Paragon (HIP-3 dex 'para')

At a glance Live

What

HIP-3 perp dex

Runs on

HyperCore

Official site

paragon.trade

Docs

docs.paragon.trade

X

@tradeparagon

Fees, last 30 days

$58.2K

Fees

Hyperliquid's HIP-3 schedule (0.090% taker / 0.030% maker at tier 0), split 50/50 with Paragon; growth mode cuts it 90% on 27 of 33 live markets. Front ends may add builder fees.

Official links

• Website
• Docs
• Stats
• X
• Telegram
• Support bot (Telegram)
• Trade para markets on Hyperliquid

Checked against Paragon's own site on November 4, 2026. Bookmark these instead of using search ads.

What Paragon is

Paragon describes itself as “a market creator for front-of-mind trades”: it turns market narratives into perpetual futures “settled by in-house oracle infrastructure.” It does this through HIP-3, which lets anyone who stakes 500,000 HYPE deploy their own perp markets on HyperCore, Hyperliquid’s trading engine and order book. Paragon’s dex is called para, so its markets appear as tickers like para:BTCD.

On November 4, 2026, Hyperliquid’s info API listed 40 para assets: 33 live and 7 delisted. The live set includes:

• Crypto indices: TOTAL2, OTHERS and BTC.D (Bitcoin dominance).
• US Treasury yields: 2-year, 10-year and 30-year yield perps.
• US equities and sector ETFs: AVGO, CRWD, NET, MELI, IGV, GDX, SMH and others.
• Pre-IPO: para:ANTH (Anthropic).
• Token perps: ANSEM, TREAD and DRV.

All para markets are margined in USDC. Paragon’s about page names Taha El-Magbri (CEO) and Ben Henry (CTO). In our November 4 snapshot, para had about 0.13% of HIP-3 24-hour volume, so liquidity is far thinner than on trade[XYZ].

What it costs

Paragon uses Hyperliquid’s HIP-3 fee schedule, with fees split 50% to Paragon and 50% to Hyperliquid. At tier 0 that is 0.090% taker and 0.030% maker, twice the validator-perp rate.

• Growth mode was on for 27 of 33 live markets, cutting all-in fees by 90%. The six without it are the crypto-linked TOTAL2, OTHERS, BTCD, ANSEM, TREAD and DRV, which Hyperliquid’s rules exclude.
• The deployer fee scale was 1.0 on 32 markets and 0.5 on para:ANSEM.
• Paragon lists free deposits and withdrawals. Front ends may add their own builder fee (an extra per-fill charge an app adds on Hyperliquid).

Try the numbers in the fee calculator.

How to use it

1. Fund a Hyperliquid account with USDC (see how to deposit).
2. Open app.hyperliquid.xyz and search para: (for example para:BTCD), or use a front end Paragon lists, such as Pear, Based or Insilico. Those may add builder fees.
3. Check the market’s contract specification in the docs for max leverage, bounds, resets and funding multiplier.
4. Place the order. Most para markets are isolated-only; only TOTAL2, OTHERS and BTCD allow cross margin.
5. Use stats.paragon.trade for market statistics.

Risks

• In-house oracle. Paragon posts its own reference prices. Outside trading hours, equity and rate markets switch to an internal 30-minute EMA of the order book, with the mark capped by bounds of plus or minus 1/max-leverage and a limited number of re-anchors.
• Bounds can block liquidation. A position whose liquidation price is outside the active bounds can’t be liquidated while they apply, and can gap when normal pricing resumes.
• Sudden pre-IPO re-anchoring. Pre-listing markets start from a discretionary reference price. Paragon may re-anchor the oracle to an offering price in one step, which can liquidate positions “immediately and without prior notice.”
• Deployer control. The deployer can halt and settle markets; 7 para markets are already delisted (H100, NAVER, TENCENT, CAMBRICON, INNOLIGHT, PAPER, HYPE2).
• Thin books and leverage. Token and crypto-index perps can be thin. Max leverage ranges from 3x to 20x, and you can lose all your margin. Read perpetual futures explained.
• Region limits. Paragon’s legal page restricts the United States and OFAC-sanctioned jurisdictions; Hyperliquid’s terms restrict the US and Ontario.

Who it suits, and alternatives

Paragon suits traders who want to express a macro or market-structure view (altcoins versus Bitcoin, US rates) in one position from a Hyperliquid account. For stocks and indices with far more liquidity, see trade[XYZ]; for pre-IPO OpenAI and Anthropic perps, see Entropy. Volumes across HIP-3 dexes are on our HIP-3 data page.