Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$6.79KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Nov 2026 | $6.79K | -- | -- | -- |
| Oct 2026 | $23.96K | -- | -- | -- |
| Sep 2026 | $19.78K | -- | -- | -- |
| Aug 2026 | $10.33K | -- | -- | -- |
| Jul 2026 | $2.16K | -- | -- | -- |
| Jun 2026 | $4.53K | -- | -- | -- |
Comparison
Follow Updates
Follow Lists
People
About Paragon
Paragon is a perpetual futures platform built on Hyperliquid whose underlyings are crypto market structure measures rather than single coins, such as bitcoin dominance, total market cap excluding bitcoin and a basket of assets outside the top fifty. Users post stablecoin margin, trade these indices with up to 50x leverage, and can also trade after-hours equity perpetuals. It addresses the lack of on-chain expression for index exposure, which previously had to be synthesised from combinations on centralized venues.
Making an index perpetual means prices must be composed in real time from weighted constituent quotes, so oracle design and weight maintenance become core engineering. After launching in April 2026 the platform expanded to 29 markets with about USD 500 million in cumulative volume, and after-hours equity perpetuals were the fastest-growing category. Depth in such markets depends on market makers' ability to hedge constituents, and quotes widen when volatility spikes.
On April 2, 2026, Paragon, built by N8V Labs, deployed on Hyperliquid mainnet via HIP-3, staking 500,000 HYPE (approximately $19M) and listing its first crypto-native perpetual index markets: BTC.D, TOTAL2, and OTHERS.
On April 2, 2026, Paragon announced an undisclosed seed round from venture funds and angel investors, including early Hyperliquid ecosystem participants.
On July 15, 2026, UFO Holdings, an investment firm founded by former Kalshi employees, became an investor in Paragon.
On July 15, 2026, Susquehanna Crypto became Paragon's first institutional liquidity partner, with specific terms undisclosed.
Paragon launched the first crypto-native perpetual index markets on Hyperliquid's HIP-3 in April 2026, covering BTC.D, TOTAL2 and OTHERS with up to 50x leverage, staking 500,000 HYPE (about $19M) to deploy the markets. Within days it cleared $8.88M in volume across 263 wallets. It also closed an undisclosed seed round led by Syncracy Capital in the same month. The platform has since expanded beyond crypto indices to single-stock perps for names such as Unitree Robotics, Reddit, CrowdStrike and Cloudflare, converting macro and equity narratives into tradable instruments.
Paragon's forward strategy centers on HIP-3 standardized indices: continuously expanding tradable instruments and front-end access (Tread.fi, Pear Protocol, Based, Rabby) and turning any measurable idea, benchmark or headline into an on-chain perpetual, leveraging Hyperliquid's liquidity and low-latency matching to set a new standard for on-chain markets.
Taha El-Magbri — Founder; formerly an investor at ITE Management focused on derivatives, and sold his product studio to Galaxy Digital in 2025; Paragon is built by his team under N8V Labs, launched on Hyperliquid in April 2026 with a seed round led by Syncracy Capital.
Paragon is a perpetuals protocol deployed on Hyperliquid HIP-3, where its markets use the standard HIP-3 fee rate of 0.090% taker and 0.030% maker, with funding settled every hour.