Overview

Trade crypto market indices as perpetual futures on Hyperliquid.

Markets

Index	Type	Description
TOTAL2	Market Cap	Total crypto excluding BTC
OTHERS	Market Cap	Total crypto excluding BTC and ETH
BTC.D	Dominance	Bitcoin's % of total market cap

→ Full market details

Mechanics

Paragon inherits Hyperliquid's standard perpetual mechanics:

Parameter	Value
Max Leverage	20x
Collateral	USDC
Settlement	Perpetual (no expiry)
Funding	Hourly

→ Hyperliquid Trading Docs

Trading Strategies

Directional

• Long TOTAL2 for altcoin bull thesis

• Short OTHERS to fade small-cap rallies

Dominance

• Long BTC.D for Bitcoin outperformance

• Short BTC.D during alt season rotation

Hedging

• Short index to hedge spot portfolio beta

• Reduce directional exposure without selling

Relative Value

• Long BTC.D + short BTC for pure dominance play

• Pair TOTAL2 vs OTHERS for large-cap vs small-cap spread

Getting Started

1. Access — Go to app.hyperliquid.xyz

2. Find markets — Search for TOTAL2, BTC.D, or OTHERS

3. Trade — Use standard order types (market, limit, stop)

→ Order Types | Margining | Fees