Paragon

Perp DEX (HIP-3)

$— · Founded 2026 · paragon.trade ↗

No token yetPre-token

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★★★★★★★★★★

53/100dexwatch score · Caution

A Hyperliquid HIP-3 venue for crypto-native index perps (BTC dominance, TOTAL2), US Treasury yields and single-name equities — thin, young and dependent on Paragon's own oracles.

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Status

Live since 2 April 2026 as HIP-3 deployer "para"; 31 markets active after several delistings (ANTH, H100, NAVER, TENCENT, CAMBRICON, INNOLIGHT, DRV). Maximum leverage is now 20× (50× at launch).

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For beginners

Index perps settle to Paragon's oracle, equities trade mostly 24/5 with isolated margin only, and leverage is capped at 10–20× — treat it as a Hyperliquid sub-market, not a separate account.

Key metrics

24h volume

$19.9M

Total value locked

n/a

Open interest

$21.4M

Share of tracked perp volume

0.1%

Market cap

n/a

Maker / taker fee

0.015% / 0.045%

Max leverage

20×

Trading pairs

Snapshot Oct 19, 2026 from public sources (the venue's own market API for volume and open interest, DefiLlama for TVL). Live values refresh in your browser where a source is available. Fields without a verifiable source show n/a.

The honest take

Pros

✓Non-custodial on Hyperliquid L1, tradable from any Hyperliquid front end with your existing USDC balance

✓Unique instruments: BTC.D, TOTAL2, OTHERS, 2-, 10- and 30-year yields, plus niche markets like PAPER and ANSEM

✓Standard Hyperliquid fees with no extra builder fee; published index methodology and contract specifications

Cons

✕Deployer control: Paragon sets oracles and margins and has already delisted eight markets, including the Anthropic pre-IPO contract, without a public post-mortem

✕Small: about $19M open interest, most volume in a single market, no audits, undisclosed seed investors, US users barred

Security

No published security score or audit list is available for Paragon in our dataset yet.

AuditsNot available

At a glance

ChainsHyperliquid L1

IncentivesNone (no points, no referral, no token)

TypePerp DEX (HIP-3)

BackersUndisclosed seed; Syncracy Capital named as lead investor

Made your choice?

Start trading on Paragon

Non-custodial — connect your wallet and you stay in control of your funds. Leverage is high-risk; only trade what you can afford to lose.

Hyperliquid L1Perp DEX (HIP-3)

Open Paragon ↗ Visit paragon.trade Affiliate link · dexwatch may earn a commission at no extra cost to you.

Frequently asked about Paragon

Is Paragon safe to use?

There is no published dexwatch security score or audit list for Paragon in our dataset yet, so we mark that as not available. Like other decentralized exchanges it is non-custodial, meaning you keep control of your funds in your own wallet. Always do your own research before trading.

What are the trading fees on Paragon?

Paragon charges a maker fee of 0.015% and a taker fee of 0.045%.

What is the maximum leverage on Paragon?

Paragon offers up to 20× leverage on supported markets. High leverage is extremely risky and can liquidate a position quickly — only trade what you can afford to lose.

Which blockchains does Paragon support?

Paragon operates on Hyperliquid L1.

Is Paragon good for beginners?

Index perps settle to Paragon's oracle, equities trade mostly 24/5 with isolated margin only, and leverage is capped at 10–20× — treat it as a Hyperliquid sub-market, not a separate account.

Does Paragon have a token?

No. Paragon has no live token at the time of writing, and runs a points programme instead. Points are not a promise of an airdrop. We do not speculate on future token launches.

Compare with similar venues

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Learn before you trade

Open the Academy →

What are perpetuals & perp DEXes?Module 7 · 7 min read → Leverage risk & liquidationModule 7 · 6 min read → The crypto wallet: your key to the DEXModule 2 · 6 min read → Phishing, fake sites & wallet drainersModule 5 · 7 min read →

Key terms

Perpetuals Funding rate Leverage Liquidation Margin

Figures are a dated snapshot from public sources — they move constantly and are for reference only, not financial advice. Updated Oct 19, 2026. Spotted an error? Tell us.