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5 个活跃市场
DEX 详情

Paragon

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

24小时成交量
$143.8K
市场
总 OI
$1.7M
未平仓
资产
5
已上线
独家
3
资产
Growth
1
市场
抵押品
USDC
保证金
01 /

实时市场

Paragon 上线的全部活跃市场。点击列标题可按成交量、未平仓量或资金费率排序。

资产类别价格Max Lev全仓交易
OTHERS
OTHERS
指数独家
$167.1181$87.5K$314.8K+0.0043%10x支持交易↗
TOTAL2
TOTAL2
指数独家
$897.29$42.6K$256.6K+0.0060%20x支持交易↗
BTCD
BTCD
指数独家
$58.936$13.5K$675.3K-0.0001%20x支持交易↗
AVGO
AVGO
股票$399.97$231.23$419.2K-0.0079%10x仅逐仓交易↗
H100
H100
指数$2.56$0.00$0.000.0000%10x仅逐仓交易↗
02 /

关于 Paragon

系统了解资产覆盖、架构、定价、风险和费用。

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.
◆

资产覆盖

Paragon 上线永续合约市场的类别分布。

指数4
股票1
✦
全仓保证金说明

Paragon 的全仓保证金范围。

全仓保证金范围取决于账户模式。标准账户：全仓保证金仅限同一 HIP-3 DEX。统一账户／投资组合保证金：使用相同抵押品的 DEX 可共享全仓保证金。DEX Abstraction 与全仓保证金不兼容。部署者按市场启用全仓保证金，并非所有市场都支持。

在标准账户下，USDC 保证金仅在 Paragon 内共享；在统一账户下，可与其他 USDC DEX（Trade XYZ）共享。 全仓保证金按市场启用，因此 Paragon 并非每个上线市场在发布时都一定支持。

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