Paragon

Crypto market structure indices — trade BTC.D, TOTAL2, and OTHERS as perpetuals on Hyperliquid

24h Volume

$1.9M

Venue

Total OI

$2.0M

Open

Assets

Listed

Exclusive

Assets

Growth

Markets

Collateral

USDC

Margin

01 /

Live Markets

All active markets listed by Paragon. Click column headers to sort by volume, open interest, or funding.

Asset	Category	Price				Max Lev	Cross	Trade
AVGO AVGO	CryptoExclusive	$464.4700	$1.6M	$878.5K	-0.0048%	10x	Isolated only	Trade↗
TOTAL2 TOTAL2	IndicesExclusive	$985.250	$106.9K	$179.4K	+0.0078%	20x	Yes	Trade↗
BTCD BTCD	IndicesExclusive	$59.86062	$94.6K	$539.5K	-0.0037%	20x	Yes	Trade↗
OTHERS OTHERS	IndicesExclusive	$188.5441	$35.9K	$425.8K	+0.0069%	10x	Yes	Trade↗
H100 H100	Indices	$2.56	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗

02 /

About Paragon

A structured walkthrough of asset coverage, architecture, pricing, risk, and fees.

Protocol Overview & Architecture

Crypto market-structure indices as directly tradable perpetuals.

Paragon is a decentralized perpetual exchange built on Hyperliquid's HIP-3 framework that transforms crypto macro indices into directly tradable instruments. It bridges the gap between analysis and action, allowing traders to execute trades on the benchmarks they already track on TradingView.

All Paragon contracts are linear perpetual futures, fully margined and cash-settled in USDC.

Markets & Asset Directory

24/7/365 trading on the most widely followed crypto macro and dominance indices.

All current indices are derived from a universe of the top 125 crypto assets by market cap, with daily rebalancing.

BTC.D (Bitcoin Dominance) — Tracks Bitcoin's percentage share of the total crypto market cap (0-100%). Used to trade BTC vs. altcoin rotation.
TOTAL2 (Total Market Cap ex-BTC) — Tracks the aggregate market capitalization of all cryptocurrencies excluding Bitcoin. Used to trade general altcoin market direction.
OTHERS (Total Market Cap ex-Top 10) — Tracks the aggregate market cap excluding the top 10 assets. Ideal for gaining broad mid/small-cap exposure.
Future Roadmap — Paragon is exploring additional markets such as AI Trade, Treasury Futures, Blue Chip indices, and sector-specific indices (DeFi, L1s, L2s).

Pricing & Oracle Mechanics

Transparent multi-source oracle infrastructure.

Primary Oracle (Pyth Network) — Provides sub-second price updates aggregated from institutional-grade market data providers.
Fallback Mechanism — If Pyth data is unavailable, Paragon utilizes a Hyperliquid-inspired waterfall fallback, computing a weighted median across major CEXs and DEXs (Binance, OKX, Bybit, Kraken, Kucoin, Gate IO, MEXC, and Hyperliquid).
Mark Price Formula — To mitigate manipulation, the mark price is the median of three components: (1) the Oracle Price, (2) the Oracle Price adjusted by a 150s EMA of the basis (deviation between Hyperliquid midpoint and oracle), and (3) the internal orderbook median (best bid, best ask, last trade).
True Float Methodology — Paragon is developing an open-source, auditable approach to calculate circulating supply by aggregating figures from five industry vendors using a median approach with outlier detection, removing reliance on opaque, gatekept data.

Risk Controls & Protections

Leverage & Margin Modes — Paragon supports both Cross and Isolated Margin modes. Max leverage is up to 20x for BTC.D and TOTAL2, and 10x for OTHERS.
Maintenance Margin & Caps — A strict 2.5% maintenance margin requirement applies across its current markets. Open Interest (OI) is capped at $10M for BTC.D and $5M for TOTAL2 and OTHERS to manage systemic risk during its initial phases.
Liquidations — Paragon fully inherits Hyperliquid's battle-tested matching engine and liquidation systems to efficiently close underwater positions.

Fees & Funding Rates

Trading Fees — As a standard HIP-3 deployment, trading fees collected from Paragon markets are split equally: 50% to Paragon to fund ongoing protocol and oracle development, and 50% to the Hyperliquid network. Traders can still utilize their standard Hyperliquid fee tiers and staking discounts.
Funding Rates — Funding payments are exchanged every 1 hour. The rate is driven by the basis (the difference between the perpetual contract's trading price and the calculated index fair value), which continuously incentivizes the perpetual price to converge with the underlying index value.

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Asset Coverage

Category distribution across Paragon's listed perpetual markets.

Indices4

Crypto1

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Cross Margin Note

How cross-margin is scoped on Paragon.

Cross margin scope depends on your account mode. Standard Account: cross margin stays within the same HIP-3 DEX only. Unified Account / Portfolio Margin: DEXes sharing the same collateral (e.g. USDC or USDH) can cross-margin together. DEX Abstraction is not compatible with cross margin. Deployers enable cross margin per market — not every listing supports it.

Under Standard Account, USDC margin crosses within Paragon only. Under Unified Account, it can be shared with other USDC DEXes (Trade XYZ). Enablement is per market, so not every listing on Paragon will necessarily support cross margin at launch.