Paragon

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

24時間出来高

$143.8K

マーケット

合計 OI

$1.7M

未決済

資産

上場済み

独占

資産

Growth

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	$167.1181	$87.5K	$314.8K	+0.0043%	10x	対応	取引↗
TOTAL2 TOTAL2	指数独占	$897.29	$42.6K	$256.6K	+0.0060%	20x	対応	取引↗
BTCD BTCD	指数独占	$58.936	$13.5K	$675.3K	-0.0001%	20x	対応	取引↗
AVGO AVGO	株式	$399.97	$231.23	$419.2K	-0.0079%	10x	分離証拠金のみ	取引↗
H100 H100	指数	$2.56	$0.00	$0.00	0.0000%	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。

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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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。

指数4

株式1

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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）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。