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---

# Introduction

## Why Paragon?

* **Native Hyperliquid listing** - Trade on app.hyperliquid.xyz where your capital sits
* **Standard perp mechanics** - Same margin, liquidation, and order types you know
* **Transparent methodology** - Published index constituents and weightings

## Quick Links

| Action         | Link                                                                                                              |
| -------------- | ----------------------------------------------------------------------------------------------------------------- |
| Start trading  | [app.hyperliquid.xyz](https://app.hyperliquid.xyz)                                                                |
| Browse markets | [Crypto](/markets/crypto-indices) \| [Equities](/markets/equities) \| [Rates & Yields](/markets/rates-and-yields) |

## Built on Hyperliquid

Paragon deploys via [HIP-3](/about-paragon/hip-3), inheriting Hyperliquid's:

* Low-latency order matching
* Deep liquidity infrastructure
* Battle-tested margin and liquidation systems
* Direct listing on app.hyperliquid.xyz

No new venue. No fragmented liquidity. Your capital stays where it is.

→ [Learn about HIP-3 Integration](/about-paragon/hip-3)

### HIP-3 Metadata

| Field          | Value                                        |
| -------------- | -------------------------------------------- |
| Name           | `para`                                       |
| Full Name      | `Paragon`                                    |
| Deployer       | `0x8888888c43cbb7e1c4132542e46831bffd866ed3` |
| Oracle Updater | `0x764Ed9D59C91a2C653Fd50C43585917366244335` |

## Transparent Methodology

Every index follows a published, auditable methodology:

* Constituent list and weightings publicly available
* Real-time price updates from multiple data sources
* Daily rebalancing with clear rules

Market makers can hedge efficiently. Traders can verify what they're trading.

→ [External Pricing](/markets/crypto-indices/external-pricing)


# HIP-3 Integration

Paragon markets are deployed via HIP-3, Hyperliquid's framework for third-party perpetual futures.

> **TL;DR:** Paragon uses HIP-3 to list perpetuals natively on Hyperliquid. Trade with your existing Hyperliquid account-same collateral, same interface, no new platforms required.

## What is HIP-3?

HIP-3 (Hyperliquid Improvement Proposal 3) enables external builders to launch and operate perpetual futures markets on Hyperliquid's infrastructure.

Key features:

* **Native listing**: Markets appear directly on app.hyperliquid.xyz
* **Shared infrastructure**: Same matching engine, orderbook, and settlement as native markets
* **Fee sharing**: Builders receive 50% of trading fees from their markets
* **No fragmentation**: Traders access all markets from a single interface

For the full specification, see the [Hyperliquid HIP-3 Documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals).

## How Paragon Uses HIP-3

Paragon deploys perpetuals through HIP-3, inheriting Hyperliquid's:

* Low-latency order matching
* Deep liquidity infrastructure
* Battle-tested margin and liquidation systems
* Established trader base

This approach lets Paragon focus on market design and oracle infrastructure while leveraging Hyperliquid's proven exchange mechanics.

## Skin in the Game

Paragon has staked 500,000 HYPE as part of the HIP-3 deployment. This stake is subject to slashing for oracle misbehavior, aligning Paragon's incentives directly with accurate, reliable price feeds.

## Benefits for Traders

| Benefit                       | Description                                                                                                                                                                      |
| ----------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Single Venue**              | Trade Paragon markets alongside BTC, ETH, and other Hyperliquid markets without switching platforms or managing multiple accounts.                                               |
| **Unified Collateral**        | Your Hyperliquid USDC balance works across all markets-native and HIP-3. No separate deposits required.                                                                          |
| **Consistent UX**             | Same interface, same order types, same margin mechanics you already know from Hyperliquid.                                                                                       |
| **Liquidity Network Effects** | HIP-3 markets benefit from Hyperliquid's existing market maker relationships and liquidity infrastructure.                                                                       |
| **Portfolio Margining**       | Cross-margin positions across Paragon markets for improved capital efficiency. See [Portfolio Margin](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin). |

## Fee Structure

Under HIP-3, trading fees are split equally:

| Recipient   | Share |
| ----------- | ----- |
| Paragon     | 50%   |
| Hyperliquid | 50%   |

This model:

* Funds ongoing protocol development
* Aligns Paragon with Hyperliquid's success
* Maintains competitive fee rates for traders

## Technical Integration

Paragon's oracle network posts reference prices directly to Hyperliquid via the HIP-3 oracle interface. These prices drive:

* Mark price calculations
* Funding rate determination
* Liquidation triggers

For oracle details, see [External Pricing](/markets/crypto-indices/external-pricing).

## Learn More

* [Hyperliquid HIP-3 Documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals)


# Accessing Paragon

Trade directly on Hyperliquid-no separate platform required.

## Interfaces

| Interface                                                          | Description             |
| ------------------------------------------------------------------ | ----------------------- |
| [app.hyperliquid.xyz](https://app.hyperliquid.xyz)                 | Official Hyperliquid UI |
| [Treadfi](https://app.tread.fi/?pair=para_OTHERS%3APERP-USDC)      | Builder frontend        |
| [Pear Protocol](https://app.pear.garden/trade/hl/HYPE-para:OTHERS) | Builder frontend        |
| [Based One](https://app.based.one/para:OTHERS)                     | Builder frontend        |
| [Bullpen](https://app.bullpen.fi/perps/para:OTHERS)                | Builder frontend        |
| [Insilico](https://insilicoterminal.com/#/trade)                   | Builder frontend        |
| Hyperliquid API                                                    | Programmatic access     |

This is a non-exhaustive list. Builder frontends may charge additional builder code fees — please review each platform's fee structure before trading.

All interfaces support:

* Market, limit, and stop orders
* Cross and isolated margin
* Real-time orderbook and charts

## API Access

Paragon markets use the standard Hyperliquid API. No separate endpoints or authentication.

→ [API Overview](/developers/api)

→ [Hyperliquid API Docs](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api)


# Oracle Price

The oracle price is Paragon's reference valuation for each market. It serves two roles: it is the reference price for [funding](/trading/fees#funding-rates), and a direct input to the [mark price](/trading/mark-price). Paragon's oracle network delivers these prices to Hyperliquid via the HIP-3 interface.

## External Pricing

While a market's underlying asset is trading, its live price serves directly as the oracle price. Paragon's oracle network draws that price from several independent sources rather than any single venue, and the sourcing varies by market type:

| Market Type    | External Source                                                                                                                             | Coverage                                                                      | Details                                                                         |
| -------------- | ------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------- | ------------------------------------------------------------------------------- |
| Crypto         | Multiple independent crypto price sources; indexes are calculated from constituent prices and single coins use an aggregated USD spot price | 24/7                                                                          | [Crypto → External Pricing](/markets/crypto-indices/external-pricing)           |
| Equities       | [Pyth](https://pyth.network) equity feeds across trading sessions                                                                           | see [Contract Specification](/resources/specifications#market-specifications) | [Equities → External Pricing](/markets/equities/external-pricing)               |
| Rates & Yields | Institutional interest-rate feeds, published as a yield                                                                                     | see [Contract Specification](/resources/specifications#market-specifications) | [Rates & Yields → External Pricing](/markets/rates-and-yields/external-pricing) |

Each market type's sourcing is detailed on its own page (linked above).

## Off-Hours & Fallback

Crypto prices are continuous (24/7). For equities and rates, external sources pause outside covered sessions; the oracle then advances via an internal 30-minute EMA and the mark is held within the market's [Bounds](/trading/bounds-and-anchors) around the last externally published value. See [Equities → Off Hours & Fallback](/markets/equities/off-hours-and-fallback) and [Rates & Yields → Off Hours & Fallback](/markets/rates-and-yields/off-hours-and-fallback).

## Pre-Listing (“Pre-IPO”) Status

An equity market may launch before the referenced company's equity begins public trading. While a market carries Pre-Listing status, no qualifying external price is available, so the oracle price is derived from Paragon's internal pre-listing methodology rather than an external feed. Once a qualifying public listing occurs, the market transitions to the external pricing described above. See [Pre-Listing (“Pre-IPO”) Pricing](/markets/equities/pre-listing-pricing).


# Mark Price

Paragon follows Hyperliquid's robust price indices model for mark prices. The mark price combines multiple data sources into a median calculation to mitigate manipulation risk:

1. Current Oracle Price
2. Current Oracle Price adjusted by a 150s EMA of the deviation between Hyperliquid's midpoint and the oracle
3. Internal exchange data — median of best bid, best ask, and last trade (supplied by Hyperliquid)

Price updates from Paragon's oracle network are clamped to ±100 bps of the current value to mitigate significant price jumps. This applies to the mark price as well as the oracle price.

Mark price determines margin requirements, liquidation triggers, TP/SL execution, and unrealized PnL.

→ [Hyperliquid Robust Price Indices](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/robust-price-indices)


# Bounds & Anchors

Paragon markets support continuous price discovery, including during weekends, holidays, and other periods when the relevant external markets are closed. During those periods, traders may continue to express views on the fair price of the referenced asset even though no live external-market price is available.

Bounds constrain mark-price movement to a defined range around a reference price. The mechanism is intended to support orderly extended-hours price discovery by limiting how far the market can move at any one time while still allowing the permitted range to shift as trading develops.

If a position’s liquidation price falls outside the active Bounds, the position cannot be liquidated while those bounds remain in effect.

## Mechanics

### Static Bounds

Bounds constrain the mark price to a range of:

$$
\pm \left(\frac{1}{\text{maximum leverage}}\right)
$$

around the applicable reference price during internal pricing sessions - that is, when there is no active external trading session.

For example, a market with maximum leverage of `5x` has a static Bound of `±20%`.

The initial reference price is generally the last externally derived oracle price. For an asset that follows weekday market hours, this may be the final external price published before the weekend.

For an equity perpetual in **Pre-Listing** status, where no qualifying external public-equity price is yet available, the initial reference price is the market-specific value established by Paragon.

### Re-Anchoring

A market may be configured to re-anchor its Bounds when the oracle price approaches the edge of the active range.

Re-anchoring occurs when the oracle price reaches the applicable trigger threshold. For example, if the oracle threshold is `90%`, an upward re-anchor is triggered when the oracle reaches 90% of the distance between the current reference price and the upper bound.

When a trigger is reached:

1. The reference price moves to the applicable upper or lower bound;
2. A new static range is calculated around that reference price; and
3. The reset counter for the relevant direction increases by one.

This ratcheting process allows price discovery to continue beyond the initial range during an extended period without external pricing. The market therefore does not remain permanently fixed at the first upper or lower limit.

Each market has a configured number of permitted upward and downward re-anchors, referred to as **resets**. The two counters operate independently.

Each time a new reference price, bound, and trigger are calculated in one direction, the corresponding reset counter increases by one. After the permitted number of resets in that direction has been used, the outer edge of the resulting range becomes a hard cap until external pricing resumes.

Once external pricing resumes:

* The reference price returns to the live externally derived price; and
* Both reset counters return to zero.

The number of resets is set separately for each market and is identified in the applicable [Contract Specifications](/resources/specifications#market-specifications). A market configured with zero resets maintains a static range around the last external reference price.

### Trigger Formulas

```
upper_trigger = reference_price × (1 + discovery_bound × oracle_threshold)
```

```
lower_trigger = reference_price × (1 - discovery_bound × oracle_threshold)
```

## Historical Example: UNITREE Pre-Listing Bounds

UNITREE is now a **Listed** market and uses its live external equity price as the reference during the Shanghai trading session. The example below preserves the pre-listing bounds configuration that applied before public trading began; it is not UNITREE's current configuration.

| Parameter                             |                              Value |
| ------------------------------------- | ---------------------------------: |
| Bound                                 | ±10% based on 10x maximum leverage |
| Oracle Threshold                      |                                90% |
| Permitted re-anchors                  |                   10 per direction |
| Initial reference price set at launch |                             $68.80 |

### Upward Path

| Level         | Reference Price | Lower Bound | Upper Bound | Tradable Range | Upper Trigger | Lower Trigger |
| ------------- | --------------: | ----------: | ----------: | -------------- | ------------: | ------------: |
| 0             |           68.80 |       61.92 |       75.68 | 61.92–75.68    |         74.99 |         62.61 |
| 1             |           75.68 |       68.11 |       83.25 | 68.11–83.25    |         82.49 |         68.87 |
| 2             |           83.25 |       74.92 |       91.57 | 74.92–91.57    |         90.74 |         75.76 |
| …             |               … |           … |           … | …              |             … |             … |
| 9             |          162.23 |      146.00 |      178.45 | 146.00–178.45  |        176.83 |        147.63 |
| 10 — hard cap |          178.45 |      160.60 |      196.29 | 160.60–196.29  |           N/A |           N/A |

Levels 3–8 continue the same ratchet and are omitted for brevity; each reference is the previous upper bound.

The maximum upward price from the original reference was:

$$
\text{Maximum price from origin} = 68.80 \times 1.10^{11} \approx 196.29 \quad (+185.31%)
$$

### Downward Path

| Level         | Reference Price | Lower Bound | Upper Bound | Tradable Range | Upper Trigger | Lower Trigger |
| ------------- | --------------: | ----------: | ----------: | -------------- | ------------: | ------------: |
| 0             |           68.80 |       61.92 |       75.68 | 61.92–75.68    |         74.99 |         62.61 |
| 1             |           61.92 |       55.73 |       68.11 | 55.73–68.11    |         67.49 |         56.35 |
| 2             |           55.73 |       50.16 |       61.30 | 50.16–61.30    |         60.74 |         50.71 |
| …             |               … |           … |           … | …              |             … |             … |
| 9             |           26.65 |       23.99 |       29.32 | 23.99–29.32    |         29.05 |         24.26 |
| 10 — hard cap |           23.99 |       21.59 |       26.39 | 21.59–26.39    |           N/A |           N/A |

Levels 3–8 continue the same ratchet and are omitted for brevity; each reference is the previous lower bound.

The maximum downward price from the original reference was:

$$
\text{Maximum price below origin} = 68.80 \times 0.90^{11} \approx 21.59 \quad (-68.62%)
$$

### Reversal

Bounds operate in both directions.

If the oracle price reverses and reaches the lower trigger, the reference price re-anchors downward under the same methodology. Upward and downward reset counters are independent, so an upward re-anchor does not reduce the number of downward resets available.


# Order Types

Paragon markets support all standard Hyperliquid order types.

[**Hyperliquid Order Types Documentation**](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/order-types)

## Quick Reference

| Order Type  | Execution                    | Price Guarantee            | Use Case                                        |
| ----------- | ---------------------------- | -------------------------- | ----------------------------------------------- |
| Market      | Immediate                    | No                         | Fast entry/exit when speed matters most         |
| Limit       | At specified price or better | Yes                        | Precise entries, providing liquidity            |
| Stop Market | When trigger price reached   | No                         | Guaranteed exit on breakout/breakdown           |
| Stop Limit  | When trigger price reached   | Yes (with risk of no fill) | Controlled exit with price protection           |
| Take Profit | When target price reached    | Varies                     | Lock in gains automatically                     |
| Stop Loss   | When stop price reached      | Varies                     | Cap downside automatically                      |
| Reduce-Only | Depends on order type        | Depends on order type      | Exit-only orders that prevent position increase |

## Market Orders

Execute immediately at the best available price.

**Use case:** Exiting a position quickly or entering when you expect rapid price movement.

## Limit Orders

Execute at your specified price or better. The order rests in the orderbook until filled or cancelled.

**Use case:** Entering at a specific level, scaling into positions, or providing liquidity to earn maker rebates.

### Time-in-Force Options

| Option                    | Behavior                                                      |
| ------------------------- | ------------------------------------------------------------- |
| GTC (Good-Til-Cancelled)  | Remains active until filled or manually cancelled             |
| IOC (Immediate-or-Cancel) | Fills immediately; cancels unfilled portion                   |
| ALO (Add Liquidity Only)  | Posts to orderbook only; cancels if it would cross the spread |

## Stop Orders

Trigger when market price reaches your stop price.

### Stop Market

Becomes a market order when triggered. Guarantees execution, not price.

**Use case:** Hard stop-loss where getting out matters more than the exit price.

### Stop Limit

Becomes a limit order when triggered. Requires both a stop price (trigger) and limit price (execution boundary).

**Use case:** Stop-loss with slippage protection, though the order may not fill in fast markets.

## Take Profit / Stop Loss

Attached to existing positions for automated exit management.

* **Take Profit:** Closes position when price reaches your target
* **Stop Loss:** Closes position to limit downside

**Use case:** Set-and-forget position management. Define your risk and reward upfront.

## Reduce-Only Orders

Can only decrease your position size, never increase it.

**Use case:** Prevent take-profit or stop-loss orders from accidentally opening a position in the opposite direction.

## Order Placement

All order types are available through:

* Hyperliquid web interface
* Hyperliquid API
* Third-party interfaces supporting HIP-3 markets

For programmatic order management, see [API Overview](/developers/api).


# Margining

Paragon perpetuals use USDC as collateral and follow Hyperliquid's standard margin mechanics. Understand margin modes, requirements, and leverage to manage your positions effectively.

## Quick Summary

| Concept            | Description                                              |
| ------------------ | -------------------------------------------------------- |
| Collateral         | USDC only                                                |
| Margin Mode        | See [Contract Specifications](/resources/specifications) |
| Max Leverage       | 50x                                                      |
| Initial Margin     | Position Size ÷ Leverage                                 |
| Maintenance Margin | Minimum to avoid liquidation (varies by market)          |

## Margin Modes

Hyperliquid supports three margin modes. Paragon markets support **Cross** and **Isolated** margin. For portfolio-level margining across positions, see [Portfolio Margin](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin).

| Mode              | Collateral Scope        | Liquidation Risk             | Margin Removal                 |
| ----------------- | ----------------------- | ---------------------------- | ------------------------------ |
| **Cross**         | Entire account balance  | Shared across positions      | Anytime                        |
| **Isolated**      | Per-position allocation | Contained to single position | Anytime                        |
| **Isolated-Only** | Per-position allocation | Contained to single position | Proportional to position close |

→ [Hyperliquid Margin Docs](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining)

## Margin Requirements

### Initial Margin

Minimum collateral to open a position:

```
Initial Margin = Position Size ÷ Leverage
```

**Example:** At 50x leverage, a $10,000 position requires **$200** initial margin.

### Maintenance Margin

Minimum collateral to keep a position open. Falling below this threshold triggers liquidation eligibility.

See [Contract Specifications](/resources/specifications) for Paragon-specific maintenance requirements.

## Leverage

Paragon markets support up to **50x leverage**. Higher leverage amplifies both gains and losses proportionally.

| Leverage | Position Size | Required Margin |
| -------- | ------------- | --------------- |
| 1x       | $1,000        | $1,000          |
| 5x       | $1,000        | $200            |
| 10x      | $1,000        | $100            |
| 25x      | $1,000        | $40             |
| 50x      | $1,000        | $20             |

## Managing Your Margin

Monitor your margin ratio to stay above maintenance requirements:

```
Margin Ratio = Account Equity ÷ Position Value
```

**When margin ratio drops:**

* Reduce position size
* Close positions to free up margin

> **Note:** In Cross margin mode, your entire account balance serves as collateral for all positions. In Isolated margin mode, margin is dedicated per position. You can switch margin modes per position on the Hyperliquid interface.

For liquidation mechanics, see [Liquidations](/trading/liquidations).


# Risk & Liquidations

When a position's margin falls below maintenance requirements, Hyperliquid's liquidation engine closes it automatically. Understanding this process helps you manage risk effectively.

**Quick summary**: Maintain margin above maintenance requirements. Use stop losses. Monitor leverage. Liquidation prices are visible on every position.

## How Liquidations Work

1. **Trigger** - Position margin drops below maintenance margin requirement
2. **Partial liquidation** - Engine attempts to liquidate \~20% of the position first
3. **Full liquidation** - If partial fails to restore margin, full position closes at market price
4. **Settlement** - Remaining collateral (if any) returns to your account

If liquidation results in negative equity, the insurance fund covers the shortfall. If the insurance fund is depleted, Auto-Deleveraging (ADL) may reduce profitable positions on the other side.

→ [Hyperliquid Liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations)

## Liquidation Price

Your liquidation price is calculated from:

* Entry price and position size
* Leverage used
* Maintenance margin requirement (varies by position size)

The Hyperliquid interface displays your estimated liquidation price for each open position in real time.

## Avoiding Liquidation

| Strategy                 | How it helps                                                                                                    |
| ------------------------ | --------------------------------------------------------------------------------------------------------------- |
| **Monitor margin ratio** | Keep well above maintenance threshold; set alerts if available                                                  |
| **Use stop losses**      | Exit positions automatically before reaching liquidation price                                                  |
| **Manage leverage**      | Lower leverage = wider buffer to liquidation price                                                              |
| **Add margin**           | In cross margin mode, additional deposits to your Hyperliquid account automatically increase your margin buffer |

## Auto-Deleveraging (ADL)

ADL is a last-resort mechanism. When liquidations cannot be filled and the insurance fund is exhausted, ADL automatically reduces opposing positions starting with the highest-profit, highest-leverage traders. This ensures the system remains solvent.

→ [Hyperliquid ADL Documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations)

## Backstop Liquidator

Paragon markets are covered by an onchain backstop liquidator designated by the Hyperliquid protocol. Where a position has fallen below maintenance margin and cannot be cleared through the order book, the backstop assumes that position directly and manages the unwind.

Because the handoff happens before deleveraging is considered, a position the backstop absorbs never reaches profitable traders on the opposite side. Markets it covers are correspondingly less exposed to ADL when books thin out, and less bad debt accumulates when liquidations fill poorly.

The backstop does not replace ADL. ADL remains the final step, applied only where liquidations and the backstop together cannot restore solvency.


# Fees

Paragon follows the HIP-3 fee structure on Hyperliquid. All fees are transparent with no hidden costs.

## Trading Fees

Paragon markets follow Hyperliquid's standard fee schedule. Fees are charged per trade based on whether you add or remove liquidity (maker vs taker), with reduced rates for high-volume traders.

→ [Hyperliquid Fee Schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees)

## Fee Distribution

Under HIP-3, trading fees are split between the protocol and the underlying infrastructure.

| Recipient        | Share |
| ---------------- | ----- |
| Paragon Protocol | 50%   |
| Hyperliquid      | 50%   |

## Funding Rates

Perpetual futures use funding rates to keep prices aligned with the underlying index. Funding is exchanged between long and short positions at regular intervals.

| Condition                       | Who pays         |
| ------------------------------- | ---------------- |
| Positive funding (perp > index) | Longs pay shorts |
| Negative funding (perp < index) | Shorts pay longs |

Each market sets a **funding multiplier** that scales its funding rate — values below 1 dampen funding relative to the raw basis. Per-market values are listed in the [market specifications](/resources/specifications#market-specifications); the underlying funding mechanism follows Hyperliquid's.

For equities, the multiplier is set so perpetual carry tracks how the underlying is financed in traditional markets — nearer to short-term benchmark rates such as SOFR plus a modest spread than to crypto's higher baseline. It also softens funding during weekends and off-hours, when the underlying is not trading.

Current funding rates are displayed on the trading interface.

→ [Hyperliquid Funding Rates](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)

## No Hidden Fees

| Fee Type            | Cost |
| ------------------- | ---- |
| Deposits            | Free |
| Withdrawals         | Free |
| Account maintenance | Free |
| Inactivity          | Free |

The only costs are trading fees and funding rate payments.


# Crypto

Perpetual futures on crypto assets and widely followed market-cap and dominance indices.

| Market | Type             | Description                                                |
| ------ | ---------------- | ---------------------------------------------------------- |
| BTC.D  | Dominance Index  | Bitcoin's share of total crypto market cap                 |
| TOTAL2 | Market Cap Index | Total crypto market cap excluding BTC                      |
| OTHERS | Market Cap Index | Total crypto market cap excluding the top 10 assets        |
| ANSEM  | Crypto           | Creator coin associated with Ansem and its community       |
| TREAD  | Crypto           | Utility token of Tread.fi, an algorithmic trading platform |

**Market hours:** 24/7/365 — continuous trading and pricing.

**External pricing:** crypto prices are derived from multiple independent external sources. Indexes are calculated from their constituent prices; single-coin markets track the coin's aggregated USD spot price. See [External Pricing](/markets/crypto-indices/external-pricing).

**Off hours:** none — crypto markets trade 24/7, so there is no off-hours pricing.

**Index methodology:** construction, weighting, and rebalancing rules for BTC.D, TOTAL2, and OTHERS. See [Methodology](/markets/crypto-indices/methodology).


# External Pricing

Paragon delivers accurate, timely crypto prices to Hyperliquid through a multi-source oracle infrastructure. Index markets are calculated from a basket of constituents; single-coin markets track the aggregated USD spot price of one token.

## Price Sources

### Index Constituents: Pyth Network

Paragon sources index constituent prices primarily through a partnership with [Pyth Network](https://pyth.network), a decentralized oracle providing high-frequency price feeds across 100+ blockchains. Pyth aggregates data from institutional-grade market data providers, delivering sub-second updates with broad asset coverage.

→ [Pyth Documentation](https://docs.pyth.network)

### Index Fallback: Hyperliquid-Inspired Mechanism

When Pyth data is unavailable, Paragon falls back to a Hyperliquid-inspired weighted median across these exchanges:

| Exchange    | Weight |
| ----------- | ------ |
| Binance     | 3      |
| Coinbase    | 3      |
| OKX         | 2      |
| Bybit       | 2      |
| Kraken      | 1      |
| Kucoin      | 1      |
| Gate IO     | 1      |
| MEXC        | 1      |
| Hyperliquid | 1      |

→ [Hyperliquid Oracle Documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/oracle)

### Single-Coin Markets

Single-coin markets such as ANSEM and TREAD use the coin's aggregated USD spot price directly. They do not use index constituents, supply data, or rebalancing.

## Data Pipeline

```
External Feeds → Validation → Aggregation → Index Calculation (indexes only) → Hyperliquid
```

1. **Collection**: Price data from external feeds, plus supply data where an index methodology requires it
2. **Validation**: Outlier detection, staleness checks, sanity bounds
3. **Aggregation**: Waterfall fallback across valid sources (planned: weighted median)
4. **Calculation**: Index value computed per methodology, or the aggregated USD spot price used directly for a single coin
5. **Delivery**: Price updates posted to Hyperliquid via HIP-3 oracle interface

## Operational Parameters

| Parameter           | Value      | Description                                       |
| ------------------- | ---------- | ------------------------------------------------- |
| Price Updates       | Sub-second | During active markets                             |
| Rebalancing         | Daily      | Constituent weight updates for index markets only |
| Methodology Reviews | Quarterly  | Or as needed                                      |
| Uptime Target       | 99.99%     | High availability commitment                      |
| Failover            | Automatic  | Backup data source fallback                       |
| Monitoring          | 24/7       | Alerting and incident response                    |

## Transparency & Independent Verification

Market participants should be able to independently replicate and verify oracle prices. For indexes, all inputs required to reconstruct index values from scratch are available on request. We plan to make this data publicly accessible via a hosted data feed (S3) or published on-chain (EVM).

### Data Available on Request

| Data Point         | Description                                                                      |
| ------------------ | -------------------------------------------------------------------------------- |
| **Constituents**   | Full list of assets included in each index (not applicable to single coins)      |
| **Prices**         | Price per constituent or single coin, with timestamp                             |
| **Price Sources**  | Which data vendor provided each price (Pyth, exchange feeds)                     |
| **Supply Figures** | Circulating supply per constituent where required by an index methodology        |
| **Supply Vendors** | Which vendor provided each supply figure                                         |
| **Timestamps**     | Exact time of each data point                                                    |
| **Oracle Values**  | Computed index value or aggregated single-coin price, with calculation timestamp |

### Provenance

Every data point includes its source attribution, allowing full traceability from raw inputs to the final oracle value. This means anyone can:

1. Pull prices from the stated sources at the stated timestamps
2. For an index, fetch the same constituent list and applicable supply figures
3. Apply the published aggregation and, where applicable, index formula
4. Arrive at the same oracle value

### Why This Matters

Opaque reference-price calculations create trust dependencies. By publishing complete input data with provenance, Paragon enables trustless verification-you don't have to take our word for it.


# Methodology

All crypto indices derive from a single constituent set — the **top 125 crypto assets by market cap (TOTAL)** — and follow a published, auditable calculation.

| Index  | Full Name                         | Calculation              | Quote Format          |
| ------ | --------------------------------- | ------------------------ | --------------------- |
| BTC.D  | Bitcoin Dominance Index           | `BTC Market Cap / TOTAL` | Decimal, 4 places     |
| TOTAL2 | Total Crypto Market Cap ex-BTC    | `TOTAL − BTC`            | Billions ($0000.000B) |
| OTHERS | Total Crypto Market Cap ex-Top 10 | `TOTAL − Top 10`         | Billions ($000.000B)  |

* **Weighting:** market-cap weighted across the constituent set.
* **Rebalancing:** daily, on a published schedule.

**Market-cap indices (TOTAL2, OTHERS):** `Index = Σ (Price_i × CirculatingSupply_i)`, with prices aggregated in USD.

**Dominance indices (BTC.D):** `BTC.D = BTC Market Cap / TOTAL`, expressed as a decimal to four places.

**Circulating supply:** aggregated from multiple industry vendors.


# Equities

Single-name equity perpetuals — leveraged, cash-settled exposure. Holding a contract confers no ownership, voting, or dividend rights.

| Market  | Status | Underlying                                                         | Description                                                                                                                                     |
| ------- | ------ | ------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------- |
| AAOI    | Listed | Applied Optoelectronics, Inc.                                      | Designs and manufactures lasers, optical transceivers, and networking equipment for AI data centers, cloud, telecom, and fiber access networks. |
| AVGO    | Listed | Broadcom                                                           | Semiconductor & AI-infrastructure exposure                                                                                                      |
| CIEN    | Listed | Ciena Corporation                                                  | Optical networking and coherent optics for carrier backbones and data center interconnect                                                       |
| CIFR    | Listed | Cipher Digital Inc.                                                | Large-scale data centers for Bitcoin mining and AI/HPC workloads                                                                                |
| COHR    | Listed | Coherent Corp.                                                     | Lasers, optical transceivers, and photonics components                                                                                          |
| CRDO    | Listed | Credo Technology Group Holding Ltd.                                | High-speed connectivity for AI data centers and hyperscale networks                                                                             |
| CRWD    | Listed | CrowdStrike Holdings, Inc.                                         | Cloud-native cybersecurity for endpoint, identity, and cloud workload protection and threat response                                            |
| GLW     | Listed | Corning Incorporated                                               | Specialty glass, optical fiber, display, and advanced materials                                                                                 |
| IGV     | Listed | iShares Expanded Tech-Software Sector ETF                          | Diversified exposure to software companies across enterprise applications, cybersecurity, cloud computing, and infrastructure                   |
| IREN    | Listed | IREN Limited                                                       | Renewable-powered data centers for AI cloud, HPC, and Bitcoin mining                                                                            |
| LRCX    | Listed | Lam Research Corporation                                           | Wafer fabrication equipment for advanced semiconductor manufacturing                                                                            |
| MELI    | Listed | MercadoLibre, Inc.                                                 | Latin America's largest e-commerce and fintech ecosystem across Brazil, Mexico, and Argentina                                                   |
| NET     | Listed | Cloudflare, Inc.                                                   | Cloud networking, cybersecurity, and content delivery infrastructure                                                                            |
| RDDT    | Listed | Reddit, Inc.                                                       | Community-driven social platform monetized through advertising and data licensing                                                               |
| SMCI    | Listed | Super Micro Computer, Inc.                                         | SMCI tracks the value of one share of Super Micro Computer.                                                                                     |
| SMH     | Listed | MarketVector™ US Listed Semiconductor 25 Continuous Index (MVCSMH) | 24/5 version of MarketVector's flagship US-listed semiconductor benchmark, referenced directly rather than through an ETF                       |
| SOFI    | Listed | SoFi Technologies, Inc.                                            | Digital financial-services platform spanning banking, lending, investing, and credit products                                                   |
| STX     | Listed | Seagate Technology Holdings plc                                    | Hard drives and mass-capacity storage systems for AI infrastructure and cloud data centers                                                      |
| TER     | Listed | Teradyne, Inc.                                                     | Automated test equipment and robotics for semiconductor validation                                                                              |
| TTWO    | Listed | Take-Two Interactive Software, Inc.                                | Interactive entertainment publisher behind Grand Theft Auto, NBA 2K, and Zynga's mobile games                                                   |
| UNITREE | Listed | Unitree Robotics Co., Ltd. (688836.SH)                             | Quadruped and humanoid robots, motion-control actuators, and embodied AI systems                                                                |
| VST     | Listed | Vistra Corp.                                                       | Diversified power generation across nuclear, gas, solar, and battery storage                                                                    |

**Market hours:** 24/7 trading on Hyperliquid; see [Contract Specifications](/resources/specifications#market-specifications) for market coverage and feed details.

**Pre-Listing (“Pre-IPO”) pricing:** markets carrying Pre-Listing status have no qualifying external price and are priced by Paragon's internal pre-listing methodology until a public listing occurs. See [Pre-Listing (“Pre-IPO”) Pricing](/markets/equities/pre-listing-pricing).

**External pricing:** equity prices come from [Pyth](https://pyth.network) equity feeds across trading sessions. See [External Pricing](/markets/equities/external-pricing).

**Off hours & fallback:** outside covered sessions the mark is bounded internally. See [Off Hours & Fallback](/markets/equities/off-hours-and-fallback).


# Pre-Listing (“Pre-IPO”) Pricing

An equity perpetual may launch with a **Pre-Listing** status while the referenced company remains privately held. If the company later completes a qualifying public listing, that same market may transition to **Listed** status.

Equity perpetuals are cash-settled derivatives. They do not constitute shares, IPO allocations, tokenized equity, securities entitlements, or rights to obtain securities. Holding a position does not confer ownership, voting rights, dividend rights, information rights, allocation rights, or any claim against the referenced company. Review the [Pre-Listing Risk Disclosure](/legal/pre-listing-risk-disclosure) before trading.

## How the Status Framework Operates

A Listed equity perpetual may reference equity for which an external public-market price is already available. By contrast, a market in the Pre-Listing phase begins trading before such a price can be observed on a continuous basis.

During the Pre-Listing phase, the market uses the internal oracle and funding framework described in this page, with per-market parameters set in the applicable [Contract Specifications](/resources/specifications#market-specifications). Once a qualifying public listing has occurred and sufficient external data is available, the same market is expected to adopt the standard external pricing and funding methodology applicable to Listed equity perpetuals.

Accordingly, the contract remains continuous across the status change, while its pricing and funding framework changes when the conditions for Listed status are satisfied.

## Launch Reference Values

When a Pre-Listing market launches, Paragon selects a discretionary initial reference price. Trading begins from this value, which also functions as the reference anchor for any Bounds set out in the applicable market specification.

The initial reference price should not be understood as a forecast, a fair-value assessment, or an estimate of the eventual listing price. It may vary substantially from an announced price range, the final offering price, the first public trade, or prices observed after public trading begins.

Paragon may additionally display an indicative reference share count together with an implied reference market capitalization. These values may be estimates prepared from the public information available at launch, and that information may be incomplete, preliminary, or subsequently revised.

Any displayed share count or implied market capitalization is contextual only. Neither figure is guaranteed, and either may differ materially from the referenced company’s actual, eventual, or market-implied share count or market capitalization.

## Pricing While Pre-Listing

An equity perpetual carrying a Pre-Listing status operates under Paragon’s internal pre-listing methodology.

### Oracle Price

The oracle price is calculated using a 30-minute exponentially weighted moving average. Changes in the market’s impact price are used to advance that value.

This approach supports ongoing price discovery before a qualifying external public-equity price becomes available. The resulting oracle price may not match the last traded price, prices shown in the order book, private-market indications, or the price ultimately established through a public listing.

### Funding

Premium samples used for funding are calculated at 1% of the standard Paragon equity-perpetual funding treatment.

The applicable funding multiplier is `0.006`, applied to HyperCore’s clamped interest-rate and premium formula.

Refer to [Hyperliquid’s funding documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding) for the underlying protocol formula.

### Bounds

Bounds constrain the speed at which price discovery can move away from the relevant reference anchor. Their purpose is to limit high-velocity price movement while still permitting the market price to adjust over time.

The parameters, operation, and effects of Bounds are established separately for each market. See [Bounds](/trading/bounds-and-anchors) for the full mechanism.

## Activation of Listed Methodology

Following a qualifying public listing by the referenced company, the existing equity perpetual is expected to transition from Pre-Listing to Listed status.

That transition takes place after regular public trading in the referenced equity has begun and enough external market data is available to support the Listed oracle methodology. It will generally occur during the first regular trading session after listing, although the exact timing depends on data availability and the applicable market specification.

Upon transition to Listed status:

* The internal pre-listing oracle is replaced by the applicable externally derived pricing framework;
* The standard equity-perpetual funding methodology becomes effective; and
* The funding multiplier is expected to change from `0.006` to `0.6`. Refer to [Contract Specifications](/resources/specifications#market-specifications) for the value applicable to a particular market.

Price data for the referenced equity is obtained from institutional data providers. While the relevant external markets are open, periodic updates publish an externally derived fair price as the oracle price.

The change in status may not produce a smooth economic transition. Adjustments to the oracle, funding treatment, or other market parameters may cause an immediate movement in the mark price, unrealized profit or loss, margin requirements, or liquidation exposure.

## Alternative Events

A Pre-Listing market is intended to remain active during the period leading to the expected public listing. The expected listing may, however, be postponed, cancelled, superseded by another transaction, or completed in a form that does not permit the ordinary transition to Listed status.

The timing parameters and available treatment for those circumstances are set out in the applicable market specification.

### Timing Parameters

Two market-specific parameters address extended delay or failure of the expected listing to occur.

#### Expected Listing Date

The **Expected Listing Date** is the date on which public trading in the referenced company is scheduled to begin.

It is an estimate rather than a fixed outcome. The date may differ from the eventual listing date and may be updated as circumstances develop. It may also be considered when assessing whether continued operation under the Pre-Listing methodology remains appropriate.

The Expected Listing Date does not represent or guarantee that a listing will occur by that date.

#### Listing Buffer

The **Listing Buffer** begins after the Expected Listing Date. During this period, a postponement, deferral, or failure to list does not, standing alone, trigger alternative settlement.

This period accommodates ordinary changes to the listing timetable without requiring the market to be closed or settled immediately.

### Standard Settlement Approach for Alternative Events

Unless a market specification or settlement announcement states otherwise, alternative settlement is based on the market’s time-weighted average price, or **TWAP**, measured from launch through the time at which Paragon determines that alternative settlement will be used.

This calculation incorporates price discovery across the market’s operating history rather than assigning controlling weight to a short observation period or a single price. It is intended to reflect the broader evolution of market pricing through the event that leads to settlement.

After the determination cutoff is fixed, subsequent trading is excluded from the settlement calculation. This is intended to reduce the incentive to trade in an effort to affect the alternative settlement value after the determination has been made public.

The relevant announcement will specify the cutoff, calculation methodology, timing, and any other applicable settlement terms.

### Departures From the Standard Approach

Paragon may apply a methodology other than the default full-life TWAP if that methodology would not reasonably represent the economics of the market at settlement.

#### Transaction Events

A **Transaction Event** may arise if the referenced company is acquired, taken private, recapitalized, or completes another transaction that establishes an observable transaction value before or in place of a public listing.

If the transaction replaces or effectively prevents the expected listing, the settlement value may be based on the transaction consideration or another value derived from the completed transaction.

A transaction that leaves open the possibility of a later public listing, including a minority investment, partial tender offer, or limited recapitalization, is not expected to trigger settlement solely as a result of that transaction.

#### Adverse Events

An **Adverse Event** may occur if a development materially impairs or effectively prevents the expected listing.

Examples include:

* A transaction or legal restriction that prevents the expected listing;
* Insolvency or a comparable financial distress event;
* Cessation of operations;
* Material regulatory or enforcement action;
* A material accounting restatement; or
* Another event that materially affects the value or viability of the referenced public equity.

### Notice of Market Treatment

The treatment applied to an alternative event depends on both the applicable market specification and the specific facts. A single general methodology cannot address every possible delay, transaction structure, or adverse development.

For an affected market, Paragon will issue an announcement that describes, as applicable:

* The effective time and any steps required from market participants;
* The event or circumstance giving rise to the treatment;
* Whether the market will remain open, transition, convert, close, or settle;
* The relevant reference asset or transaction value;
* The methodology used for settlement or conversion;
* The applicable observation period and calculation cutoff; and
* Any resulting changes to leverage, open-interest limits, or other market parameters.


# External Pricing

Price data for the underlying assets is sourced from institutional data providers. While external markets are open, an externally derived fair price is published as the oracle price through periodic updates.

External prices for US equities are derived across four sessions, up to **24/5** from Sunday 8:00 PM ET to Friday 8:00 PM ET. Coverage varies by market (all times ET):

| Session     | Hours (ET)    |
| ----------- | ------------- |
| Pre-Market  | 04:00 – 09:30 |
| Regular     | 09:30 – 16:00 |
| Post-Market | 16:00 – 20:00 |
| Overnight   | 20:00 – 04:00 |

Equities listed outside the US follow their primary exchange's covered session. For example, UNITREE follows the Shanghai Stock Exchange's regular session, 09:30–11:30 and 13:00–14:57 China Standard Time, Monday through Friday. The applicable feed and session for each market are listed in the [market specifications](/resources/specifications#market-specifications).

UNITREE's underlying share price is quoted in CNY. Its USD oracle price is calculated by dividing the CNY share price by the USD/CNH rate (CNH per USD).

Equity perpetuals trade 24/7 on Hyperliquid. Outside a market's covered sessions — including weekends and [market holidays](/resources/holiday-closures) — the external feed is closed and the mark is bounded internally. Per-market feeds, sessions, and parameters are listed in the [market specifications](/resources/specifications#market-specifications).


# Off Hours & Fallback

Equity perpetuals trade on Hyperliquid around the clock, but their external price feeds only run during covered [sessions](/markets/equities/external-pricing). When the underlying market is closed — overnight gaps, weekends, and holidays — Paragon switches to an internal pricing mechanism, then snaps back to the external feed once it returns.

With no live feed to track, the oracle steps forward from its last value by a fraction of the order book's **impact price difference (IPD)** — a read on where resting liquidity sits relative to the current oracle price `S`:

$$
\text{IPD} = \max(P\_{\text{impactBid}} - S,\ 0) - \max(S - P\_{\text{impactAsk}},\ 0)
$$

`P_impactBid` and `P_impactAsk` are the average fill prices for a fixed impact notional swept across the bid and ask sides of the book.

The oracle advances as a continuous-time exponentially weighted moving average with time constant **τ = 30 minutes**, which keeps it stable across irregular updates and halts:

$$
S\_t = \beta\_t, S\_{t^-} + (1 - \beta\_t), x\_t, \qquad \beta\_t = \exp!\left(-\frac{\Delta t^{\*}}{\tau}\right), \qquad x\_t = S\_{t^-} + \text{IPD}\_t
$$

where $$\Delta t = t - t\_{\text{prev}}$$, $$\Delta t^{*} = \min(\Delta t,\ c\tau)$$, and $$c = 0.1$$. Capping $$\Delta t^{*}$$ holds any single step to at most $$1 - e^{-0.1} \approx 9.5%$$ of the move toward $$x\_t$$, so long gaps between updates can't jolt the oracle.

When coverage drops, the mechanism seeds from the last external price; when it resumes, the oracle reverts to the external value on the next tick.

## Bounds

Off-hours, the mark is hard-capped to the market's [Bounds](/trading/bounds-and-anchors), measured from the last on-hours price. Per-market values are listed in the [Contract Specifications](/resources/specifications#market-specifications).


# Rates & Yields

Perpetual futures on benchmark interest rates. These contracts track a rate rather than a price: the index is the rate itself, expressed in percent.

| Market | Underlying                           | Description                                                                                                               |
| ------ | ------------------------------------ | ------------------------------------------------------------------------------------------------------------------------- |
| 10Y    | On-the-run 10-year US Treasury yield | Yield on the most recently issued 10-year note, the standard reference for long-term US dollar borrowing costs            |
| 30Y    | On-the-run 30-year US Treasury yield | Yield on the most recently issued 30-year bond, the benchmark for long-dated US dollar borrowing costs                    |
| 2Y     | On-the-run 2-year US Treasury yield  | Yield on the most recently issued 2-year note, a key gauge of near-term US interest rate and monetary policy expectations |

**Basis-point value:** the index is the rate itself, so a one-basis-point move is 0.01 index points whether the market sits at 3% or at 7%. A position's DV01 is fixed by its size alone and does not drift as rates move, making the payoff linear in the rate. Bond intuition does not carry across: a note's sensitivity shifts with the level of yields, while **a perpetual settled on the yield has no convexity**.

**Market hours:** 24/7 trading on Hyperliquid; see [Contract Specifications](/resources/specifications#market-specifications) for market coverage and feed details.

**External pricing:** yields are sourced from institutional data providers whenever a source is publishing. See [External Pricing](/markets/rates-and-yields/external-pricing).

**Off hours & fallback:** when no source is publishing the oracle advances internally and the mark is held within the market's [Bounds](/trading/bounds-and-anchors). See [Off Hours & Fallback](/markets/rates-and-yields/off-hours-and-fallback).


# External Pricing

Yield data for rates markets is sourced from institutional data providers. Where a source publishes the yield directly, it is used as the oracle price without conversion; where a source carries a price rather than a yield, it is translated before publication.

External prices for rates are presently derived from a single weekday session. Coverage is set per market and may be extended as further sources are added, with a more direct source always taking precedence over a less direct one (all times ET):

| Session | Hours (ET)    |
| ------- | ------------- |
| Regular | 02:30 – 17:00 |

That window covers 72.5 hours a week; the remaining 95.5 run on internal pricing. For comparison, equities are externally priced for 120 hours a week and crypto markets for all 168.

Rates perpetuals trade 24/7 on Hyperliquid. Outside a market's covered sessions — including weekends and [market holidays](/resources/holiday-closures) — no source is publishing and the mark is bounded internally. Per-market sources, sessions, and parameters are listed in the [market specifications](/resources/specifications#market-specifications).

Coverage will widen as further sources come online, extending the window toward continuous external pricing. In the meantime, a rates market spends more of the week on internal pricing than other Paragon market types, and the first externally derived value of a session may arrive after the underlying cash market has already been trading. See [Off Hours & Fallback](/markets/rates-and-yields/off-hours-and-fallback).

## Zero and Negative Yields

A rates market can only be priced from a positive yield. If the feed reaches or falls below zero, the market will be settled.


# Off Hours & Fallback

Rates perpetuals trade on Hyperliquid around the clock, but their external sources publish only during covered [sessions](/markets/rates-and-yields/external-pricing). Whenever no source is publishing — overnight, weekends, and [market holidays](/resources/holiday-closures) — Paragon switches to an internal pricing mechanism, then snaps back to external pricing once a source returns.

With no live source to track, the oracle steps forward from its last value by a fraction of the order book's **impact price difference (IPD)** — a read on where resting liquidity sits relative to the current oracle value `S`:

$$
\text{IPD} = \max(P\_{\text{impactBid}} - S,\ 0) - \max(S - P\_{\text{impactAsk}},\ 0)
$$

`P_impactBid` and `P_impactAsk` are the average fill levels for a fixed impact notional swept across the bid and ask sides of the book. A rates book is quoted in yield, so both terms and the resulting IPD carry the same units as the index.

The oracle advances as a continuous-time exponentially weighted moving average with time constant **τ = 30 minutes**, which keeps it stable across irregular updates and halts:

$$
S\_t = \beta\_t, S\_{t^-} + (1 - \beta\_t), x\_t, \qquad \beta\_t = \exp!\left(-\frac{\Delta t^{\*}}{\tau}\right), \qquad x\_t = S\_{t^-} + \text{IPD}\_t
$$

where $$\Delta t = t - t\_{\text{prev}}$$, $$\Delta t^{*} = \min(\Delta t,\ c\tau)$$, and $$c = 0.1$$. Capping $$\Delta t^{*}$$ holds any single step to at most $$1 - e^{-0.1} \approx 9.5%$$ of the move toward $$x\_t$$, so long gaps between updates can't jolt the oracle.

When coverage drops, the mechanism seeds from the last externally published value; when it resumes, the oracle reverts to the external value on the next tick.

Rates markets currently spend more of the week on this mechanism than other Paragon market types. Price discovery through the gap is therefore driven by the market's own order book, and the first external value of a session may sit some distance from where the mechanism carried the oracle. Both effects diminish as coverage widens.

## Bounds

Off-hours, the mark is hard-capped to the market's [Bounds](/trading/bounds-and-anchors), measured from the last externally published value. Per-market values are listed in the [Contract Specifications](/resources/specifications#market-specifications).


# API Overview

Paragon markets are accessible via the standard Hyperliquid API. No separate API or authentication required.

> **Quick start:** Use `para:BTCD`, `para:TOTAL2`, `para:OTHERS`, `para:AVGO`, `para:COHR`, `para:CRDO`, `para:GLW`, `para:IREN`, `para:LRCX`, `para:ANSEM`, or `para:TREAD` as the `coin` parameter in any Hyperliquid API call.

## Hyperliquid API

All Paragon markets use Hyperliquid's unified API infrastructure:

* **REST API**: Account info, order placement, position management
* **WebSocket**: Real-time orderbook, trades, and account updates

Full documentation: [Hyperliquid API Docs](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api)

## Market Identifiers

Paragon markets use the following identifiers in API calls:

| Market                              | Symbol         |
| ----------------------------------- | -------------- |
| Bitcoin Dominance                   | `para:BTCD`    |
| Total Market Cap ex-BTC             | `para:TOTAL2`  |
| Total Market Cap ex-Top 10          | `para:OTHERS`  |
| US 10-Year Treasury Yield (rate)    | `para:10Y`     |
| US 30-Year Treasury Yield (rate)    | `para:30Y`     |
| US 2-Year Treasury Yield (rate)     | `para:2Y`      |
| Applied Optoelectronics (equity)    | `para:AAOI`    |
| Broadcom (equity)                   | `para:AVGO`    |
| Coherent (equity)                   | `para:COHR`    |
| Credo Technology (equity)           | `para:CRDO`    |
| Corning (equity)                    | `para:GLW`     |
| IREN Limited (equity)               | `para:IREN`    |
| Lam Research (equity)               | `para:LRCX`    |
| Cloudflare (equity)                 | `para:NET`     |
| Reddit (equity)                     | `para:RDDT`    |
| Seagate Technology (equity)         | `para:STX`     |
| Teradyne (equity)                   | `para:TER`     |
| Unitree Robotics (688836.SH equity) | `para:UNITREE` |
| Vistra (equity)                     | `para:VST`     |
| ANSEM Creator Coin                  | `para:ANSEM`   |
| TREAD (Tread.fi utility token)      | `para:TREAD`   |

> **Note:** The `para:` prefix specifies the Paragon DEX on Hyperliquid. This is required for all API calls.

## Common Operations

### Get Market Data

```python
# Example: Fetch orderbook for TOTAL2
import requests

response = requests.post(
    "https://api.hyperliquid.xyz/info",
    json={"type": "l2Book", "coin": "para:TOTAL2"}
)
orderbook = response.json()
```

### Place Order

```python
# Example: Market buy TOTAL2
# See Hyperliquid docs for full authentication and signing details

order = {
    "coin": "para:TOTAL2",
    "is_buy": True,
    "sz": 100,  # Size in USD
    "limit_px": None,  # Market order
    "order_type": {"market": {}}
}
```

### Get Position

```python
response = requests.post(
    "https://api.hyperliquid.xyz/info",
    json={"type": "clearinghouseState", "user": "0x..."}
)
positions = response.json()
```

## SDKs and Libraries

Community-maintained SDKs for Hyperliquid:

* **Python**: [hyperliquid-python-sdk](https://github.com/hyperliquid-dex/hyperliquid-python-sdk)
* **TypeScript**: [hyperliquid-ts-sdk](https://github.com/hyperliquid-dex/hyperliquid-ts-sdk)

These SDKs work with all Hyperliquid markets including Paragon markets.

## Rate Limits

Hyperliquid API rate limits apply to all markets:

* REST: 1200 requests per minute
* WebSocket: Connection limits per IP

See Hyperliquid documentation for current limits and best practices.

## Index Data

For programmatic access to index values and constituent data:

* Real-time index prices available via Hyperliquid WebSocket
* Historical data available through standard market data endpoints
* Constituent weightings published periodically (see [External Pricing](/markets/crypto-indices/external-pricing))
* Composition snapshots available via the [Index Composition API](/developers/index-composition-api)

## Historical Data

Historical data for the Paragon dex is available from [Hydromancer's Reservoir](https://docs.hydromancer.xyz/reservoir/paragon).

## Support

For API integration support:

* Hyperliquid Discord (general API questions)
* [Paragon Discord](https://discord.gg/qd6a9gTqqr) or [Telegram](https://t.me/paragon_trade) (Paragon-specific questions)


# Index Composition API

Authenticated REST API for retrieving index composition snapshots. Each snapshot describes the constituent assets and supply inputs effective at a given rebalance boundary.

> **Quick start:** `GET /v1/feeds/TOTAL2/composition` with your API key returns the current TOTAL2 constituent list.

## Scope

This API serves composition data only. It does not provide live prices, index levels, or weight calculations. All endpoints are read-only. ANSEM and TREAD are single coins with no constituent composition, so they are not supported by these endpoints; use the standard Hyperliquid market-data endpoints with `para:ANSEM` or `para:TREAD` instead.

## Authentication

All endpoints require an API key passed via header.

```
Authorization: Bearer <api_key>
```

Rate limits are enforced per key. Exceeding your limit returns `429 Too Many Requests` with a `Retry-After` header.

To request an API key, contact the Paragon team.

## Feed Identifiers

Paragon index feeds use dedicated identifiers in this API. These differ from the Hyperliquid trading API identifiers.

| Index                      | Display Name | Composition API | Hyperliquid API | Feed Type |
| -------------------------- | ------------ | --------------- | --------------- | --------- |
| Bitcoin Dominance          | BTC.D        | `BTCD`          | `para:BTCD`     | `dom`     |
| Total Market Cap ex-BTC    | TOTAL2       | `TOTAL2`        | `para:TOTAL2`   | `mcap`    |
| Total Market Cap ex-Top 10 | OTHERS       | `OTHERS`        | `para:OTHERS`   | `mcap`    |

> **Note:** The Composition API omits the dot separator for BTC Dominance (`BTCD`). This maps to the canonical `BTC.D` feed.

## Endpoints

### Current Composition

Returns the latest published composition snapshot.

```
GET /v1/feeds/{feed_id}/composition
```

### Point-in-Time Composition

Returns the composition effective at a specific timestamp.

```
GET /v1/feeds/{feed_id}/composition?effective_timestamp={unix_ms}
```

### Composition History

Returns a paginated list of historical snapshots, most recent first.

```
GET /v1/feeds/{feed_id}/composition/history?limit={n}
```

### Parameters

| Parameter             | Type              | Location | Required | Description                                                          |
| --------------------- | ----------------- | -------- | -------- | -------------------------------------------------------------------- |
| `feed_id`             | string            | Path     | Yes      | Feed identifier (`BTCD`, `TOTAL2`, or `OTHERS`)                      |
| `effective_timestamp` | integer (Unix ms) | Query    | No       | Returns the composition valid at this time                           |
| `limit`               | integer           | Query    | No       | Number of historical snapshots to return (default: `10`, max: `100`) |

## Response Schema

### Common Fields

| Field            | Type                | Description                                                                                                    |
| ---------------- | ------------------- | -------------------------------------------------------------------------------------------------------------- |
| `feed_id`        | `string`            | Feed identifier (e.g., `TOTAL2`, `BTCD`)                                                                       |
| `feed_type`      | `string`            | `mcap` or `dom` - determines the shape of `constituents`                                                       |
| `divisor`        | `number`            | Scaling constant used in index computation.                                                                    |
| `timestamp`      | `string` (ISO 8601) | Time the API request was processed. **Not** the rebalance time.                                                |
| `last_rebalance` | `string` (ISO 8601) | Timestamp of the most recent rebalance                                                                         |
| `next_rebalance` | `string` (ISO 8601) | Next scheduled rebalance boundary (informational)                                                              |
| `constituents`   | `array` or `object` | **mcap feeds:** array of constituent objects. **dom feeds:** object with `numerator` and `denominator` arrays. |

### Constituent Fields

| Field                | Type      | Description                                                                        |
| -------------------- | --------- | ---------------------------------------------------------------------------------- |
| `symbol`             | `string`  | Canonical asset identifier (e.g., `ETH`, `BTC`)                                    |
| `rank`               | `integer` | Ordinal position determined at rebalance                                           |
| `circulating_supply` | `string`  | Circulating supply frozen at rebalance time. String-encoded to preserve precision. |

## Response Examples

### Market Cap Feed (TOTAL2)

For `mcap` feeds, `constituents` is a flat array:

```json
{
  "feed_id": "TOTAL2",
  "feed_type": "mcap",
  "divisor": 1000000,
  "timestamp": "2026-02-12T09:32:14Z",
  "last_rebalance": "2026-02-12T00:00:00Z",
  "next_rebalance": "2026-02-13T00:00:00Z",
  "constituents": [
    { "symbol": "ETH", "rank": 1, "circulating_supply": "120523871.44" },
    { "symbol": "XRP", "rank": 2, "circulating_supply": "57124830921" },
    { "symbol": "BNB", "rank": 3, "circulating_supply": "145887575.82" }
  ]
}
```

### Dominance Feed (BTC.D)

For `dom` feeds, `constituents` is an object with `numerator` and `denominator` arrays:

```json
{
  "feed_id": "BTCD",
  "feed_type": "dom",
  "divisor": 1,
  "timestamp": "2026-02-12T09:32:14Z",
  "last_rebalance": "2026-02-12T00:00:00Z",
  "next_rebalance": "2026-02-13T00:00:00Z",
  "constituents": {
    "numerator": [
      { "symbol": "BTC", "rank": 1, "circulating_supply": "19842356" }
    ],
    "denominator": [
      { "symbol": "BTC", "rank": 1, "circulating_supply": "19842356" },
      { "symbol": "ETH", "rank": 2, "circulating_supply": "120523871.44" },
      { "symbol": "XRP", "rank": 3, "circulating_supply": "57124830921" }
    ]
  }
}
```

## Code Examples

### Fetch TOTAL2 Composition

```python
import requests

API_KEY = "your_api_key"
BASE_URL = "https://api.paragon.trade/v1"

headers = {"Authorization": f"Bearer {API_KEY}"}

response = requests.get(f"{BASE_URL}/feeds/TOTAL2/composition", headers=headers)
response.raise_for_status()

data = response.json()
print(f"Feed: {data['feed_id']} | Last rebalance: {data['last_rebalance']}")

for c in data["constituents"]:
    print(f"  #{c['rank']} {c['symbol']}: supply={c['circulating_supply']}")
```

### Fetch BTC.D Composition (Dominance Feed)

```python
response = requests.get(f"{BASE_URL}/feeds/BTCD/composition", headers=headers)
response.raise_for_status()

data = response.json()
numerator = data["constituents"]["numerator"]
denominator = data["constituents"]["denominator"]

print(f"Numerator assets: {len(numerator)}")
print(f"Denominator assets: {len(denominator)}")
```

### Historical Lookup

```python
# Last 5 rebalance snapshots
response = requests.get(
    f"{BASE_URL}/feeds/TOTAL2/composition/history",
    headers=headers,
    params={"limit": 5},
)
response.raise_for_status()

for snapshot in response.json():
    print(f"{snapshot['last_rebalance']}: {len(snapshot['constituents'])} constituents")
```

## Data Guarantees

* **Immutability** - Once published, a composition snapshot never changes. Multiple requests for the same snapshot return identical data.
* **Supply freeze** - `circulating_supply` values are snapshotted at each daily rebalance and remain fixed until the next rebalance.
* **Divisor stability** - The `divisor` is constant between rebalances.
* **Deterministic ordering** - Constituents are sorted by `rank` ascending. Ordering is stable across requests.
* **Availability** - If a new composition is not yet available at the expected rebalance time, the API continues serving the most recent valid snapshot. The API never serves partial or incomplete compositions.

## Error Responses

| Status | Meaning                                                              |
| ------ | -------------------------------------------------------------------- |
| `200`  | Success                                                              |
| `400`  | Bad request - malformed query parameters                             |
| `401`  | Unauthorized - missing or invalid API key                            |
| `404`  | Unknown feed ID or no composition exists for the requested timestamp |
| `429`  | Rate limit exceeded - retry after `Retry-After` header duration      |
| `5xx`  | Internal Service Error - retry your request                          |

## Versioning

This API uses path-level versioning (`/v1/`). Non-breaking additions (new fields, new feeds) may be introduced within a version. Breaking schema changes require a new version path.

> [API Overview](/developers/api) | [External Pricing](/markets/crypto-indices/external-pricing) | [Contract Specifications](/resources/specifications)


# Contract Specifications

Consolidated reference for every Paragon market — shared contract mechanics and market specifications.

## Contract Basics

All Paragon markets share the same contract mechanics:

| Parameter      | Value                                      |
| -------------- | ------------------------------------------ |
| Contract Type  | Perpetual futures (no expiry)              |
| Quote Currency | USDC                                       |
| Settlement     | Cash-settled                               |
| Position Unit  | USDC notional value                        |
| PnL Formula    | (Exit Price − Entry Price) × Position Size |

**Example:** a $1,000 position at 10x leverage requires $100 margin and yields $10 PnL per 1% move in the underlying.

**Rates markets** track a rate rather than a price. The index is expressed in percent, margin and settlement remain in USDC, and a long position gains when the rate rises — long the yield is short the bond.

## Market Specifications

**Pre-Listing markets:** public filings and offering terms may be incomplete, preliminary, or later revised. The values shown for a Pre-Listing market should not be treated as indicative market capitalizations or fair-value references for the underlying issuer. The ultimate public price, or the number of fully diluted shares, may differ materially. See the [Pre-Listing Risk Disclosure](/legal/pre-listing-risk-disclosure).

<table><thead><tr><th width="110">Instrument</th><th width="120">Status</th><th width="450">Description</th><th width="175">Data Source</th><th width="120">Max Leverage</th><th width="95">OI Cap</th><th width="150">Funding Multiplier</th><th width="140">Margin Mode</th><th width="205">External Pricing Session</th><th width="245">Fallback Pricing Hours</th><th width="120">Bounds</th><th width="150">Launch Reference Value</th><th width="150">Max Re-Anchorings</th><th width="160">Expected Listing Date</th><th width="130">Listing Buffer</th></tr></thead><tbody><tr><td>UNITREE</td><td>Listed</td><td>Tracks the USD value of one A share of Unitree Robotics Co., Ltd. (688836.SH), listed on the Shanghai Stock Exchange STAR Market. The CNY share price is converted to USD using the USD/CNH rate. Unitree develops quadruped and humanoid robots, motion-control actuators, and embodied AI systems for research, industrial, and consumer applications.</td><td><a href="https://app.pyth.com/explore/Equity.CN.688836%2FCNY">Equity.CN.688836/CNY</a> + USD/CNH</td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>09:30–11:30, 13:00–14:57 CST, Mon–Fri</td><td>Outside the Shanghai regular session, weekends, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>4</td><td>—</td><td>—</td></tr><tr><td>10Y</td><td>—</td><td>Tracks the yield on the most recently issued (on-the-run) 10-year US Treasury note, expressed in percent. The standard reference for long-term US dollar borrowing costs.</td><td><a href="https://app.pyth.com/explore/InterestRate.US10Y">Rates.US10Y</a></td><td>20x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>02:30–17:00 ET, Mon–Fri</td><td>17:00–02:30 ET, weekends, and <a href="/resources/holiday-closures">holidays</a></td><td>±5%</td><td>—</td><td>0</td><td>—</td><td>—</td></tr><tr><td>30Y</td><td>—</td><td>Tracks the yield on the most recently issued (on-the-run) 30-year US Treasury bond, expressed in percent. The benchmark for long-dated US dollar borrowing costs.</td><td><a href="https://app.pyth.com/explore/InterestRate.US30Y">Rates.US30Y</a></td><td>20x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>02:30–17:00 ET, Mon–Fri</td><td>17:00–02:30 ET, weekends, and <a href="/resources/holiday-closures">holidays</a></td><td>±5%</td><td>—</td><td>0</td><td>—</td><td>—</td></tr><tr><td>2Y</td><td>—</td><td>Tracks the yield on the most recently issued (on-the-run) 2-year US Treasury note, expressed in percent. A key gauge of near-term US interest rate and monetary policy expectations.</td><td><a href="https://app.pyth.com/explore/InterestRate.US2Y">Rates.US2Y</a></td><td>20x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>02:30–17:00 ET, Mon–Fri</td><td>17:00–02:30 ET, weekends, and <a href="/resources/holiday-closures">holidays</a></td><td>±5%</td><td>—</td><td>0</td><td>—</td><td>—</td></tr><tr><td>BTC.D</td><td>—</td><td>Tracks Bitcoin's share of total crypto market capitalization (0–100%). A core gauge of capital rotation between Bitcoin and the broader altcoin market.</td><td><a href="/markets/crypto-indices/external-pricing">Pyth + exchanges</a></td><td>20x</td><td>$10M</td><td>0.6</td><td>Cross / Isolated</td><td>24/7</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>TOTAL2</td><td>—</td><td>Tracks the aggregate market capitalization of all crypto assets excluding Bitcoin. A broad proxy for altcoin market direction.</td><td><a href="/markets/crypto-indices/external-pricing">Pyth + exchanges</a></td><td>20x</td><td>$5M</td><td>0.6</td><td>Cross / Isolated</td><td>24/7</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>OTHERS</td><td>—</td><td>Tracks the aggregate market capitalization of all crypto assets excluding the top 10. Exposure to mid- and small-cap rotation.</td><td><a href="/markets/crypto-indices/external-pricing">Pyth + exchanges</a></td><td>10x</td><td>$5M</td><td>0.6</td><td>Cross / Isolated</td><td>24/7</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>AAOI</td><td>Listed</td><td>Tracks the value of one share of Applied Optoelectronics. Applied Optoelectronics designs and manufactures lasers, optical transceivers, and networking equipment used across AI data centers, cloud networks, cable broadband, telecom, and fiber access systems worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.AAOI%2FUSD">Equity.US.AAOI/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>AVGO</td><td>Listed</td><td>Tracks the value of one share of Broadcom. Broadcom designs and supplies a broad range of semiconductors and infrastructure software, powering data centers, AI systems, cloud networks, and wireless devices worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.AVGO%2FUSD">Equity.US.AVGO/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>CIEN</td><td>Listed</td><td>CIEN tracks the value of one share of Ciena. Ciena builds optical networking systems, routing platforms, and software that help cloud providers, telecom operators, and data centers move large volumes of data across high-speed networks worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.CIEN%2FUSD">Equity.US.CIEN/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>CIFR</td><td>Listed</td><td>Tracks the value of one share of Cipher Digital. Cipher Digital develops and operates large-scale data centers for Bitcoin mining and AI/HPC workloads, combining power infrastructure, computing capacity, and specialized facilities across the United States.</td><td><a href="https://app.pyth.com/explore/Equity.US.CIFR%2FUSD">Equity.US.CIFR/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>Pre/Regular/Post, Mon–Fri 4AM–8PM ET</td><td>Overnight, weekends, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>COHR</td><td>Listed</td><td>Tracks the value of one share of Coherent. Coherent designs lasers, optical transceivers, and photonics components that power AI data center interconnects, optical networking, semiconductor manufacturing, and industrial systems worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.COHR%2FUSD">Equity.US.COHR/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>CRDO</td><td>Listed</td><td>Tracks the value of one share of Credo Technology. Credo provides high-speed connectivity solutions, including active electrical cables, SerDes, and retimers, that move data efficiently across AI data centers and hyperscale networks worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.CRDO%2FUSD">Equity.US.CRDO/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>CRWD</td><td>Listed</td><td>Tracks the value of one share of CrowdStrike. CrowdStrike provides cloud-native cybersecurity software that helps organizations protect endpoints, identities, cloud workloads, and data while detecting and responding to threats across enterprise environments worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.CRWD%2FUSD">Equity.US.CRWD/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>GLW</td><td>Listed</td><td>Tracks the value of one share of Corning. Corning manufactures specialty glass and optical fiber used in AI data center connectivity, telecom networks, display screens, and advanced materials worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.GLW%2FUSD">Equity.US.GLW/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>IGV</td><td>Listed</td><td>Tracks the value of one share of the iShares Expanded Tech-Software Sector ETF. IGV provides diversified exposure to software companies across enterprise applications, cybersecurity, cloud computing, infrastructure, and other technology services.</td><td><a href="https://app.pyth.com/explore/Equity.US.IGV%2FUSD">Equity.US.IGV/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>0</td><td>—</td><td>—</td></tr><tr><td>IREN</td><td>Listed</td><td>IREN tracks the value of one share of IREN Limited. IREN develops and operates renewable-powered data centers for AI cloud computing and Bitcoin mining, providing GPU infrastructure and high-performance computing capacity across North America.</td><td><a href="https://app.pyth.com/explore/Equity.US.IREN%2FUSD">Equity.US.IREN/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>LRCX</td><td>Listed</td><td>Tracks the value of one share of Lam Research. Lam Research builds wafer fabrication equipment for etch, deposition, and cleaning processes essential to manufacturing the advanced chips that power AI, data centers, and mobile devices worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.LRCX%2FUSD">Equity.US.LRCX/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>MELI</td><td>Listed</td><td>Tracks the value of one share of MercadoLibre. MercadoLibre operates Latin America's largest e-commerce and fintech ecosystem, spanning online marketplaces, digital payments, credit, logistics, advertising, and merchant services across major markets including Brazil, Mexico, and Argentina.</td><td><a href="https://app.pyth.com/explore/Equity.US.MELI%2FUSD">Equity.US.MELI/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>Pre/Regular/Post, Mon–Fri 4AM–8PM ET</td><td>Overnight, weekends, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>NET</td><td>Listed</td><td>Tracks the value of one share of Cloudflare. Cloudflare provides cloud networking, cybersecurity, content delivery, and developer infrastructure that helps businesses secure and accelerate websites, applications, and AI workloads worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.NET%2FUSD">Equity.US.NET/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>Pre/Regular/Post, Mon–Fri 4AM–8PM ET</td><td>Overnight, weekends, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>RDDT</td><td>Listed</td><td>Tracks the value of one share of Reddit. Reddit operates a community-driven social platform organized around user-created forums covering news, entertainment, and niche interests, powering advertising, community commerce, and AI content licensing worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.RDDT%2FUSD">Equity.US.RDDT/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>Regular only, Mon–Fri 9:30AM–4PM ET</td><td>Pre-Market, Post-Market, Overnight, weekends, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>SMCI</td><td>Listed</td><td>Tracks the value of one share of Supermicro. Supermicro designs and manufactures high-performance servers, GPU systems, storage, networking, and liquid-cooling infrastructure used to build and operate AI, cloud, high-performance computing, and enterprise data centers worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.SMCI%2FUSD">Equity.US.SMCI/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>SMH</td><td>Listed</td><td>SMH tracks the MarketVector™ US Listed Semiconductor 25 Continuous Index (MVCSMH), a 24/5 version of MarketVector’s flagship US-listed semiconductor benchmark. The index extends calculation across overnight, pre-market, and post-market sessions and is referenced directly rather than through an ETF.</td><td><a href="/markets/equities/external-pricing">MarketVector MVCSMH</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>SOFI</td><td>Listed</td><td>Tracks the value of one share of SoFi Technologies. SoFi operates a digital financial-services platform spanning banking, lending, investing, credit cards, and other consumer financial products, while also providing technology infrastructure to banks, fintechs, and brands.</td><td><a href="https://app.pyth.com/explore/Equity.US.SOFI%2FUSD">Equity.US.SOFI/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>STX</td><td>Listed</td><td>Tracks the value of one share of Seagate Technology. Seagate manufactures hard drives and mass-capacity storage systems used to store and manage data across AI infrastructure, cloud data centers, enterprise systems, and edge applications worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.STX%2FUSD">Equity.US.STX/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>TER</td><td>Listed</td><td>Tracks the value of one share of Teradyne. Teradyne makes automated test equipment and robotics used to validate semiconductors, powering quality assurance for the chips behind AI systems, data centers, and consumer electronics worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.TER%2FUSD">Equity.US.TER/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>TTWO</td><td>Listed</td><td>Tracks the value of one share of Take-Two Interactive. Take-Two develops and publishes interactive entertainment through its Rockstar Games, 2K, and Zynga labels, spanning console and PC franchises such as Grand Theft Auto, Red Dead Redemption, and NBA 2K alongside free-to-play mobile titles, monetized through game sales, in-game purchases, and advertising worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.TTWO%2FUSD">Equity.US.TTWO/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>Pre/Regular/Post, Mon–Fri 4AM–8PM ET</td><td>Overnight, weekends, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>VST</td><td>Listed</td><td>Tracks the value of one share of Vistra. Vistra generates and sells electricity through a diverse fleet of nuclear, natural gas, coal, solar, and battery storage facilities, powering homes, businesses, and data centers across the United States.</td><td><a href="https://app.pyth.com/explore/Equity.US.VST%2FUSD">Equity.US.VST/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/markets/equities/off-hours-and-fallback">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>ANSEM</td><td>—</td><td>Tracks the USD spot price of ANSEM, a creator coin associated with Ansem and its community.</td><td><a href="/markets/crypto-indices/external-pricing">Crypto spot markets</a></td><td>3x</td><td>$5M</td><td>0.6</td><td>Isolated</td><td>24/7</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>TREAD</td><td>—</td><td>Tracks the USD spot price of one TREAD token. TREAD is the utility token of Tread.fi, an algorithmic trading platform that provides institutional-grade execution, AI trading agents, automated strategies, and connectivity across centralized and decentralized crypto venues. The token is used for fee discounts, agent marketplace access, and participation in Tread.fi's liquidity and venue ecosystem.</td><td><a href="/markets/crypto-indices/external-pricing">Crypto spot markets</a></td><td>5x</td><td>$10M</td><td>0.6</td><td>Isolated</td><td>24/7</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr></tbody></table>

All market parameters are subject to change as liquidity and market conditions evolve — OI caps, in particular, are expected to rise over time. Updates are published in advance through Paragon's [official channels](/resources/links#stay-updated).


# 2026 Holiday Closures

US equity markets are closed or close early on the dates below. External price feeds pause for these sessions; the mark is bounded internally until coverage resumes. See [Off Hours & Fallback](/markets/equities/off-hours-and-fallback) for how pricing behaves while the feed is closed.

| Date   | Holiday                     | Session                    |
| ------ | --------------------------- | -------------------------- |
| Jan 1  | New Year's Day              | Closed                     |
| Jan 19 | Martin Luther King Jr. Day  | Closed                     |
| Feb 16 | Presidents' Day             | Closed                     |
| Apr 3  | Good Friday                 | Closed                     |
| May 25 | Memorial Day                | Closed                     |
| Jun 19 | Juneteenth                  | Closed                     |
| Jul 3  | Independence Day (observed) | Closed                     |
| Sep 7  | Labor Day                   | Closed                     |
| Nov 26 | Thanksgiving                | Closed                     |
| Nov 27 | Day after Thanksgiving      | Early close, 09:30 – 13:00 |
| Dec 24 | Christmas Eve               | Early close, 09:30 – 13:00 |
| Dec 25 | Christmas Day               | Closed                     |


# Links

Official Paragon channels and resources.

## Social

| Platform  | Link                                          |
| --------- | --------------------------------------------- |
| Twitter/X | [@tradeparagon](https://x.com/tradeparagon)   |
| Telegram  | [Join Telegram](https://t.me/paragon_trade)   |
| Discord   | [Join Discord](https://discord.gg/qd6a9gTqqr) |

## Support

| Channel     | Link                                                                              |
| ----------- | --------------------------------------------------------------------------------- |
| Support Bot | [Paragon Support Bot](https://t.me/ParagonSupportBot) — Open a ticket on Telegram |
| Email       | <help@paragon.trade>                                                              |

## Trading

| Platform         | Link                                                                                |
| ---------------- | ----------------------------------------------------------------------------------- |
| Trade Paragon    | [app.hyperliquid.xyz/trade/para:BTC.D](https://app.hyperliquid.xyz/trade/para:BTCD) |
| Hyperliquid Docs | [hyperliquid.gitbook.io](https://hyperliquid.gitbook.io)                            |

## Development

| Resource | Link                                                                                  |
| -------- | ------------------------------------------------------------------------------------- |
| GitHub   | [github.com/N8V-Labs](https://github.com/N8V-Labs)                                    |
| API Docs | [Hyperliquid API](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api) |

## Data

| Resource          | Link                                                                                               |
| ----------------- | -------------------------------------------------------------------------------------------------- |
| Index Methodology | Market makers should reach out for [Index Composition API](/developers/index-composition-api) keys |

## Brand

| Resource       | Link                                                                                         |
| -------------- | -------------------------------------------------------------------------------------------- |
| Brand Kit      | [Brand Kit](/resources/brand-kit)                                                            |
| Brand Assets   | [github.com/N8V-Labs/paragon-brand-assets](https://github.com/N8V-Labs/paragon-brand-assets) |
| Media Contacts | Reach out via [Telegram](https://t.me/paragon_trade)                                         |

## Stay Updated

Follow [@tradeparagon](https://x.com/tradeparagon) and join our [Telegram](https://t.me/paragon_trade) and [Discord](https://discord.gg/qd6a9gTqqr) for:

* New market listings
* Protocol updates
* Trading competitions
* Community events


# Brand Kit

Official Paragon brand assets for media, partners, and community use.

## Logo

### Primary Logo

The Paragon logo should be used in its primary form whenever possible. Maintain clear space around the logo equal to the height of the "P" mark.

Download formats:

* SVG (vector)
* PNG (transparent background)
* PNG (dark background)
* PNG (light background)

### Logo Variations

| Variation     | Use Case                           |
| ------------- | ---------------------------------- |
| Full logo     | Primary usage, marketing materials |
| Logomark only | App icons, favicons, small spaces  |
| Wordmark only | Text-heavy contexts                |

## Colors

### Core Gradient

The primary brand uses a teal-to-dark-blue gradient:

| Color     | Hex       | Position |
| --------- | --------- | -------- |
| Teal      | `#99E0C6` | Start    |
| Blue      | `#2D607F` | Middle   |
| Dark Navy | `#0A1727` | End      |

### Accent Colors

| Color      | Hex       | Usage              |
| ---------- | --------- | ------------------ |
| Orange     | `#C19120` | Accent, highlights |
| Green      | `#2D7F32` | Success states     |
| Grey       | `#7B7B7B` | Secondary text     |
| Dark Grey  | `#2B2B2B` | Backgrounds        |
| Light Grey | `#D8D8D8` | Borders, dividers  |

## Typography

### Brand Font

**Alliance No. 2** - Primary brand font for marketing and headlines

### Documentation

GitBook default fonts are used for documentation to ensure readability and accessibility.

## Usage Guidelines

### Do

* Use official logo files (don't recreate)
* Maintain minimum clear space
* Use approved color combinations
* Keep logo proportions intact

### Don't

* Stretch or distort the logo
* Apply effects (shadows, gradients, outlines)
* Place logo on busy backgrounds
* Use unapproved colors
* Rotate or flip the logo

## GitBook Documentation Settings

Recommended visual settings for Paragon documentation:

| Setting       | Value                | Notes                                |
| ------------- | -------------------- | ------------------------------------ |
| Theme         | **Dark**             | Matches institutional brand identity |
| Primary Color | `#2D607F`            | Core gradient middle (teal-blue)     |
| Logo          | `White-Wordmark.svg` | Horizontal lockup for header         |
| Icon/Favicon  | `White-Logo.svg`     | Logo mark only (no wordmark)         |

### Logo Files Reference

```
brand-assets/Paragon_Logos/
├── Black/
│   ├── Black-Logo.svg          # Icon only (light backgrounds)
│   ├── Black-Vertical.svg      # Stacked logo + wordmark
│   └── Black-Wordmark.svg      # Horizontal logo + wordmark
└── White/
    ├── White-Logo.svg          # Icon only (dark backgrounds) ← Favicon
    ├── White-Vertical.svg      # Stacked logo + wordmark
    └── White-Wordmark.svg      # Horizontal logo + wordmark ← Header
```

### Applying Settings in GitBook

1. Navigate to **Customization** in the GitBook admin panel
2. Upload `White-Wordmark.svg` as the header logo
3. Upload `White-Logo.svg` as the favicon/icon
4. Set primary color to `#2D607F`
5. Select **Dark** theme
6. Click **Publish** to apply changes

### Accessibility Notes

* **Contrast Ratio**: White logo on dark (#0A1727) background exceeds WCAG AA standards (>7:1)
* **Primary Color**: `#2D607F` provides sufficient contrast for interactive elements
* **Theme**: Dark mode reduces eye strain for extended reading sessions

## Market Logos

Index market logos using the Paragon brand gradient background with white icon:

| Market | File         | Preview                                                                                                                                                                                                     |
| ------ | ------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| BTC.D  | `BTCD.svg`   | ![BTC.D](https://3089529478-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F1LFipJJCs0Ri6aw7btUs%2Fuploads%2Fgit-blob-e2c6839a0e7cc2d2e487eed5b5f65e858068506b%2FBTCD.svg?alt=media)    |
| TOTAL2 | `TOTAL2.svg` | ![TOTAL2](https://3089529478-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F1LFipJJCs0Ri6aw7btUs%2Fuploads%2Fgit-blob-2fe9bf992bee87dd5ebff91094cd15a3b8cbf0e5%2FTOTAL2.svg?alt=media) |
| OTHERS | `OTHERS.svg` | ![OTHERS](https://3089529478-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F1LFipJJCs0Ri6aw7btUs%2Fuploads%2Fgit-blob-b30e63cc16c0df825eefb1420048161d44a9c1a3%2FOTHERS.svg?alt=media) |

```
brand-assets/Market_Logos/
├── BTCD.svg               # Bitcoin Dominance index
├── TOTAL2.svg             # Total crypto ex-BTC index
└── OTHERS.svg             # Total crypto ex-top-10 index
```

## Download Assets

Full brand kit available at:

* [Brand Assets Repository](https://github.com/N8V-Labs/paragon-brand-assets) — logos, guidelines, and font
* Request high-resolution files via [Telegram](https://t.me/paragon_trade)

## Contact

For brand usage questions or partnership materials:

* Telegram: [Join Group](https://t.me/paragon_trade)
* Twitter: [@tradeparagon](https://x.com/tradeparagon)


# Support

Need help with Paragon? Here's how to reach us.

## Contact

| Channel     | Link                                                | Best For                          |
| ----------- | --------------------------------------------------- | --------------------------------- |
| Support Bot | [ParagonSupportBot](https://t.me/ParagonSupportBot) | Tickets, bug reports, direct help |
| Email       | <help@paragon.trade>                                | General inquiries                 |
| Telegram    | [t.me/paragon\_trade](https://t.me/paragon_trade)   | Community discussion              |
| Discord     | [Join Discord](https://discord.gg/qd6a9gTqqr)       | Community chat                    |
| Twitter/X   | [@tradeparagon](https://x.com/tradeparagon)         | Announcements, updates            |

## What to Include

When reaching out for support, please include:

* Your wallet address
* The market symbol (for example BTC.D, TOTAL2, OTHERS, a single-name equity, ANSEM, or TREAD)
* A description of the issue
* Screenshots if applicable

## Response Times

We aim to respond within 24 hours.


# FAQ

Frequently asked questions about Paragon.

## General

### What is Paragon?

Paragon lists perpetual futures across asset classes on Hyperliquid — crypto indexes and assets (BTC.D, TOTAL2, OTHERS, ANSEM, TREAD) and single-name equities, with more classes to come. Trade the benchmarks and assets you already follow, with leverage.

### How is Paragon different from other perpetual products?

Unlike spot index baskets or custom composites, Paragon offers:

* **Perpetual futures** - The native instrument for crypto traders
* **Familiar benchmarks and assets** - The coins, indexes, and stocks traders already reference
* **Native Hyperliquid listing** - No new venue, no fragmented liquidity

### Who is behind Paragon?

Paragon is built by a team with low-latency and distributed systems DNA. We're product-obsessed and have been DeFi power users for years.

## Trading

### Where do I trade Paragon markets?

Directly on [app.hyperliquid.xyz](https://app.hyperliquid.xyz). Paragon markets are listed alongside all other Hyperliquid perpetuals.

### What leverage is available?

Leverage varies by market, up to 20x. See the [market specifications](/resources/specifications) for each market's maximum.

### What are the trading fees?

Paragon markets follow Hyperliquid's standard fee schedule, with reduced rates for high-volume traders. See [Fees](/trading/fees) for details.

### How does funding work?

Funding rates are exchanged hourly between longs and shorts to keep perpetual prices aligned with the underlying. Positive funding means longs pay shorts; negative funding means shorts pay longs. Each market applies a funding multiplier that scales the rate — see [Funding Rates](/trading/fees#funding-rates).

## Markets

### What markets are available?

* **Crypto**: BTC.D (Dominance Index), TOTAL2 and OTHERS (Market Cap Indexes), ANSEM (Creator Coin), TREAD (Tread.fi utility token)
* **Equities**: single-name stocks, with more to come

See the [market specifications](/resources/specifications) for each market's parameters.

### How do equity perpetuals work?

Equity perps give cash-settled, leveraged exposure to a single stock — no brokerage account or share custody, and no ownership, voting, or dividend rights. The contract trades 24/7 on Hyperliquid; the external price feed runs during market sessions, and outside them the mark is bounded internally. See [Equities](/markets/equities).

### How are crypto index values calculated?

Market cap indices sum the (price × circulating supply) of constituent assets; dominance indices divide one market cap by total market cap. See [Methodology](/markets/crypto-indices/methodology).

ANSEM and TREAD are single-coin markets, not indexes, so each tracks the coin's aggregated USD spot price and has no constituents or rebalancing methodology.

### How often are indices updated?

Index prices update in real-time (sub-second). Constituent rebalancing occurs daily.

### Can I see the index constituents?

Yes. Constituent lists and weightings are published and auditable. See [Methodology](/markets/crypto-indices/methodology).

## Technical

### What is HIP-3?

HIP-3 is Hyperliquid's framework for third-party perpetual futures. It enables Paragon to deploy markets with native fee-sharing and direct listing on Hyperliquid's interface. See [HIP-3 Integration](/about-paragon/hip-3).

### Is there an API?

Yes. Paragon markets use the standard Hyperliquid API. See [API Overview](/developers/api).

### How reliable is the oracle?

The Paragon oracle network targets 99.99% uptime with redundant infrastructure, multiple data sources, and automatic failover.

## Support

### Where can I get help?

* **Support Bot**: Open a ticket via the [Paragon Support Bot](https://t.me/ParagonSupportBot) on Telegram
* **Discord**: [Join Discord](https://discord.gg/qd6a9gTqqr) for community support
* **Telegram**: [Join Group](https://t.me/paragon_trade)
* **Twitter**: [@tradeparagon](https://x.com/tradeparagon)

### I found a bug. How do I report it?

Open a support ticket through the [Paragon Support Bot](https://t.me/ParagonSupportBot) on Telegram. You can also report bugs in the Telegram group or DM a team member. For security issues, contact the team directly via Telegram DM.


# Glossary

Key terms used throughout Paragon documentation.

## A

### ANSEM

A creator coin associated with Ansem and its community. The ANSEM perpetual tracks the coin's aggregated USD spot price rather than an index value.

### Ask

The lowest price at which a seller is willing to sell. Also called the "offer."

## B

### Basis

The difference between the perpetual futures price and the underlying index price.

### Bid

The highest price at which a buyer is willing to buy.

### Bounds

A price band around a market's reference price within which the mark price may move. It limits abrupt mark dislocations. See [Bounds](/trading/bounds-and-anchors).

### BTC.D

Bitcoin Dominance-Bitcoin's market capitalization as a percentage of total crypto market cap.

## C

### Circulating Supply

The number of tokens currently available and circulating in the market, excluding locked or reserved tokens.

### Convexity

The tendency of a bond's price sensitivity to change as yields move. A perpetual settled on a yield index has no convexity, because its payoff is linear in the rate.

### Creator Coin

A crypto asset associated with an individual creator and their community. Unlike a dominance or market cap index, a creator coin tracks a single token and has no constituent basket.

### Cross Margin

A margin mode where your entire account balance serves as collateral for all positions.

## D

### Dominance Index

An index measuring one asset's market cap as a percentage of a broader market cap index.

### DV01

The change in a position's value for a one-basis-point move in the underlying rate. On rates markets it is fixed by position size and does not vary with the level of rates.

## E

### Equity Perpetual

A cash-settled perpetual that tracks the price of one share of a stock, conferring no ownership, voting, or dividend rights.

### External Price

The price derived from external market sources while a market's underlying is trading; it serves as the oracle price during covered sessions.

## F

### Funding Multiplier

A per-market scaling factor applied to the funding rate. Values below 1 dampen funding relative to the raw basis.

### Funding Rate

Periodic payments exchanged between long and short position holders to keep perpetual prices aligned with the underlying index.

## H

### HIP-3

Hyperliquid Improvement Proposal 3-the framework enabling third-party perpetual futures deployment on Hyperliquid.

### Hyperliquid

A high-performance blockchain and decentralized exchange for perpetual futures trading.

## I

### Impact Price Difference (IPD)

A measure of where order-book liquidity sits relative to the oracle price, used to advance the oracle when external pricing is unavailable.

### Index Price

The calculated value of an underlying index, used as a reference for perpetual pricing and funding.

### Initial Margin

The minimum collateral required to open a new position.

### Isolated Margin

A margin mode where each position has dedicated collateral, isolating risk between positions.

## L

### Leverage

Using borrowed capital to increase position size. 20x leverage means $100 of margin controls $5,000 of exposure.

### Liquidation

Forced closure of a position when margin falls below maintenance requirements.

### Long

A position that profits when the price increases.

## M

### Maintenance Margin

The minimum margin required to keep a position open. Falling below triggers liquidation.

### Maker

A trader who adds liquidity by placing limit orders that rest in the orderbook.

### Mark Price

The price used for unrealized PnL, margin, and liquidations — a manipulation-resistant median of oracle and order-book inputs.

### Market Cap

The total value of an asset, calculated as price × circulating supply.

### Market Cap Index

An index tracking the aggregate market capitalization of multiple assets.

## O

### Open Interest Cap (OI Cap)

The maximum open interest allowed in a market. Once reached, new positions cannot open until open interest falls back below the cap.

### Oracle

A system that delivers external data (like prices) to blockchain applications.

### OTHERS

A market cap index tracking total crypto market cap excluding the top 10 assets.

### Orderbook

A list of buy and sell orders for a market, organized by price.

## P

### Perpetual Futures

Derivative contracts that track an underlying asset with no expiration date.

### Portfolio Margin

A margin mode where positions across multiple markets are margined together, allowing unrealized gains on one position to offset margin requirements on another. See [Hyperliquid Portfolio Margin](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin).

### Position

An open trade. A long position profits from price increases; a short position profits from price decreases.

## S

### Short

A position that profits when the price decreases.

### Slippage

The difference between expected trade price and actual execution price.

### Spread

The difference between the best bid and best ask prices.

## T

### Taker

A trader who removes liquidity by placing orders that execute immediately against resting orders.

### Tick Size

The minimum price increment for orders in a market.

### TOTAL2

A market cap index tracking total crypto market cap excluding BTC.

### TREAD

The utility token of Tread.fi, an algorithmic crypto trading platform. The TREAD perpetual tracks the coin's aggregated USD spot price rather than an index value.

## U

### Unrealized PnL

Profit or loss on open positions that hasn't been locked in by closing the position.


# Terms of Use

*Last updated on January 29, 2026*

OUR SERVICES ARE NOT OFFERED TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN THE UNITED STATES OR ANY RESTRICTED TERRITORY (AS DEFINED BELOW) (ANY SUCH PERSON OR ENTITY FROM A RESTRICTED TERRITORY BEING A “**RESTRICTED PERSON**”). USE OF A VIRTUAL PRIVATE NETWORK (“**VPN**”) TO CIRCUMVENT THESE RESTRICTIONS IS PROHIBITED.

These terms of use, together with any additional agreements, documents and terms incorporated by reference, which includes any other terms and conditions or other agreement that **Inactionable Inc.** (“**Paragon**”, “**we**”, “**us**” and “**our**”) posts publicly or makes available to you or the person or entity you represent (“**you**” or “**your**”) (collectively, these “**Terms**”), are entered into between Paragon and you concerning your use of, and access to, our (a) websites, including \[**paragon.trade**]; (b) web applications; mobile applications and (c) all associated sites linked thereto by Paragon or its affiliates (collectively with any materials and services available therein, and successor website(s) or application(s) thereto, the “**Site**”).

As part of the Site, we provide a user interface (the “**Platform**”) to access Paragon Protocol, a decentralized blockchain protocol (the “**Protocol**”) that transforms market indices into tradable instruments in the form of blockchain-based assets (“**Digital Assets**”) on Hyperliquid, a decentralized, permissionless, and community-driven blockchain (“**Hyperliquid**”). These Terms expressly cover your rights and obligations, and our disclaimers and limitations of legal liability, relating to your use of, and access to, the Site, the Platform, the Protocol and all related tools, applications, data, software and other services provided by us (collectively, the “**Services**”). By accessing or using the Site or the Services, you accept and agree to be bound by and to comply with these Terms. If you do not agree to these Terms, then you must not access or use the Site or the Services.

By accessing or using the Site or the Services, you agree that Paragon does not provide execution, settlement, or clearing services of any kind and is not responsible for the execution, settlement, or clearing of transactions automated through the Services.

## Use of the Services

1. **Eligibility.** As a condition to accessing or using the Services or the Site, you represent and warrant that:
   1. if you are an individual, you are of legal age in the jurisdiction in which you reside and you have the legal capacity to enter into these Terms and be bound by them;
   2. if you are an entity, then you have the legal authority to accept these Terms;
   3. you are not a resident, national, or agent of, located in, incorporated or otherwise formed in, or have a registered office in, the United States;
   4. you are not a resident, national, or agent of, located in, incorporated or otherwise formed in, or have a registered office in, Antigua and Barbuda, Algeria, Bangladesh, Bolivia, Belarus, Burundi, Burma (Myanmar), Cote D'Ivoire (Ivory Coast), the regions of Crimea, Donetsk or Luhansk, Cuba, Democratic Republic of Congo, Ecuador, Iran, Iraq, Liberia, Libya, Magnitsky, Mali, Morocco, Nepal, North Korea, Somalia, Sudan, Syria, Venezuela, Yemen, Zimbabwe or any other country to which the United States, the United Kingdom or the European Union embargoes goods or imposes similar sanctions (collectively, “**Restricted Territories**”);
   5. you are not a member of any sanctions list or equivalent maintained by the United States government, the United Kingdom government, the European Union or the United Nations (a “**Sanctioned Person**”);
   6. you do not transact with or intend to transact with any Restricted Person or Sanctioned Person;
   7. you do not, and will not, use VPN software or any other privacy or anonymization tools or techniques to circumvent, or attempt to circumvent, any restrictions that apply to the Services; and
   8. your access to the Services (A) is not prohibited by and does not otherwise violate or assists you to violate any (1) laws, constitutions, treaties, statutes, codes, ordinances, principles of common and civil law and equity, orders, decrees, rules, regulations and municipal by-laws, whether domestic, foreign or international; (2) judicial, arbitral, administrative, ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any (a) multinational or supranational body or organization, nation, government, state, province, country, territory, municipality, quasi-government, administrative, judicial or regulatory authority, agency, board, body, bureau, commission, instrumentality, court or tribunal or any political subdivision thereof, or any central bank (or similar monetary or regulatory authority) thereof, any taxing authority, any ministry or department or agency of any of the foregoing; (b) self-regulatory organization or stock exchange; (c) entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government; or (d) any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of such entities or other bodies pursuant to the foregoing (each, a “**Governmental Authority**”); or (3) policies, practices and guidelines of, or contracts with, any Governmental Authority, which, although not actually having the force of law, are considered by such Governmental Authority as requiring compliance as if having the force of law, as the same may be amended from time to time and any successor thereto and in each case binding on, affecting or having jurisdiction over Paragon, you, the Site or the Services (collectively, “**Applicable Laws**”); and (B) does not contribute to or facilitates any illegal activity.
2. **Acknowledgements.** As a condition to accessing or using the Services or the Site, you acknowledge and agree that:
   1. from time to time the Site and the Services may be inaccessible or inoperable for any reason, including without limitation: (A) equipment malfunctions; (B) periodic maintenance procedures or repairs that we or any of its suppliers or contractors may undertake from time to time; (C) causes beyond our control or that we could not reasonably foresee; (D) disruptions and temporary or permanent unavailability of underlying software, including without limitation blockchain infrastructure; or (E) unavailability of third-party service providers or external partners for any reason;
   2. we reserve the right to suspend, restrict or modify access to the Site and the Services at any time in the event of any breach of these Terms, including, without limitation, if we reasonably believe any of your representations and warranties may be untrue or inaccurate, and we will not be liable to you, and you will hold us harmless from, any losses or damages you may suffer as a result of or in connection with the Site or the Services being inaccessible to you at any time or for any reason;
   3. we may change, replace, or discontinue (temporarily or permanently) some or all of the Services at any time in our sole discretion;
   4. the pricing information provided on the Site does not represent an offer, a solicitation of an offer, or any advice regarding, or recommendation to enter into, a transaction with Paragon;
   5. Paragon does not act as an agent for you or any other user of the Site or the Services;
   6. you are solely responsible for your use of the Services, including all your transfers of Digital Assets;
   7. to the fullest extent not prohibited by Applicable Laws, we owe no fiduciary duties or liabilities to you or any other party, and that to the extent any such duties or liabilities may exist under Applicable Laws, you hereby irrevocably disclaim and waive all such duties and liabilities and hold us harmless from any of the foregoing;
   8. you are solely responsible for reporting and paying any taxes applicable to your use of the Services;
   9. we have no control over, or liability for, the delivery, quality, safety, legality, or any other aspect of any Digital Assets that you may transfer to or from a third party and we are not responsible for ensuring that an entity with whom you transact with completes the transaction or is authorized to do so; and
   10. you bear the entire risk with any transactions in Digital Assets and in using the Services.
3. **User Responsibilities.** As a condition to accessing or using the Services or the Site, you covenant to Paragon the following:
   1. you (A) must provide all equipment, connectivity, and software necessary to connect to the Services and (B) are solely responsible for any costs and expenses, including Internet connection or mobile fees, which you incur when accessing the Services;
   2. in connection with using the Services, you will only transfer legally-obtained Digital Assets;
   3. you will comply with all Applicable Laws and obtain and maintain all applicable registrations or licenses under Applicable Laws in connection with using the Services, and you will not use the Site or the Services if the laws of your country, or any other Applicable Laws, prohibit you from doing so;
   4. any Digital Assets you use in connection with the Services are either (A) owned by you or (B) you are validly authorized to carry out actions using such Digital Assets; and
   5. in addition to complying with all restrictions, prohibitions, and other provisions of these Terms, you will (A) ensure that, at all times, all information that you provide on the Site and during your use of the Services is current, complete, and accurate and (B) maintain the security and confidentiality of your private keys associated with your Wallet (as defined below), passwords, API keys and other related credentials.
4. **Digital Wallet; Non-Custodial Services.**
   1. In order to use certain features of the Site and Services, you may be required to connect your digital asset wallet(s) or address(es) (collectively, “**Wallet**”) to the Platform.  You acknowledge that we are not responsible for transferring, safeguarding, or maintaining your private keys or any assets associated with your Wallet.  If you lose, mishandle or have stolen your Wallet private keys, you acknowledge that you may not be able to recover associated assets and that we are not responsible for such loss.
   2. You acknowledge that you may disconnect your Wallet from the Platform at any time.
   3. You agree to notify us immediately if you suspect your linked Wallet has been compromised or otherwise suspect any security issues related to your use of the Services.
   4. You agree that you will not use the Services to transact with any Digital Assets that may be considered a security under Applicable Laws.
   5. You acknowledge and agree that we may restrict, suspend or close your Wallet and access to the Platform for any reason or no reason, including if we reasonably believe that you have breached any of the terms of this Agreement.
   6. Digital Assets that you acquire or use in relation to the Services may be held in one or more Wallets of yours. We do not operate, maintain, control or have custody over any contents of your Wallet. We accept no responsibility for, or liability to, you in connection with your Wallet and make no representations or warranties regarding how the Platform or the Services will operate with any specific Wallet. Any issues relating to your Wallet should be addressed to your Wallet provider.
   7. You acknowledge that we are not responsible for, and you agree to indemnify us for, any loss or damage arising from your failure to comply with the requirements hereunder.

## No Professional Advice or Fiduciary Duties

All information provided in connection with your access and use of the Site and the Services is for informational purposes only and should not be construed as professional advice. You should not take, or refrain from taking, any action based on any information contained on the Site or any other information that we make available at any time, including, without limitation, blog posts, articles, links to third-party content, Discord content, Telegram content, X (formerly Twitter) content, news feeds, tutorials, tweets, and videos. Before you make any financial, legal, or other decisions involving the Services, you should seek independent professional advice from an individual who is licensed and qualified in the area for which such advice would be appropriate. The Terms are not intended to, and do not, create or impose any fiduciary duties on us. You further agree that the only duties and obligations that we owe you are those set out expressly in these Terms.

## Fees and Price Estimates

In connection with your use of the Services you are required to pay all fees necessary for interacting with the applicable blockchain, including “gas” costs, as well as all other fees reflected on the Site or the Platform at the time of your use of the Services. Although we attempt to provide accurate fee information, this information reflects an estimate of fees, which may vary from the actual fees paid to use the Services and interact with the applicable blockchain.

## Programs

1. Paragon may, from time to time, in its sole discretion, make certain programs, special offers, challenges, bonuses or other promotions available to participants (each a “**Program**”). The terms and conditions applicable to any such Program will be determined by Paragon in its sole discretion and may be communicated to participants in conjunction with any such Program.
2. Because any terms and conditions associated with such Programs may differ from or supplement these Terms, you should read any such additional terms and conditions carefully before participating in any Program. In the event of a conflict between any Program terms and these Terms, such Program terms shall govern solely for any associated Program.
3. Paragon reserves the right to modify, suspend, or discontinue any Program at any time without notice or liability to participants in such Program. Participation in any Program is entirely voluntary, and the Company makes no guarantee as to the availability, rewards, or functionality of any Program.
4. You acknowledge and agree that any benefits earned under a Program: (i) have no cash value unless explicitly stated otherwise; (ii) may be subject to additional conditions for redemption; (iii) are not guaranteed and may be canceled or forfeited at Paragon’s sole discretion; and (iv) are subject to applicable laws and regulations, which may restrict or prohibit participation in certain jurisdictions. Paragon reserves the right to modify or cancel any benefits if compliance with applicable laws requires such actions, and, at its sole discretion, to evaluate compliance retroactively and take such remedial actions as it deems necessary.

## Prohibited Activities

By using the Site or the Services, you confirm that you will not use the Site or the Services to do any of the following (collectively, “**Prohibited Uses**”):

1. violate any Applicable Laws including, without limitation, any applicable anti-money laundering and anti-terrorist financing laws and sanctions programs;
2. engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under Applicable Laws, including but not limited to (i) sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without the appropriate authorization from the rights holder (ii) use of Paragon’s intellectual property, name, or logo, including use of Paragon’s trademarks or service marks, without express consent from Paragon or in a manner that otherwise harms Paragon and (iii) any action that implies an untrue endorsement by or affiliation with Paragon;
3. use the Site and/or the Services in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying the Site and/or the Services, or that could damage, disable, overburden, or impair the functioning of the Site or the Services in any manner;
4. circumvent any content-filtering techniques, security measures or access controls that Paragon employs on the Site, including without limitation using a VPN;
5. use any robot, spider, crawler, scraper, or other automated means or interface not provided by us to access the Site or the Services or to extract data, or introduce any malware, virus, Trojan horse, worm, logic bomb, drop-dead device, backdoor, shutdown mechanism or other harmful material into the Site or the Services;
6. provide false, inaccurate, or misleading information while using the Site or the Services or engage in activity that operates to defraud Paragon, other users of the Services, or any other person;
7. engage in improper or abusive trading practices, including (i) any fraudulent act or scheme to defraud, deceive, trick or mislead; (ii) trading ahead of another user of the Services or front-running; (iii) fraudulent trading; (iv) accommodation trading; (v) fictitious transactions; (vi) pre-arranged or non-competitive transactions; (vii) violations of bids or offers; (viii) cornering, or attempted cornering, of any Digital Assets; (ix) wash trading (i.e. entering buy and sell orders at the same or similar prices, volumes, and times for the purpose of generating trading volume); (x) spoofing (i.e. entering buy or sell orders without a bona fide intent to execute such orders and with the intent to cancel such orders before execution); (xi) manipulation (i.e. trading for the purpose of affecting the prices of Digital Assets and generating artificial prices); (xii) knowingly making any bid or offer for the purpose of making a market price that does not reflect the true state of the market; (xiii) entering orders for the purpose of entering into transactions without a net change in either party’s open positions but a resulting profit to one party and a loss to the other party, commonly known as a “money pass”; (xiv) exploit vulnerabilities in the leverage or liquidation mechanisms of the Protocol or Hyperliquid, including, but not limited to, coordinated efforts to distort market pricing, manipulate protocol weaknesses, or create artificial disruptions; or (xv) any other trading activity that, we have, in our sole discretion, determined to be abusive, improper or disruptive to the operation of the Services.
8. use or access the Site or Services to transmit, stake, wrap, exchange or otherwise interact with Digital Assets that are the direct or indirect proceeds of any criminal or fraudulent activity, including without limitation terrorism or tax evasion;
9. use the Site or the Services in any way that is, in our sole discretion, libelous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, suggestive, harassing, stalking, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive, or otherwise objectionable or likely or intended to incite, threaten, facilitate, promote, or encourage hate, racial intolerance, or violent acts against others;
10. use the Site or the Services from a jurisdiction that we have, in our sole discretion, determined is a jurisdiction where the use of the Site or the Services is prohibited;
11. harass, abuse, or harm another person or entity, including Paragon’s employees, consultants and service providers;
12. impersonate another user of the Site or the Services or otherwise misrepresent yourself;
13. use the Site or the Platform for any purposes other than using the Services; or
14. encourage, induce or assist any third party to engage in any of the activities prohibited under this Section 3 or any other provision of these Terms. The foregoing activities are representative, but not exhaustive, of Prohibited Uses. If you are uncertain as to whether or not your use of the Site or the Services involves a Prohibited Use or have other questions about how these requirements apply to you, then please contact us at <help@paragon.trade>.

## Your Content

You hereby grant to us a royalty-free, fully paid-up, sublicensable, transferable, perpetual, irrevocable, non-exclusive, worldwide license to use, copy, modify, create derivative works of, display, perform, publish and distribute, in any form, medium, or manner, any content that is available to other users as a result of your use of the Site or the Services (collectively, “**Your Content**”), including, without limitation, for promoting Paragon, its affiliates, the Services or the Site. You represent and warrant that (a) you own Your Content or have the right to grant the rights and licenses in these Terms and (b) Your Content and our use of Your Content, as licensed herein, does not and will not violate, misappropriate or infringe on any third party’s rights.

## Proprietary Rights

1. You acknowledge that the Site or the Services may use, incorporate or link to certain open-source components and that your use of the Site or Services is subject to, and you will comply with, any applicable open-source licenses that govern any such open-source components (collectively, “**Open-Source Licenses**”). Without limiting the generality of the foregoing, you may not (i) resell, lease, lend, share, distribute, or otherwise permit any third party to use the Site or the Services; (ii) use the Site or the Services for time-sharing or service bureau purposes; or (iii) otherwise use the Site or the Services in a manner that violates any Open-Source Licenses.
2. Excluding the open-source software described in Section 5(a), Your Content or third-party software that the Site or the Services incorporates you acknowledge and agree that Paragon owns the Site and the Services, including all technology, content, software, images, text, graphics, illustrations, logos, patents, trademarks, service marks, copyrights, photographs, audio, videos and music and all intellectual property rights related thereto and other materials used, displayed, or provided on the Site or in connection with the Services but excluding Your Content (the “**Company Content**”) including all intellectual property rights subsisting therein. Paragon hereby grants you a limited, revocable, transferable, license to access and use those portions of the Site and the Services that are proprietary to Paragon solely in accordance with these Terms. Except as explicitly provided herein, nothing in these Terms shall be deemed to create a license in or under any Company Content or intellectual property rights, and you agree not to sell, license, rent, modify, distribute, copy, reproduce, transmit, publicly display, publicly perform, publish, adapt, edit or create derivative works from any Company Content. Use of the Company Content for any purpose not expressly permitted by these Terms is strictly prohibited. Company Content is made available solely for your personal, non-commercial use and may not be copied, reproduced, published, republished, modified, mirrored, uploaded, posted, transmitted, displayed, encoded, translated or distributed in any form or in way, including by e-mail or other electronic means, or stored in any retrieval system of any nature in any way, without the express prior written consent of us or such third party that may own such Company Content in each instance. You agree to abide by all copyright and other proprietary notices, information and restrictions contained in the Company Content and any other material accessed through the Site.
3. Any of Paragon’s product or service names, logos, and other marks used on the Site or as a part of the Services, including Paragon's name and logo are trademarks owned by Paragon, its affiliates, or its applicable licensors (collectively, the “**Paragon Trademarks**”). You may not copy, imitate, or use them without the prior written consent of Paragon or the applicable licensors, and notwithstanding to the contrary these Terms do not grant you any rights in the Paragon Trademarks. You may not remove, obscure, or alter any legal notices displayed in or along with the Services.
4. You may choose to, or we may invite you to submit comments, feedback, or ideas about the Site and the Services, including without limitation about how to improve the Site or our Services (“**Feedback**”). By submitting any Feedback, you agree that (i) your disclosure is non-confidential, gratuitous, unsolicited and without restriction and will not place us under any fiduciary or other obligation, (ii) you grant to us a perpetual, worldwide, royalty-free, irrevocable, transferable, sublicensable, non-exclusive and fully paid-up right to copy, use, reproduce, modify, adapt, publish, create derivative works from, translate, transmit, display, distribute, market, promote, sell or offer for sale, rent or lease such information or materials or any portions thereof (including any ideas for new products or Services or modifications to existing products or Services) and/or products or Services which practice or embody, or are configured for use in practicing, such information or materials or any portion thereof, in any form or medium known or later developed, in furtherance of these Terms and the actions and transactions contemplated hereby, including the right to bring an action for infringement of these rights, (iii)  we are free to use the Feedback without any additional compensation to you, and/or to disclose the Feedback on a non-confidential basis or otherwise to anyone and (iv) you will have no claim against for any actual or alleged infringement of any proprietary rights, rights of privacy or publicity, moral rights or rights of attribution in connection with our use of any Feedback you provide. You further acknowledge that, by acceptance of your submission, we do not waive any rights to use similar or related comments, feedback and ideas previously known to us, or developed by our employees, or obtained from sources other than you.
5. You acknowledge and understand that the Services are non-custodial and we do not have any control over your use of the Services. You understand that by using the Service you are interacting directly with the smart contracts on the Protocol and we do not facilitate or execute any transactions on your behalf. When you deposit Digital Assets into any Paragon-developed smart contract, you retain control over those Digital Assets at all times. The private key associated with the Wallet from which you transfer Digital Assets is the only private key that can control the Digital Assets you transfer into Paragon-developed smart contracts. In some cases, you may withdraw Digital Assets from any Paragon-developed smart contract only to the digital address from which you deposited the Digital Assets.

## Artificial Intelligence and Similar Technologies

We may, from time to time, use automated analysis, artificial intelligence, machine learning and related technologies to improve, create or maintain our Services, features, functionalities, information, data and/or Company Content (collectively, “**AI Services**”) provided to you as part of or in connection with our Services. If you choose to use such AI Services, you acknowledge and agree that: (a) you are interacting with a non-human algorithm, even if such AI Services claim or appear to understand natural language queries and/or simulate realistic interactions; (b) not all requests or queries made by you will be accepted by or compatible with the AI Services and the AI Services may produce outputs that are inaccurate, inappropriate, not fit for use or which lack context; (c) you accept the sole risk of any misunderstandings, inaccuracies, and/or lack of context in the responses generated by your use of any AI Services; (d) we may, at times, process your requests more slowly, suspend or restrict access to the AI Services, without providing any reason for doing so; and (e) the AI Services may integrate, interact or interoperate with third party services and/or be fully or partially provided by third parties. You acknowledge and agree that we shall not be liable to you or any third party for your use of the AI Services.

## Third Party Links

The Site or the Services may provide, or third parties may provide, links to other external sites, applications or resources. You acknowledge and agree that we are not responsible for the availability of such external sites, applications or resources, does not endorse and is not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources. You further acknowledge and agree that we shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods, or services available on or through any such site or resource.

## Modification, Suspension and Termination

1. Our determination regarding the eligibility of any user to access or participate in features of Services, as well as any questions or disputes arising from a user's use of the Services or any applicable rules or restrictions, shall be final and binding and not subject to challenge or appeal.
2. We may, at our sole discretion, from time to time and with or without prior notice to you, modify, suspend or disable (temporarily or permanently) the Site or the Services, in whole or in part, for any reason whatsoever. Upon termination of your access, your right to use the Services will immediately cease. We will not be liable for, and you agree to indemnify us for, any losses suffered by you resulting from any modification to any Services or from any modification, suspension, or termination, for any reason, of your access to all or any portion of the Site or the Services.

## Risks

1. By using the Services or interacting with the Site in any way, you represent and warrant that you understand the inherent risks associated with cryptographic systems and blockchain-based networks; Digital Assets, including the usage and intricacies of native Digital Assets, smart contract-based tokens, and systems that interact with blockchain-based networks. Paragon does not own or control any of the underlying software through which blockchain networks are formed. In general, the software underlying blockchain networks is open source, such that anyone can use, copy, modify, and distribute it. By using the Services, you acknowledge and agree that (i) Paragon is not responsible for the operation of the software and networks underlying the Services, (ii) there exists no guarantee of the functionality, security, or availability of such software and such networks, and (iii) the underlying networks are subject to sudden changes in operating rules, such as those commonly referred to as “forks,” which may materially affect the Services.
2. By using the Services, you acknowledge and accept full responsibility for all of the risks involved in accessing and using the Platform or interacting with Paragon and/or Hyperliquid, including, without limitation: (i) failures or inaccuracies in cross-chain bridges, oracles, or liquidity pools; (ii) code vulnerabilities, including potential hacks or exploits; (iii) significant slippage or other market risks arising from perpetual futures trading; (iv) the risks of trading with leverage, which may lead to immediate and significant losses, including the liquidation of your positions; and (v) potential regulatory or legal issues affecting blockchain transactions or their enforceability.
3. You acknowledge and agree that (i) blockchain networks use public/private key cryptography, (ii) you alone are responsible for securing your private keys, (iii) we do not have access to your private keys, (iv) losing control of your private keys will permanently and irreversibly deny you access to your Digital Assets, (v) neither Paragon nor any other person or entity will be able to retrieve or protect your Digital Assets and (vi) if your private keys are lost, then you will not be able to transfer your Digital Assets to any other blockchain address or wallet and if this occurs, then you will not be able to realize any value or utility from the Digital Assets that you may hold.
4. The Services and your Digital Assets could be impacted by one or more regulatory inquiries or regulatory actions, which could impede or limit the ability of Paragon to continue to make available its proprietary software including the Platform and, thus, could impede or limit your ability to access or use the Services.
5. You acknowledge and understand that cryptography is a progressing field with advances in code cracking or other technical advancements, such as the development of quantum computers, which may present risks to Digital Assets and the Services, and could result in the theft or loss of your Digital Assets. To the extent possible, we intend to use commercially reasonable efforts to update or cause to be updated Paragon-developed smart contracts related to the Services to account for any advances in cryptography and to incorporate additional security measures necessary to address risks presented from technological advancements, but you agree that such intention does not guarantee or otherwise ensure full security of the Services.
6. You acknowledge that the Services are subject to flaws and that you are solely responsible for evaluating any code provided by the Services or Site. This warning and others we provide in these Terms in no way evidence or represent an ongoing duty to alert you to all of the potential risks of utilizing the Services or accessing the Site.
7. Although we intend to provide accurate and timely information on the Site and during your use of the Services, the Site and other information available when using the Services may not always be entirely accurate, complete, or current and may also include technical inaccuracies or typographical errors. To continue to provide you with as complete and accurate information as possible, information may be changed or updated from time to time without notice, including, without limitation, information regarding our policies. Accordingly, you should verify all information before relying on it, and all decisions based on information contained on the Site or as part of the Services are your sole responsibility. No representation is made as to the accuracy, completeness, or appropriateness for any particular purpose of any information distributed via the Site or otherwise when using the Services. Prices and pricing information may be higher or lower than prices available on platforms providing similar services.
8. Any use or interaction with the Services requires a comprehensive understanding of applied cryptography and computer science to appreciate the inherent risks, including those listed above. You represent and warrant that you possess relevant knowledge and skills to appreciate and understand such risks. Any reference to a type of Digital Asset on the Site or otherwise during the use of the Services does not indicate our approval or disapproval of the technology on which the Digital Asset relies and should not be used as a substitute for your understanding of the risks specific to each type of Digital Asset.
9. Use of the Services may carry financial risk. Digital Assets are, by their nature, highly experimental, risky, and volatile. Transactions entered in connection with the Services are irreversible, final and there are no refunds. You acknowledge and agree that you will access and use the Site and the Services at your own risk. The risk of loss in trading, staking, locking or otherwise interacting with Digital Assets can be substantial. You should, therefore, carefully consider whether such activities are suitable for you in light of your circumstances and financial resources. By using the Services, you represent and warrant that you have been, are, and will be solely responsible for making your independent appraisal and investigations into the risks of a given transaction and the underlying Digital Assets. You represent that you have sufficient knowledge, market sophistication, professional advice, and experience to make your evaluation of the merits and risks of any transaction conducted in connection with the Services or any Digital Asset. You accept all consequences of using the Services, including the risk that you may lose access to your Digital Assets indefinitely. All transaction decisions are made solely by you. Notwithstanding anything in these Terms, we accept no responsibility whatsoever for, and will in no circumstances be liable to you in connection with, your use of the Services.
10. You and we agree to comply with all Applicable Laws and acknowledge that such compliance may require us to, upon request by government agencies, take certain actions or provide information, including without limitation information about you, which may not be in your best interests.
11. You are responsible for all trades and transfers you place, including any erroneous orders that may be filled. We do not take any action to resolve erroneous trades or transfers that result from your errors.
12. Any Services you interact with are entirely your own responsibility and liability, and we are not a party to the Protocol.
13. At any time, your access to your Digital Assets may be suspended or terminated or there may be a delay in your access or use of your Digital Assets which may result in the Digital Assets diminishing in value.
14. The Services may be suspended or terminated for any reason or no reason, which may limit your access to your Digital Assets.
15. You hereby assume and agree that Paragon will have no responsibility or liability for the risks set forth in this Section 8. You hereby irrevocably waive, release and discharge all claims, whether known or unknown to you, against Paragon, its affiliates, and each of their respective shareholders, members, directors, officers, managers, employees, lawyers, accountants, advisors, agents, representatives, suppliers and contractors related to any of the risks set forth in this Section 8.

## Indemnification

You agree you will defend, indemnify, and hold harmless Paragon, its affiliates, and each of their respective shareholders, members, directors, officers, managers, employees, lawyers, agents, accountants, advisors, representatives, suppliers, and contractors (collectively, “**Indemnified Parties**”) from any claim, demand, lawsuit, action, proceeding, investigation, liability, damage, loss, cost or expense, including without limitation legal fees and expenses, arising out of or relating to: (a) your use of, access to or conduct in connection with, the Site, the Platform, Company Content, the Services or Digital Assets; (b) Digital Assets associated with your Wallets; (c) any Feedback, Your Content or user content you provide to Paragon including without limitation misleading, false, or inaccurate information; (d) your violation of these Terms; (e) your infringement or misappropriation of the rights of any other person or entity; (f) your wilful misconduct; (g) your violation of any Applicable Laws; or (h) any other party’s access and use of the Site, the Platform, Company Content or the Services with your Wallet, unique username, password or other appropriate security code. If you are obligated to indemnify any Indemnified Party, we (or, at its discretion, the applicable Indemnified Party) will have the right, in our sole discretion, to control any action or proceeding and to determine whether we wish to settle, and if so, on what terms, and you agree to corporate with us in connection with the foregoing.

## Disclaimers

1. We are a developer of open-source software. Paragon does not operate a Digital Asset exchange platform or offer trade execution or clearing services and, therefore, has no oversight, involvement, or control concerning your transactions using the Services. All transactions between users of Paragon-developed open-source software are executed peer-to-peer directly between the users’ digital addresses through a smart contract. You are responsible for complying with all Applicable Laws.
2. You understand that Paragon is not registered or licensed by the U.S. Commodity Futures Trading Commission, the U.S. Securities and Exchange Commission or any other financial regulatory authority. No financial regulatory authority has reviewed or approved the use of the Paragon-developed open-source software. The Site and the Paragon-developed open-source software do not constitute advice or a recommendation concerning any commodity, security, or other Digital Asset or instrument. Paragon is not acting as an investment adviser or commodity trading adviser to any person or entity.
3. Paragon does not own or control the underlying software protocols that are used in connection with the Services. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them. Paragon is not responsible for the operation of the underlying protocols, and Paragon makes no guarantee of their functionality, security, or availability.
4. TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAWS, YOU UNDERSTAND AND AGREE THAT THE SITE, THE PLATFORM AND THE SERVICES (AND ANY OF THEIR CONTENT OR FUNCTIONALITY) PROVIDED BY OR ON BEHALF OF US ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, AND WE EXPRESSLY DISCLAIM, AND YOU HEREBY WAIVE, ANY REPRESENTATIONS, CONDITIONS OR WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, LEGAL, STATUTORY OR OTHERWISE, OR ARISING FROM STATUTE, OTHERWISE IN LAW, COURSE OF DEALING, OR USAGE OF TRADE, INCLUDING, WITHOUT LIMITATION, IMPLIED OR LEGAL WARRANTIES AND CONDITIONS OF MERCHANTABILITY, MERCHANTABLE QUALITY, QUALITY OR FITNESS FOR A PARTICULAR PURPOSE, TITLE, SECURITY, AVAILABILITY, RELIABILITY, ACCURACY, QUIET ENJOYMENT AND NON-INFRINGEMENT OF THIRD PARTY RIGHTS. WITHOUT LIMITING THE FOREGOING, WE DO NOT REPRESENT OR WARRANT THAT THE SITE, THE PLATFORM OR THE SERVICES (INCLUDING ANY DATA RELATING THERETO) WILL BE UNINTERRUPTED, AVAILABLE AT ANY PARTICULAR TIME, OR ERROR-FREE. FURTHER, WE DO NOT WARRANT THAT ERRORS IN THE SITE OR THE SERVICE ARE CORRECTABLE OR WILL BE CORRECTABLE.
5. You acknowledge that your data on the Site or the Services may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, and agree that, to the maximum extent permitted under Applicable Laws, we will not be liable for any loss or damage caused by denial-of-service attacks, software failures, viruses or other technologically harmful materials (including those which may infect your computer equipment), protocol changes by third-party providers, Internet outages, force majeure events or other disasters, scheduled or unscheduled maintenance, or other causes either within or outside our control.
6. The disclaimer of implied warranties contained herein may not apply if and to the extent such warranties cannot be excluded or limited under the Applicable Law of the jurisdiction in which you reside.

## Release of Claims and Limitation of Liability

1. You acknowledge and agree that in no event shall the Indemnified Parties be liable for any direct, indirect, incidental, special, punitive, consequential, exemplary or similar damages or liabilities whatsoever (including, without limitation, damages for loss of fiat, assets, data, information, revenue, opportunities, use, goodwill, profits or other business or financial benefit) arising out of or in connection with the Site, the Platform, Company Content or the Services and any of their content and functionality, any execution or settlement of a transaction, any performance or non-performance of the Site, the Services, the Platform, your Digital Assets or any other product, service or other item provided by or on behalf of Paragon, whether under contract, tort (including negligence), civil liability, statute, strict liability, breach of warranties, or under any other theory of liability, and whether or not the Indemnified Parties have been advised of, knew of or should have known of the possibility of such damages and notwithstanding any failure of the essential purpose of these Terms or any limited remedy hereunder. In addition, you acknowledge and agree that Paragon shall not be in any way responsible for the execution or settlement of transactions between users of Paragon-developed open-source software.
2. Under no circumstances will any Indemnified Party be responsible for any damage, loss or injury resulting from hacking, tampering or other unauthorized access or use of the Site, the Platform, the Services or the Company Content and other information contained therein. To the maximum extent permitted by Applicable Laws, we assume no liability or responsibility for any (i) errors, mistakes, or inaccuracies of content; (ii) personal injury or property damage, of any nature whatsoever, resulting from your access to or use of our Site, the Platform, Company Content or the Services; (iii) any unauthorized access to or use of our secure servers and/or any and all personal information stored therein; (iv) any interruption or cessation of transmission to or from the Site, the Platform or the Services; (v) any bugs, viruses, trojan horses, or the like that may be transmitted to or through our Site, the Platform, Company Content or the Services by any third party; (vi) any errors or omissions in any content or for any loss or damage incurred as a result of the use of any content posted, emailed, transmitted, or otherwise made available through the Site, the Platform or the Services; and/or (vii) Your Content or the defamatory, offensive, or illegal conduct of any third party
3. You agree that if, notwithstanding the other provisions of these Terms, an Indemnified Party is found to be liable for any claim, demand, lawsuit, action, proceeding, investigation, liability, damage, loss, cost or expense, such Indemnified Party’s liability shall in no event exceed USD$100.
4. This limitation of liability section applies whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis, even if we have been advised of the possibility of such damage. The foregoing limitation of liability shall apply to the fullest extent permitted by Applicable Laws.

## Force Majeure

We will have no responsibility or liability for any failure or delay in performance of the Site, the Platform or any of the Services, or any loss or damage that you may incur, due to any circumstance or event beyond our control, including any (a) flood, extraordinary weather conditions, earthquake, or other act of God, (b) fire, (c) war, (d) insurrection, (e) riot, (f) labour dispute, (g) accident, (h) epidemic or pandemic, (i) action of government, (j) new laws or regulations or change in existing laws or regulations or the interpretation or enforcement of any of the foregoing, (k) communications, (l) power failure, (m) equipment or software unavailability, disruption or malfunction, (n) hacking or other attack on the Site, the Platform or the Services, (o) the unavailability, disruption or malfunction of any network or blockchains or (p) the unavailability, disruption or malfunction of the Internet.

## Survival

The following sections of these Terms will survive any termination of your access to the Site or the Services, regardless of the reasons for its expiration or termination, in addition to any other provision which by law or by its nature should survive: Sections 4 through 18.

## Governing Law

The interpretation and enforcement of these Terms, and any dispute related to these Terms, the Site or the Services, will be governed by and construed and enforced under the laws of Panama without regard to conflict of law rules or principles (whether of Panama or any other jurisdiction) that would cause the application of the laws of any other jurisdiction. You agree that we may initiate a proceeding related to the enforcement or validity of our intellectual property rights in any court having jurisdiction. For any other proceeding that is not subject to arbitration under these Terms, the courts located in Panama will have exclusive jurisdiction. You waive any objection to venue in any such courts.

## Dispute Resolution and Arbitration

PLEASE READ THE FOLLOWING SECTION CAREFULLY BECAUSE IT REQUIRES YOU TO ARBITRATE CERTAIN DISPUTES AND CLAIMS WITH PARAGON AND LIMITS HOW YOU CAN SEEK RELIEF FROM PARAGON. ALSO, ARBITRATION PRECLUDES YOU FROM SUING IN COURT OR HAVING A JURY TRIAL.

1. You and we agree that any dispute arising out of or related to these Terms, the Site or the Services is personal to you and us and that any dispute will be resolved solely through individual action, and will not be brought as a class arbitration, class action, or any other type of representative proceeding.
2. Except for disputes in which you or we seek injunctive or other equitable relief for the alleged unlawful use of intellectual property, you and we waive all rights to a jury trial and to have any dispute arising out of or related to these Terms or the Services resolved in court. Instead, for any dispute or claim that you have against us or relating in any way to the Site or the Services, you agree to first contact us and attempt to resolve the claim informally by sending a written notice of your claim (“**Notice**”) to us by email at <help@paragon.trade>. The Notice must: (i) include your name, residence address, email address, and telephone number; (ii) describe the nature and basis of the claim; and (iii) set forth the specific relief sought. Our notice to you will be similar in form to that described above. If you and Paragon cannot reach an agreement to resolve the claim within thirty (30) days after such Notice is received, then either party may submit the dispute to binding arbitration administered by the Centro de Conciliación y Arbitraje de PanamáCentre (“**CeCAP**”) or, under the limited circumstances set forth above, in court. All disputes submitted to the CeCAP will be resolved through confidential, binding arbitration before one arbitrator (the “**Arbitrator**”). The place of arbitration shall be Panama unless the parties agree otherwise and shall be conducted under CeCAP’s Arbitration Regulation (the “**CeCAP Rules**”). The language to be used in the arbitral proceedings shall be English. The most recent version of the CeCAP Rules are available on the CeCAP website and are hereby incorporated by reference. You either acknowledge and agree that you have read and understand the CeCAP Rules or waive your opportunity to read the CeCAP Rules and waive any claim that the CeCAP Rules are unfair or should not apply for any reason.
3. The Arbitrator will have exclusive authority to make all procedural and substantive decisions regarding any dispute and to grant any remedy that would otherwise be available in court, including the power to determine the question of arbitrability. The Arbitrator may conduct only an individual arbitration and may not consolidate more than one individual’s claims, preside over any type of class or representative proceeding or preside over any proceeding involving more than one individual.
4. The Arbitrator, Paragon, and you will maintain the confidentiality of any arbitration proceedings, judgments and awards, including, but not limited to, all information gathered, prepared, and presented for purposes of the arbitration or related to the dispute(s) therein. The Arbitrator will have the authority to make appropriate rulings to safeguard confidentiality unless the law provides to the contrary. The duty of confidentiality does not apply to the extent that disclosure is necessary to prepare for or conduct the arbitration hearing on the merits, in connection with a court application for a preliminary remedy or in connection with a judicial challenge to an arbitration award or its enforcement, or to the extent that disclosure is otherwise required by law or judicial decision.
5. You and Paragon agree that for any arbitration you initiate, you will pay the filing fee and all other CeCAP fees and costs. For any arbitration initiated by Paragon, Paragon will pay all CeCAP fees and costs. You and Paragon agree that the courts of Panama have exclusive jurisdiction over the enforcement of an arbitration award.
6. Any claim arising out of or related to these Terms or the Services must be filed within one year after such claim arose; otherwise, the claim is permanently barred, which means that you and Paragon will not have the right to assert the claim.
7. If any portion of this Section 16 is found to be unenforceable or unlawful for any reason: (i) the unenforceable or unlawful provision shall be severed from these Terms; (ii) severance of the unenforceable or unlawful provision shall have no impact whatsoever on the remainder of this Section 16 or the parties’ ability to compel arbitration of any remaining claims on an individual basis under this Section 16; and (iii) to the extent that any claims must therefore proceed on a class, collective, consolidated, or representative basis, such claims must be litigated in a civil court of competent jurisdiction and not in arbitration, and the parties agree that litigation of those claims shall be stayed pending the outcome of any individual claims in arbitration. Further, if any part of this Section 16 is found to prohibit an individual claim seeking injunctive relief, then that provision will have no effect to the extent such relief is allowed to be sought out of arbitration, and the remainder of this Section 16 will be enforceable.

## Amendments

We reserve the right, at our sole discretion, to amend these Terms from time to time. If we make changes, we will provide you with notice of such changes, which may include providing notice through the Services or updating the date at the top of these Terms. Unless we state otherwise in our notice, all such modifications are effective immediately, and your continued use of the Site and the Services after we provide that notice will confirm your acceptance of the changes. If you do not agree to the amended Terms, then you must stop using the Site and the Services.

## General

1. You acknowledge and agree that our privacy policy, which is available at [Privacy Policy](/legal/privacy_policy), is incorporated herein by reference and forms part of these Terms.
2. You consent to receive all communications, agreements, documents, receipts, notices, and disclosures electronically (collectively, our “**Communications**”) that we provide in connection with these Terms, the Site or any Services. You agree that we may provide our Communications to you by posting them on the Site or by emailing them to you at the email address you provide in connection with using the Services, if any.
3. Any right or remedy of any Indemnified Party set forth in these Terms is in addition to, and not in lieu of, any other right or remedy whether described in these Terms or under Applicable Laws, whether at law or in equity. The failure or delay of such Indemnified Party in exercising any right, power, or privilege under these Terms shall not operate as a waiver thereof.
4. The invalidity or unenforceability of any provision of these Terms shall not affect the validity or enforceability of any other provision of these Terms, all of which shall remain in full force and effect.
5. You acknowledge and agree that we will have no responsibility or liability for any failure or delay in performance of the Site or any of the Services, or any loss or damage that you may incur, due to any circumstance or event beyond our control, including without limitation any flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications, power failure, or equipment or software malfunction.
6. You agree that you may not assign or transfer any right to use the Site or the Services, or any of your rights or obligations under these Terms, without our express prior written consent, including by operation of law or in connection with any change of control, which may be withheld at our sole discretion. We may assign or transfer any or all of our rights or obligations under these Terms, in whole or in part, without notice or obtaining your consent or approval.
7. Headings of sections are for convenience only and shall not be used to limit or construe such sections.
8. These Terms contain the entire agreement between you and Paragon and supersede all prior and contemporaneous understandings between the parties regarding the Site and the Services.
9. In the event of any conflict between these Terms and any other agreement you may have with us, these Terms will control unless the other agreement specifically identifies these Terms and declares that the other agreement supersedes these Terms.
10. You agree that, except as otherwise expressly provided in this Agreement, there shall be no third-party beneficiaries to the Agreement other than the Indemnified Parties.


# Legal & Disclaimers

Important legal information regarding Paragon protocol and services.

## Disclaimer

Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. The high degree of leverage available can work against you as well as for you. Before trading, you should carefully consider your investment objectives, level of experience, and risk appetite.

**There is no guarantee that any trading strategy or methodology will result in profits or avoid losses.**

## No Financial Advice

Nothing in Paragon's documentation, website, social media, or other communications constitutes financial, investment, legal, or tax advice. All content is provided for informational purposes only.

You should consult with qualified professionals before making any financial decisions. Paragon does not recommend any specific investments, trading strategies, or financial products.

## Risk Factors

Trading Paragon perpetuals involves risks including but not limited to:

* **Market Risk**: Underlying values can move rapidly and unpredictably
* **Leverage Risk**: Amplified losses from leveraged positions
* **Liquidation Risk**: Positions may be liquidated during adverse price movements
* **Smart Contract Risk**: Potential vulnerabilities in protocol code
* **Oracle Risk**: Price feed errors or manipulation
* **Regulatory Risk**: Changing legal and regulatory landscape
* **Counterparty Risk**: Dependence on Hyperliquid infrastructure

**You should only trade with funds you can afford to lose.**

## Jurisdictional Restrictions

Paragon services may not be available in all jurisdictions. It is your responsibility to ensure compliance with local laws and regulations.

Paragon services are NOT available to residents of:

* United States
* Sanctioned jurisdictions (OFAC list)
* Other restricted territories

This list may be updated without notice. VPN usage to circumvent geographic restrictions is prohibited.

## Intellectual Property

Paragon, the Paragon logo, and associated branding are trademarks of their respective owners. All rights reserved.

Documentation content is provided for informational purposes. Unauthorized reproduction or distribution is prohibited.

## No Warranty

Paragon services are provided "as is" and "as available" without warranty of any kind, express or implied.

Paragon does not warrant that:

* Services will be uninterrupted or error-free
* Defects will be corrected
* Services are free of viruses or harmful components
* Results will meet your requirements

## Limitation of Liability

To the maximum extent permitted by law, Paragon and its affiliates shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising from your use of the protocol.

## Changes

These terms may be updated at any time without notice. Continued use of Paragon services constitutes acceptance of any changes.

## Contact

For legal inquiries, contact the team via [Telegram](https://t.me/paragon_trade).

*Last updated: August 2026*


# Pre-Listing Risk Disclosure

## Status Flags and Scope

Certain Paragon equity perpetual markets may be designated with a **Pre-Listing** or **Listed** status flag.

A **Pre-Listing** flag indicates that the referenced company’s equity has not yet begun public trading on the qualifying venue or venues identified in the applicable market specifications. A Pre-Listing market is intended to provide derivative exposure to the expected value of a potential future publicly traded security.

A **Listed** flag generally indicates that public trading in the referenced company’s securities has commenced and that the market has transitioned to the post-listing pricing methodology described in the applicable market specifications.

These flags are informational product labels only. They do not constitute a legal classification of the market or the referenced security, confirmation that an offering satisfies any regulatory standard, or a representation that the referenced security will remain publicly traded. In particular, **Listed** does not mean that the Paragon market itself is listed on, cleared by, or approved by a securities or derivatives exchange or regulatory authority.

The status displayed for a market may change as new information becomes available.

## Nature of the Contract

A Pre-Listing equity perpetual is a cash-settled derivative contract providing synthetic price exposure. It is not an investment in the referenced company.

The contract does not convey an equity interest, a private-market or pre-listing security, an allocation in an offering, a right to acquire or receive shares, or any governance, economic, informational, or liquidation entitlement associated with securities of the referenced company, including voting, dividend, information, subscription, allocation, appraisal, redemption, or liquidation rights. It is not tokenized stock or a digital representation of stock, and it confers no interest in the property, business, revenues, or assets of the referenced company.

The value of a position is determined under the applicable market rules and pricing methodology. It is not determined by ownership of, custody over, or delivery of shares in the referenced company.

## Limitations of Pre-Listing Valuation

Before public trading begins, the referenced company may not have a continuously observable, liquid, or generally accepted market price. There may be no objective price at which shares can be purchased or sold, and information concerning private transactions may be incomplete, delayed, unverifiable, restricted, or based on transactions involving different rights and preferences.

Depending on the applicable market specifications, the price of a Pre-Listing market may reflect some combination of:

* Bids and offers submitted to the market;
* Executed trades and available order-book liquidity;
* Public disclosures concerning the referenced company;
* Private-market transactions or indications;
* Announced or estimated offering terms;
* Third-party data sources;
* Market expectations regarding a possible listing;
* The market’s oracle, mark-price, or index methodology; and
* Other information or adjustments specified for the market.

These inputs may be uncertain, inconsistent, stale, erroneous, incomplete, subject to revision, or unavailable. The resulting market price may reflect participant expectations and positioning rather than a directly observable value for any security.

That price may in turn diverge materially from any private-market benchmark, including a price attributed to a recent financing or a secondary transaction in private shares; from any offering benchmark, including an indicated valuation, a published price range, or the final offering price; from any public-trading benchmark, including the first public trade and subsequent opening, intraday, volume-weighted, or closing prices; and from valuations published by analysts or in the media.

Private financing and secondary-market prices may relate to securities with liquidation preferences, transfer restrictions, conversion rights, contractual protections, lockups, or other economic terms that are not available to public shareholders and are not reflected in the perpetual market.

Inactionable Inc. does not represent or warrant that the market price constitutes fair value, reflects the price of an available transaction, predicts the price of an IPO, or will converge to any particular public-market price.

## Information Concerning the Referenced Company

Unless Inactionable Inc. expressly states otherwise in writing, the referenced company and its shareholders, directors, officers, employees, underwriters, placement agents, brokers, stock exchanges, transfer agents, financial advisers, custodians, and other transaction participants:

* Do not sponsor, administer, approve, endorse, or promote the Paragon market;
* Have not reviewed or approved the market specifications;
* Are not responsible for the operation, pricing, liquidity, conversion, or settlement of the market;
* Have no obligation to provide information to market participants; and
* Have no liability for the creation or operation of the market.

The use of a company name, ticker, trademark, logo, or other identifier is intended solely to identify the reference for the market and does not, by itself, indicate a commercial relationship, license, affiliation, sponsorship, or endorsement.

Neither the establishment of a market nor the use of a Pre-Listing or Listed flag represents an endorsement by Inactionable Inc. of the referenced company, its management, its securities, or any proposed offering.

Information concerning a potential public offering may change rapidly and without prior notice. Among other matters, the expected timing, listing venue, offering size, share count, security class, capitalization, valuation, public float, lockup arrangements, underwriters, corporate structure, and use of proceeds may be changed or may not be publicly known.

The referenced company may issue additional securities, conduct a stock split or reverse stock split, reorganize its capital structure, complete acquisitions or dispositions, change its domicile, create a new holding company, or undertake other transactions affecting the anticipated economics of a listing.

## Transition to Public Trading

A Pre-Listing market may be designed to transition to Listed status after qualifying public trading begins. The conditions for that transition, including the relevant venue, security, observation period, data source, conversion ratio, and reference price, will be determined under the applicable market specifications.

An anticipated public-market event is not certain in its timing, form, or outcome. It may be delayed, repriced, materially restructured, suspended, withdrawn, or abandoned. It may occur on a different exchange or in a different jurisdiction than expected, or involve a security or share class other than the one anticipated. It may take the form of a direct listing, merger, business combination, spin-off, reorganization, depositary receipt, or similar arrangement rather than a conventional offering. It may also complete without producing a public reference market of sufficient reliability or liquidity.

The appearance of a Pre-Listing flag is not a representation that an IPO or other listing will occur. Similarly, any estimated listing date, valuation, price range, or transaction structure is subject to change and should not be relied upon as a promise or forecast by Inactionable Inc.

## Administrative and Exceptional-Event Measures

The market specifications may provide for conversion, adjustment, continued trading, suspension, closure, or settlement following a listing event or other specified circumstance.

Where permitted by the applicable market specifications, protocol rules, and terms of use, action may be taken if:

* No qualifying listing occurs before an applicable deadline;
* The proposed offering is cancelled or abandoned;
* The transaction occurs in an unanticipated form;
* The relevant security or listing venue cannot be identified reliably;
* An adequate public price is not available;
* A data source or oracle becomes unavailable or unreliable;
* Trading in the referenced security is halted or materially disrupted;
* A corporate action makes the existing contract parameters unsuitable;
* Continuing the market would create material operational, integrity, legal, or regulatory concerns; or
* Another extraordinary circumstance described in the market specifications occurs.

Such action may include modifying market parameters, changing a data source, applying an adjustment or conversion ratio, transitioning the market to another reference methodology, restricting new positions, reducing leverage or open-interest limits, suspending trading, closing positions, or settling the market.

Any conversion, adjustment, or settlement price may differ materially from the price at which a position was opened, the most recent traded or mark price, an announced offering price, a private-market valuation, or the subsequent trading price of the public security.

A status transition or settlement may result in an immediate change in unrealized profit or loss, margin requirements, liquidation exposure, or account equity. There is no assurance that a participant will have an opportunity to close or adjust a position before the relevant action becomes effective.

## Trading, Margin, and Execution Risks

Pre-Listing markets may have fewer participants, less trading activity, thinner order books, wider spreads, and lower open-interest limits than markets referencing established publicly traded instruments.

As a result:

* Orders may be filled only in part or not at all;
* A participant may be unable to enter, reduce, or exit a position at the desired price;
* Market and stop orders may execute substantially away from displayed or expected prices;
* Relatively small orders may produce significant price movements;
* Prices may gap without trading at intermediate levels; and
* The market may become one-sided or temporarily unavailable.

The availability of one or more liquidity providers does not guarantee continuous quotations, minimum depth, orderly trading, or the ability to exit a position. Liquidity providers may reduce or discontinue their activity, including during volatile or disrupted conditions.

Inactionable Inc. does not guarantee market liquidity, trading volume, order execution, price continuity, or the availability of any counterparty.

Pre-Listing markets may experience abrupt and extreme price movements in response to rumors, media reports, private transactions, regulatory filings, offering developments, listing delays, corporate announcements, changes in market sentiment, or other events.

Positions may be leveraged. Leverage increases exposure to price movements and can cause losses to accumulate more quickly than they would in an unleveraged position. A participant may lose all collateral allocated to a position and, depending on the applicable protocol and account mechanics, may experience other adverse account-level consequences.

Positions that fall below applicable margin requirements may be liquidated automatically and without prior notice. Liquidation orders may execute at unfavorable prices, particularly when liquidity is limited. Liquidations may also contribute to further market movements and additional liquidations.

A change from pre-listing pricing to public-market pricing may produce an abrupt movement in the mark price. Positions near their maintenance-margin requirements may be liquidated immediately following such a change.

Neither the placement of a stop order nor the use of other risk controls guarantees that a position will be closed at the trigger price, at the displayed price, or before liquidation.

## Regulatory Restrictions

The legal and regulatory treatment of equity-linked perpetual markets, blockchain-based derivatives, and pre-listing reference products is uncertain and may differ among jurisdictions.

A market may be unavailable to particular persons or in particular locations. Access may be restricted, suspended, or discontinued in response to legal, regulatory, sanctions, compliance, or operational considerations.

Laws, regulations, regulatory interpretations, enforcement priorities, or platform requirements may change. These changes could affect market availability, contract terms, permissible users, leverage, settlement, data sources, or the ability to maintain an open position.

Each participant is responsible for determining whether accessing or trading a market is lawful in the participant’s jurisdiction and for satisfying any applicable tax, reporting, licensing, registration, sanctions, or other obligations.

The availability of a market through a blockchain protocol or third-party interface does not mean that participation is lawful for every person or in every jurisdiction.

## Paragon Parties and No Guarantees

For purposes of these disclosures, **Paragon** means Inactionable Inc.

The **Paragon Parties** include Inactionable Inc. and its directors, officers, employees, contractors, consultants, agents, licensors, and service providers involved in supporting the applicable market.

To the maximum extent permitted under the applicable terms and applicable law, no Paragon Party represents, warrants, or guarantees:

* That a referenced company will complete a public offering or other listing;
* The timing, structure, venue, valuation, or pricing of any listing;
* The accuracy, completeness, or continued availability of information concerning the referenced company;
* That any market price constitutes fair value or reflects the value of an available transaction;
* That a market will transition to Listed status;
* That any conversion, adjustment, closure, or settlement will produce a particular economic result;
* Continuous liquidity, uninterrupted trading, or execution at any particular price;
* The accuracy, availability, security, or continued use of any oracle, index, data source, methodology, protocol, or interface; or
* The continued availability of the market.

Nothing in these disclosures excludes or limits any responsibility that cannot lawfully be excluded or limited.

## No Advice and Governing Terms

Market descriptions, status flags, specifications, prices, data, research, announcements, and other materials are provided for informational and product-operation purposes. They do not constitute investment, legal, tax, accounting, or other professional advice.

Inactionable Inc. is not recommending that any person open, maintain, reduce, or close a position. No communication concerning a market should be understood as a promise of profit, a prediction that an IPO will occur, or an assessment that a market is suitable for a particular participant.

Participants should independently evaluate the product, review the applicable market specifications and terms, and obtain professional advice where appropriate. Pre-Listing equity perpetuals are highly speculative and may not be appropriate for all market participants.

These disclosures supplement, and do not replace, the applicable terms of use, protocol rules, market specifications, margin and liquidation rules, oracle methodology, and settlement procedures.

If these disclosures conflict with binding market terms or specifications, the applicable binding documentation will control to the extent of the conflict.

By accessing or trading a Pre-Listing equity perpetual, a participant acknowledges the distinctive risks described above, including the possibility of rapid liquidation and the loss of all collateral allocated to the position.


# Privacy Policy

*Last updated January 29, 2026*

This privacy policy (the “Privacy Policy”) explains how **Inactionable Inc.** (**“Paragon”**, **“we”**, **“us”** and **“our”**) collects, uses, and discloses information about you or the person or entity you represent (**“you”** or **“your”**) through (a) our website at [paragon.trade](https://paragon.trade) and any subdomains that link to this Privacy Policy (collectively, the **“Site”**), (b) other products and services that reference this Privacy Policy (collectively, the **“Services”**) or (c) when you otherwise interact with us. We may change this Privacy Policy from time to time. If we make changes, we will notify you by revising the date at the top of the Privacy Policy and, in some cases, we may provide you with additional notice (such as adding a statement to our homepage or sending you a notification). We encourage you to review the Privacy Policy whenever you access the Services or otherwise interact with us to stay informed about our information practices and the choices available to you.

By using the Site or any Services, you accept the terms of this Privacy Policy and our terms of use (the **“Terms”**) found at [Terms of Use](/legal/terms_of_use), and consent to our collection, use, disclosure, and retention of your information as described in this Privacy Policy.  If you have not done so already, please also review our Terms. If you do not agree with any part of this Privacy Policy or our Terms, then you are not permitted to and must not access or use the Site or any of the Services.

## Information We Collect

1. Information You Provide to Us We collect information you provide directly to us. For example, we collect information when you access or use the Site or any Services, fill out a form, engage in a transaction, request customer support or otherwise communicate with us. The types of information we may collect include your email address and any other information you choose to provide.
2. Automatically Collected Information When you access or use the Site or any Services, we automatically collect information about you, which may include the following: 1. Contact Information: This may include your name, email address, physical address and country information. 2. Financial Information: This may include your blockchain protocol network address, cryptocurrency wallet information, transaction history, trading data and associated fees paid. 3. Transaction Information: This may include information about the transactions you make using the Services, such as the type of transaction, transaction amount and timestamp. 4. Correspondence: This may include your feedback, questionnaire and other survey responses and information you provide to our support teams, including via our help chat or social media messaging channels. 5. Online Identifiers Log Information: We collect identifier and log information about your use of the Site or any Services, including username, geolocation or tracking details, the type of browser you use, access times, pages viewed, your IP address, and the page you visited before navigating to the Site. 6. Usage Data: This may include conversion events, user preferences, crash logs and other data collected via cookies and similar technologies. 7. Device Information: We collect information about the computer or mobile device you use to access the Site or our Services, including the hardware model, operating system and version, unique device identifiers, and mobile network information. 8. Information Collected by Cookies and Other Tracking Technologies: We and third parties we authorize may use various technologies to collect information, including cookies and web beacons. Cookies are small data files stored on your hard drive or in device memory that help us improve our Site and our Services and your experience, see which areas and features of our Site or our Services are popular, and count visits. Web beacons are electronic images that may be used in our Site or our Services or emails and help deliver cookies, count visits, and understand usage and campaign effectiveness. For more information about cookies and how to disable them, please see Section 9 below.
3. Information We Collect from Other Sources\
   We may obtain information from other sources, including third parties, and combine that with information we collect through our Site or our Services.
4. Information We Will Never Collect\
   We will never ask you to share your private keys or wallet seed. Never trust anyone or any site that asks you to enter your private keys or wallet seed.

### How We Use Information

We use the information we collect to provide, maintain, and improve the Site and the Services, including as described in the Terms. We may also use the information we collect to:

* send you technical notices, updates, security alerts and support and administrative messages, and to respond to your comments, questions and customer service requests;
* communicate with you about products, services, offers, and events offered by us and others, and provide news and information we think will be of interest to you, which may be provided by any means, including by e-mail, in-app notifications, push notifications and display advertising;
* personalize your experience when you visit or use the Sites or our Services;
* administer contests, promotions, surveys and other features;
* monitor and analyze trends, usage, and activities in connection with the Site or our Services;
* comply with applicable laws, lawful requests and legal processes, including responding to court orders or requests from regulatory authorities;
* generate aggregate or de-identified data and use such data for any lawful purpose, including research and analytics;
* testing, research, analysis, product development and improve your experience;
* detect, investigate and prevent fraudulent transactions and other illegal activities and protect the rights and property of Paragon and others;
* monitor and verify identity or service access, combat spam, malware or security risks;
* investigate and address user concerns;
* monitor and improve customer support responses and processes;
* perform internal operations necessary to provide the Site or our Services, including to troubleshoot software bugs and operational problems; and
* enforce our agreements with third parties and address violations of our Terms or agreements for other products or services.

### Sharing of Information

We do not share or sell the personal information that you provide us with other organizations without your express consent, except as described in this Privacy Policy. We may share information about you as follows or as otherwise described in this Privacy Policy:

* with vendors, consultants, professional advisors and other service providers who need access to such information to carry out work on our behalf, including hosting, email and database services;
* in response to a request for information if we believe disclosure is in accordance with, or required by, any applicable law, regulation, or legal process;
* if we believe your actions are inconsistent with our user agreements or policies, or to protect the rights, property and safety of Paragon or others;
* if we believe in good faith that the disclosure of personal information is necessary to prevent harm to another person;
* to report suspected illegal activity;
* to investigate violations of our Terms, agrees for other products or services, or any other applicable policies;
* in connection with, or during negotiations of, any merger, sale of company assets, financing, or acquisition of all or a portion of our business by another company or bankruptcy transaction or proceeding;
* between and among Paragon and our current and future parents, affiliates, subsidiaries, and other companies under common control and ownership; and
* with your consent or at your direction.

### Advertising and Analytics Services Provided by Others

We may allow others to provide analytics services and serve advertisements on our behalf across the Internet and in applications. These entities may use cookies, web beacons, device identifiers, and other technologies to collect information about your use of the Site or our Services and other websites and applications, including your IP address, web browser, mobile network information, pages viewed, time spent on pages or in apps, links clicked, and conversion information. This information may be used by Paragon and others to, among other things, analyze and track data, determine the popularity of certain content, deliver advertising and content targeted to your interests on the Services and other websites, and better understand your online activity. For more information about interest-based ads, or to opt out of having your web browsing information used for behavioral advertising purposes, please visit [www.aboutads.info/choices](http://www.aboutads.info/choices) (or <http://www.youronlinechoices.eu/if> you are a resident of the European Economia Area).

### Retention of Data

We store the information we collect about you for as long as is necessary for the purposes for which we originally collected it, or for other legitimate business purposes, including to meet our legal or other regulatory obligations, prevent fraud, resolve disputes, troubleshoot problems, assist with any investigation, enforce our Terms, and other actions permitted by law. There is no single retention period applicable to the various types of personal information collected. Please contact us if you would like to delete any personal information we hold about you. We also reserve the right to continue to hold personal information about you to the extent it is required to be held by us by law, rule, or regulation.

### Security Measures

We use commercially reasonable physical, managerial, and technical safeguards to preserve the integrity of, and to help protect information about you from, loss, theft, misuse and unauthorized access, disclosure, alteration and destruction. However, we cannot guarantee that unauthorized third parties will never be able to defeat our security measures or use your personal information for improper purposes. You acknowledge that you provide your personal information at your own risk.

### Disclaimer About Sharing Personal Information Online

You acknowledge that when sharing personal information online, there is always a risk of data breaches, including data breaches in which third parties unlawfully access our systems or the systems of our third-party providers, which store personal information.

### Limitation on Liability

While we take measures to protect personal information, you agree that in no event will Paragon, our affiliates, and each of our and their respective officers, directors, shareholders, members, managers, employees, contractors, lawyers, accountants, advisors, representatives, suppliers and agents(collectively, the “**Indemnified Parties**”) be liable to you or any other person in any way in contract, tort (including negligence), civil liability or otherwise for any claims, damages, obligations, losses, liabilities, costs, debts or expenses (including but not limited to lawyer’s fees and disbursements), whether direct, indirect, special, economic, incidental, consequential, punitive or exemplary, including without limitation loss of revenue, data, anticipated profits or lost business, howsoever caused, including by way of negligence, arising from, related to or connect with the loss or theft of your personal information. You agree that if, notwithstanding the other provisions of this Privacy Policy, an Indemnified Party is found to be liable for any claims, proceedings, liabilities, obligations, damages, losses or costs, such Indemnified Party’s liability shall in no event exceed the amount of USD$100.

### Transfer of Information to Other Countries

We may transfer personal information to outside agents or service providers (including our affiliates acting in this capacity) that perform services on our behalf, such as customer service and support, marketing and analytics, data hosting or processing services, or similar services. Some of these service providers may be located outside of Panama, including the United States, and as a result your personal information may be processed in the United States or elsewhere outside of Panama, where local laws may permit foreign government and national security authorities to access personal information in certain circumstances.

### Residents of The European Economic Area

If you are a resident of the European Economic Area (**“EEA”**), you have certain rights and protections under the law regarding the processing of your personal data. Any reference to “personal information” in this Privacy Policy should be understood as referring to “personal data”, defined under the General Data Protection Regulation (**“GDPR”**) as “any information relating to an identified or identifiable natural person (‘data subject’); an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person”.

1. Legal Basis for Processing\
   If you are a resident of the EEA, when we process your personal data we will only do so where we need to use your personal data to perform our responsibilities under our agreement with you (e.g., providing the Services you have requested). We have a legitimate interest in processing your personal data. For example, we may process your personal data to send you marketing communications, to communicate with you about changes to the Services, and to provide, secure, and improve the Services. You have consented to the processing of your personal data for one or more specific purposes. We consider that our legitimate interests are in compliance with the GDPR and your legal rights and freedoms. You have the right to object to any of this processing and, if you wish, please contact us at the contact details indicated below.
2. Data Subject Requests\
   If you are a resident of the EEA, you have the right to access personal data we hold about you and to ask that your personal data be corrected, erased, or transferred. You may also have the right to object to, or request that we restrict, certain processing. If you would like to exercise any of these rights, you can contact us as indicated below. Please note that the limitation or deletion of your personal data may mean we will be unable to provide our Services to you. You also have the right to receive your personal data in a machine-readable format and have the data transferred to another party responsible for data processing.
3. Questions or Complaints\
   If you are a resident of the EEA and have a concern about our processing of personal data that we are not able to resolve, you have the right to lodge a complaint with the data privacy authority where you reside. For contact details of your local Data Protection Authority, please see: <http://ec.europa.eu/justice/data-protection/article-29/structure/data-protection-authorities/index\\_en.htm>.

### Your Choices

1. Account Information\
   You may update, correct, or delete information about you at any time by emailing us at <help@paragon.trade>. Please note that we may retain cached or archived copies of information about you for a certain period of time.
2. Cookies\
   Most web browsers are set to accept cookies by default. If you prefer, you can usually choose to set your browser to remove or reject browser cookies. Please note that if you choose to remove or reject cookies, this could affect the availability and functionality of the Services.
3. Promotional Communications\
   You may opt out of receiving promotional communications from us by following the instructions in those communications or by emailing us at <help@paragon.trade>. If you opt out, we may still send you non-promotional emails, such as those about your account or our ongoing business relations.
4. Mobile Push Notifications/Alerts\
   With your consent, we may send promotional and non-promotional push notifications or alerts to your mobile device. You can deactivate these messages at any time by changing the notification settings on your mobile device.

### Governing Law and Dispute Resolution

This Privacy Policy and any non-contractual obligations arising out of or in connection with them are governed by and construed in accordance with the laws of Panama, without regard to conflict-of-laws rules. Any dispute, controversy or claim arising out of or relating to this Privacy Policy shall be resolved in accordance with the dispute resolution provisions of the Terms.

### Contact

If you have any questions about this Privacy Policy, please contact us at: <help@paragon.trade>.