Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$16.63KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $16.63K | -- | -- | -- |
| Sep 2026 | $19.78K | -- | -- | -- |
| Aug 2026 | $10.33K | -- | -- | -- |
| Jul 2026 | $2.16K | -- | -- | -- |
| Jun 2026 | $4.53K | -- | -- | -- |
| May 2026 | $7.87K | -- | -- | -- |
Comparison
Follow Updates
Follow Lists
People
About Paragon
Paragon is a decentralized perpetual index market built on Hyperliquid via the HIP-3 framework. It offers trading on crypto-native indices like BTC.D (Bitcoin dominance), TOTAL2 (crypto market cap excluding BTC), and OTHERS (altcoin market cap), as well as single-stock perpetuals. The core value proposition is turning widely watched analytical metrics into directly tradable instruments, addressing the gap where traders could previously only observe these indicators on charting platforms but had no way to take positions on them. Unlike spot index baskets or custom composites, Paragon uses native perpetual contracts, inheriting Hyperliquid's deep liquidity and low-latency order matching.
In the past six months (March to September 2026), Paragon has been actively expanding its market coverage. It has acquired tickers for AI-related equities such as GLW, CRDO, AAOI, CIEN, LRCX, TER, STX, IREN, VST, NET, and most recently UNITREE and RDDT, focusing on assets with strong narratives but relatively low traditional market liquidity. Trading volume has grown significantly, with weekly volume reaching approximately $15.55 million by early August, a 12.8x increase from early July, though still a small fraction of competitor Trade.xyz's volume. The project has also faced challenges: HYPE token price declined over 26% in the past 30 days due to ETF outflows and whale sell-offs, which reduced buyback pressure. However, no major project-specific negative events were reported during this period.
Over the past six months, Paragon has made significant strides. It integrated with TradingView, bringing its perpetual markets to the platform's Supercharts for broader accessibility. The exchange expanded its offerings with new perpetual contracts on equities like Reddit (RDDT), Cloudflare (NET), and NAVER, alongside thematic products tracking the US 10-year Treasury yield (US10Y) and Chinese robotics firm Unitree. Notably, Susquehanna Crypto joined as its first institutional liquidity partner, enhancing market depth. Paragon also acquired the codebase for Cambricon (CAMBRICON) perpetuals, signaling entry into AI-chip related derivatives.
Looking ahead, Paragon's roadmap focuses on expanding its HIP-3 framework to launch more cross-asset perpetual markets, bridging traditional finance and crypto. The team plans to deepen institutional partnerships, improve liquidity infrastructure, and broaden coverage across equities, indices, and macro products. Leveraging Hyperliquid's infrastructure, Paragon aims to become a leading venue for 24/7 trading of real-world assets and innovative benchmarks.
Taha El-Magbri is the founder and core contributor of Paragon. With a physics background from the University of Pennsylvania, his career spans Wall Street private equity, aviation finance, and crypto product studios. He served as a private equity analyst at GF Capital, aviation finance at SkyWorks Capital, investor at ITE Management, co-founded Meridian Labs (acquired by Galaxy Digital) as Head of Strategy, and later founded Orzo Digital. In 2026, he launched Paragon, building crypto-native perpetual index markets on Hyperliquid's HIP-3 infrastructure.