Paradex - is a next-generation exchange for perpetual trading, built on a high-performance Layer 2. It utilizes zkSTARK technology, which significantly surpasses zkSNARK, making the exchange one of the most efficient, scalable, and secure among perp-DEXs.

Paradex has strong trading metrics, currently reporting: 24h Volume ~$115M, 24h Open Interest (OI): ~$27M, TVL ~$37.5M, 24h Active Users: ~1.5K.

For a deep dive into the protocol’s technical details, you can refer to the project's documentation.

Tokenomics:

Paradex allocates 57% of the total token supply to its community, with 15% dedicated to Season 2 farming.

Investments:

The project is incubated directly by Paradigm. Additionally, Paradex is backed by a number of prominent investors supporting the protocol, including JumpCapital, Dragonfly Capital, DCG, GSR, Amber, and others.

Thoughts:

Is Paradex the "Hyperliquid killer"? Not exactly - but it comes very close to that concept. The team has repeatedly stated that they were inspired by the best perp-DEX and aim to replicate its success. While such bold claims may not fully materialize, Paradex could still achieve a similar impact, albeit on a smaller scale.

Now, let’s compare it with competitors, looking at the table, we see several rivals that have been featured in our guides (which you may already be familiar with). By analyzing their FDV (Fully Diluted Valuation), we can assess the protocol's competitiveness. Based on current metrics, Paradex is very close to Drift Protocol, meaning that if it launches at a similar valuation, the risk/reward ratio could be 10:1. Ultimately, further success depends on the market conditions at the time of token launch.

At the moment, Paradex looks highly promising - is probably one of the best ongoing opportunities. Plus, we still have time until the beginning of summer, as Season 2 ends in Q2.

In our guide, we’ll explain how to trade using a delta-neutral strategy to reduce risk on derivatives and maximize protocol rewards.