not capped, not limited to a few markets.
- The only frictions left are spread and funding (as it should be).
TL;DR: Keep your edge. Stop paying tolls.
Fee Structure
Why Zero Fee Perps are inevitable
The current affiliate-driven distribution model is broken. Many CEXs charge 5–10 bps, then hand 60–90% of that to KOLs to buy distribution. Users get overcharged so platforms can overpay middlemen; KOL relationships stay purely transactional and churn to the next highest rev share. It’s a race to zero with the retail trader footing the bill.
Paradex is built for direct access: no custody middlemen and no distribution tax. Creators still matter, so we’re rolling out a new affiliate model that makes KOLs long-term owners not just rev-share renters via an explicit token allocation. Better economics. Better trust. Better outcomes.
How we make money (and keep fees at $0)
Paradex earns from RPI (Retail Price Improvement) maker flow, not from retail takers. Professional market makers post RPI-flagged orders that are visible in the UI (for retail) and hidden from the API. These quotes only match against retail taker orders, reducing adverse selection. In return, makers price tighter with more size and pay 0.5 bps (0.005%) on RPI fills to Paradex. This micro-fee, at scale, funds Zero Fee Perps sustainably. Separately, high-frequency API takers pay 2 bps (0.02%). Over time, we’ll transition to toxicity-based fees.
It’s analogous to TradFi PFOF (e.g., Robinhood) with one key difference: orders are not selectively routed to a few market makers. All makers compete on an even playing field for retail flow; best price/size wins. Retail keeps $0 fees and gets price improvement; makers get curated flow; and Paradex earns a durable revenue line.
Won’t spreads widen?
No. RPI reduces toxicity, which lets makers quote tighter spreads with more size. In fact, after adjusting for fees paid Paradex beats the top exchanges ~96% of the time on majors at $100k orders. Check out the Paradex Liquidity Monitor👉 paradex.trade/liquidity: for real-time spreads and execution quality.
TLDR;
Fees were a tax on coordination. We’re removing them.
Trade perps but pay ZERO. Keep your fees as edge—and help us build a model where users, affiliates, and the venue win together.
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$500 bounty for everything a user needs to know about @paradex!
We'll throw in 1000 XP as well!
over $15,000 up for grabs anon
build, write, create...
whatever your skill, contribute to Starknet and earn now
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bots were strong today
but we were stronger 💪
also means we doing something right
Paradexio 🚀
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SOL and HYPE books on Paradex are thicker than any CEX right now. $10k clip on SOL is consistently negative spread (courtesy of RPI) and we're showing the fattest size inside 1 bp on depth 🔥
Not fucking around: this is straight up Better‑Than‑CEX.
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DREAM. DARE. DO. WIN. 🔥
I visited the Cologne Cathedral earlier this year and want to share a quick story that feels oddly parallel to our own.
I was stunned to learn it took 632 years to complete (started in 1248). Multiple generations coordinated across centuries (wtf?) and never departed from the original master plan.
Giving your entire life to something you won’t see finished is both mindboggling and inspiring. It also tells you that they weren’t building just for their own benefit but out of faith, for future generations to benefit, and as a tribute to a power far greater than themselves.
This extraordinary feat has many parallels to our own journey although in a much smaller capacity.
We’ve always been driven by a single vision: build a global cathedral of commerce that touches every human (and AI) on the planet. It was hard to pursue this vision in its totality with @tradeparadigm given the many constraints placed on us by the CEXs.....BUT WE KEPT BUILDING. Today we’re on the precipice of freedom and we’re a few steps away from owning the entire stack that powers this future.
But something else is happening that is magical ✨
Others are beginning to see OUR vision as THE vision for the future of finance. There will only be a handful of financial megacities in the internet economy, and we find ourselves in the lead to be one of them. The Defi Supercenter thesis is coming to life. This is special.
I hope each of you, especially those who’ve been with me since the beginning, feel the gravity of what we’ve overcome to get here, and that you feel the energy of finally being unconstrained to run our own race from here on.
I’ve never been more excited about our future. Our story is about a group of people who stuck it out against impossible odds while pushing each other to be better every single day.
We dared to dream. We dared to do.
Now it’s our time to FUCKING WIN 💪
Paradexio
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Record spice production in October for⚔️House @tradeparadigm 💥
6th month in a row
in a bear market...〽️
some thoughts👇
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no spot
no port margin
no options
no @tradeparadigm RFQ
no multi-collateral
no borrow-lend
no toxicity based fees
no xusd
no spot VTFs
no video streaming
yet
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wow @MEXC_Official orderbooks look so deliciously orderly and symmetric... not shady at all..
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Dated options coming soon to @paradex ^^
This train ain't stopping 🚂
choo choo mfer
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We're growing (and hiring) ❤️
We have the right mix of low-ego, technically gifted people working on some of the hardest problems in crypto, all the while shipping at light speed. I know because it's taken me 7 years to build this team and culture.
The next 12 months are going to be the most important months of our lives and we're locked in.
👉 paradex.trade/careers
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Such awfully bad takes on the TL.
Confusing transparency with privacy is like arguing for see-through changing rooms—visibility for the sake of visibility, with zero regard for the informational asymmetry it creates.
Makes me even more bullish on @paradex. We’ve spent years rigorously thinking through market structure problems —where transparency helps, where it harms, and how to align incentives without exposing participants to predatory behavior.
RPI orders will be the first concrete example of this design philosophy in action—delivering significantly better execution quality for retail through flow segmentation and quote protection.
Only a matter of time now.
Higher
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The ticker is $DIME
Glad to see the CT waking up to the Purpose-built, Mega L2 narrative.
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Gigavault is on fire 🔥
PnL to date → $2M
That's 32% annualized over ~7 months
7-day APR → 35%
The GV is at the core of our mission to unlock financial freedom for everyone. Next week we launch options strategies, introducing a scalable source of yield—making vault PnL less reliant on fees and liquidations and able to grow with capital.
This is a HUUGE milestone and I'm super excited to ship this. Stay tuned, somehow, just somehow this is only the beginning 🚀
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Buckle up, Dorothy, because client-side proving is coming and it’s going to have a WAAAY bigger impact than anyone can imagine.
Trace gen, proof creation, and proof verification are ALL executed on the client side. This means users can generate and verify proofs locally—no third party to compute proofs, no one touching your sensitive data.
This unlocks, you guessed it... PRIVACY 🔥
We’ve long said performance is just one piece of moving finance on-chain. Everyone’s gotten too caught up in the TPS wars. But you can’t claim to move finance on-chain without privacy. No fund, family office, or bank wants their trading positions or portfolios exposed. That information is edge—and edge is everything.
@paradex will be the first DEX to implement client-side proving next year.
Can’t fucking wait!!! 🚀
demo: demo.stwo.iosis.tech/
project: github.com/Okm165/stwo-web-s…
This is taking provided Cairo program and performs trace generation with cairo-vm,
trace is passed to the stwo-prover,
later stwo-verifier checks the proof,
every step runs on client side.
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We've now fully migrated ALL of the Paradex Core and Oracle contracts from Cairo 0 to Cairo 1 🔥
To put this in perspective: it was like designing, building and assembling the body, wings, and internals of an accelerating airplane while swapping out all its engines mid-flight.
In just 3 months, we’ve:
+ Launched VTFs/Vaults
+ Expanded to 70 perp markets
+ Launching Perpetual Options next week
+ Rebuilt our Oracle Service from scratch
+ Rewrote entire codebase in Cairo 1 from Cairo 0
+ Launched a million features you’d expect from a Tier 1 exchange.
Oh and our total Cairo 1 steps are only up 50% , also amazing considering when we first rewrote everything we were at 5x the steps (1M steps / trade!), so we've even managed to optimize the code heavily so as to not be bleeding L1 gas
Higher 🚀🚀
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ZERO fees
ALL Markets (except BTC and ETH)
starts next week!
send it🚀
Zero Fees: Paradex launched:
Live: SOL
Wed: Tier 3, 4: Neiro, Sei, Kaito, XMR etc (74 markets)
Next wk Majors: BTC, ETH (34 markets)
Trade/farm points for bigger airdrop in advance of token event with no trading fees (e.g hype airdrop)
Many signed up here:
app.paradex.trade/r/sunil
Full List in Liquidity monitor
Scroll to tier section
tradeparadigm.grafana.net/pu…
Paradex offer best price %
Cost Saving on Paradex vs. Binance, Bybit, Hype, Lighter
My sponsors are Paradex
Crypto, options, perps are risky - can lose investment Not FA, DYOR
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