A structured walkthrough of asset coverage, architecture, pricing, risk, and fees.
Paragon turns widely followed crypto indices into tradable perps.
Paragon is a HIP-3 venue on Hyperliquid focused on turning widely followed crypto market-structure indices into directly tradable perpetuals.
The official intro frames Paragon as a way to trade the benchmarks traders already watch, rather than synthetic baskets that require manual multi-leg execution.
The live product currently has three index markets.
Current live markets are BTC.D, TOTAL2, and OTHERS. All three are derived from a top-125 crypto-asset universe with daily constituent updates.
Primary Pyth pricing plus an exchange-level fallback.
Category distribution across Paragon's listed perpetual markets.
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.
All active markets listed by Paragon. Click column headers to sort by volume, open interest, or funding.
