Paradigm's market share inside Deribit rose from 20% in August to 29% in September Share of Deribit BTC and ETH options volume, September 2026 + 29% of Deribit's BTC/ETH options volume went through Paradigm + 55.7% market share vs other block venues Trade options in size:

Paradigm GP @danrobinson reveals how OpenAI effectively killed one of its own models after the Hugging Face incident by encrypting the weights and locking them away internally: "You could probably freeze the, destroy the model weights, like OpenAI apparently did with the Hugging Face model, the highly persistent internal model." "They encrypted it. They hid it from even internally." "So the highly persistent internal model that was 90% responsible, they said, for the Hugging Face incident, that one they said they totally shut it down, encrypted the weights. Nobody even internally has access to it anymore." @paradigm

Paradigm GP @danrobinson explains the 99% automation paradox, where eliminating almost all of someone’s tasks can still leave their job intact: "You could imagine that 99% of someone's job gets automated. You might imagine that means we have demand for only 1% of their time. But in fact, that 1% of their job basically becomes their entire job." "We've seen this with software engineering. We don't really see humans being 100% replaced. 99% of the work they did was automated, and now they're spending all of their time doing the other 1%." "Output has gone up by some decent amount, but the labor share of output is still actually relatively constant." "Chad Jones, who recently joined Anthropic, and Chris Tonetti at Stanford, which sort of covers this. So I've been working on a game that might explore that concept." @paradigm

Paradigm's RFQ continued to deliver the industry's best options trading execution in August Block performance vs. Deribit top-of-book (TOB) + 69.48% BTC and 72.35% ETH were priced better than TOB + 70.60% BTC and 50.77% ETH exceeded the displayed TOB size + Average size: 35.25x BTC and 18.42x ETH vs. TOB Trade options in size: