Paragon

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

24시간 거래량

$143.8K

마켓

총 OI

$1.7M

미결제

자산

상장

독점

자산

Growth

시장

담보

USDC

증거금

01 /

실시간 시장

Paragon에 상장된 모든 활성 시장입니다. 열 제목을 클릭해 거래량, 미결제약정 또는 펀딩 비율로 정렬할 수 있습니다.

자산	카테고리	가격				Max Lev	교차	거래
OTHERS OTHERS	지수독점	$167.1181	$87.5K	$314.8K	+0.0043%	10x	지원	거래↗
TOTAL2 TOTAL2	지수독점	$897.29	$42.6K	$256.6K	+0.0060%	20x	지원	거래↗
BTCD BTCD	지수독점	$58.936	$13.5K	$675.3K	-0.0001%	20x	지원	거래↗
AVGO AVGO	주식	$399.97	$231.23	$419.2K	-0.0079%	10x	격리 마진만	거래↗
H100 H100	지수	$2.56	$0.00	$0.00	0.0000%	10x	격리 마진만	거래↗

02 /

Paragon 소개

자산 범위, 아키텍처, 가격, 위험 및 수수료를 체계적으로 살펴봅니다.

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.

◆

자산 범위

Paragon에 상장된 무기한 선물 시장의 카테고리 분포입니다.

지수4

주식1

✦

교차 증거금 안내

Paragon의 교차 증거금 적용 범위입니다.

교차 증거금 범위는 계정 모드에 따라 달라집니다. Standard Account에서는 동일한 HIP-3 DEX 내로 제한됩니다. Unified Account／Portfolio Margin에서는 같은 담보 자산을 사용하는 DEX끼리 공유할 수 있습니다. DEX Abstraction은 교차 증거금과 호환되지 않습니다. 배포자가 시장별로 활성화하므로 모든 상장 종목이 지원되는 것은 아닙니다.

Standard Account에서는 USDC 증거금이 Paragon 내로 제한됩니다. Unified Account에서는 다른 USDC DEX(Trade XYZ)와 공유할 수 있습니다. 시장별로 활성화되므로 Paragon의 모든 상장 종목이 출시 시 교차 증거금을 지원하는 것은 아닙니다.