Hyperhub
Hyperhub/DEXes/para
稼働中の市場 30 件
DEX プロフィール

Paragon

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

24時間出来高
$2.2M
マーケット
合計 OI
$17.6M
未決済
資産
30
上場済み
独占
20
資産
Growth
25
市場
担保資産
USDC
証拠金
01 /

ライブ市場

Paragon が上場するすべての稼働中市場です。列見出しをクリックすると出来高、未決済建玉、資金調達率で並べ替えられます。

銘柄カテゴリー価格Max Levクロス取引
OTHERS
OTHERS
指数独占
$220.6398$514.6K$385.7K+0.0005%10x対応取引↗
TTWO
TTWO
株式独占
$212.8500$453.6K$1.5M-0.0029%10x分離証拠金のみ取引↗
TOTAL2
TOTAL2
指数独占
$1,110.969$356.5K$920.5K+0.0010%20x対応取引↗
TREAD
TREAD
暗号資産独占
$1.178958$173.4K$522.3K+0.0416%5x分離証拠金のみ取引↗
COHR
COHR
株式独占
$311.4858$123.0K$501.3K+0.0040%10x分離証拠金のみ取引↗
BTCD
BTCD
指数独占
$59.992$122.5K$686.3K-0.0006%20x対応取引↗
ANSEM
ANSEM
暗号資産独占
$0.133392$81.4K$1.1M+0.0149%3x分離証拠金のみ取引↗
UNITREE
UNITREE
Pre-IPO$64.3383$47.7K$1.5M-0.0065%10x分離証拠金のみ取引↗
RDDT
RDDT
株式$160.0150$39.7K$97.7K+0.0145%10x分離証拠金のみ取引↗
VST
VST
株式独占
$160.9700$35.8K$2.1M-0.0044%10x分離証拠金のみ取引↗
10Y
10Y
指数独占
$5.25100$29.4K$1.8M+0.0001%20x分離証拠金のみ取引↗
TER
TER
株式独占
$403.5500$27.4K$145.5K-0.0136%10x分離証拠金のみ取引↗
SMCI
SMCI
株式独占
$41.8020$21.1K$303.5K+0.0008%10x分離証拠金のみ取引↗
IREN
IREN
株式$35.2783$17.3K$373.2K+0.0137%10x分離証拠金のみ取引↗
LRCX
LRCX
株式$318.7611$16.0K$349.8K-0.0117%10x分離証拠金のみ取引↗
CIEN
CIEN
株式独占
$449.7127$15.4K$219.2K-0.0130%10x分離証拠金のみ取引↗
CRWD
CRWD
株式$275.4719$14.6K$89.6K+0.0008%10x分離証拠金のみ取引↗
SOFI
SOFI
株式独占
$15.7482$13.7K$206.7K-0.0065%10x分離証拠金のみ取引↗
CIFR
CIFR
株式独占
$13.5345$11.9K$218.2K-0.0063%10x分離証拠金のみ取引↗
STX
STX
暗号資産独占
$785.890$11.0K$357.0K+0.0130%10x分離証拠金のみ取引↗
CRDO
CRDO
株式独占
$216.5008$8.2K$731.7K+0.0036%10x分離証拠金のみ取引↗
2Y
2Y
指数独占
$4.82200$6.0K$1.6M+0.0001%20x分離証拠金のみ取引↗
AAOI
AAOI
株式$111.2900$5.5K$150.6K+0.0219%10x分離証拠金のみ取引↗
IGV
IGV
指数独占
$112.800$5.3K$71.8K+0.0008%10x分離証拠金のみ取引↗
MELI
MELI
株式独占
$1,898.000$3.6K$362.5K-0.0010%10x分離証拠金のみ取引↗
GLW
GLW
株式$156.3641$2.2K$419.4K-0.0164%10x分離証拠金のみ取引↗
AVGO
AVGO
株式$362.2700$1.5K$521.9K+0.0061%10x分離証拠金のみ取引↗
30Y
30Y
指数独占
$5.59800$333.16$201.6K+0.0001%20x分離証拠金のみ取引↗
NET
NET
株式$361.3800$112.49$132.1K+0.0008%10x分離証拠金のみ取引↗
SMH
SMH
指数$603.745$30.19$22.5K+0.0008%10x分離証拠金のみ取引↗
02 /

Paragon について

資産カバレッジ、アーキテクチャ、価格、リスク、手数料を体系的に解説します。

01

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.

02

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).
03

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.
04

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.
05

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.
◆

資産カバレッジ

Paragon に上場する無期限先物市場のカテゴリー分布。

株式18
指数8
暗号資産3
Pre-IPO1
✦
クロスマージン注記

Paragon のクロスマージン適用範囲。

クロスマージンの範囲はアカウントモードによって異なります。Standard Account では同じ HIP-3 DEX 内に限定されます。Unified Account/Portfolio Margin では、同じ担保資産を使う DEX 間で共有できます。DEX Abstraction はクロスマージンに対応していません。クロスマージンは市場ごとに有効化され、すべての上場銘柄が対応するとは限りません。

Standard Account では USDC 証拠金は Paragon 内に限定されます。Unified Account では他の USDC DEX(Trade XYZ, Markets by Kinetiq)と共有できます。 市場ごとに有効化されるため、Paragon のすべての上場銘柄が開始時からクロスマージンに対応するとは限りません。