Paradigm
@tradeparadigm
Institutional Grade Liquidity for Crypto Derivatives!
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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:
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Paradigm has processed 31% of Deribit's options volume in September
OI crosses $369M+
Up another $69M in the last 24 hours
Retail is loving RFQ!!
New ATH in 24h volume
+ $6.7B in 24h volume
+ 60% of Deribit's volume
New ATH in 24h volume
+ $6.1B in 24h volume
+ 60% of Deribit's volume
New ATH in 24h volume
+ $6.1B in 24h volume
+ 60% of Deribit's volume
amazing to see how far we have come!
we are basically back in 2019
unlocking liquidity so a nascent market can grow
that is what we do best!
Something big is about to happen
Paradigm handles the execution. one request, one price, one fill
Paradex handles the part where you shouldn't need to know what a call spread is called to build one.
my other favorite feature 👇
set each leg to buy or sell exactly as you want
then trade the whole structure at once
no second-guessing
“wait… do i buy or sell the structure??????"
the UX handles that for you
it’s surprisingly easy
to trade your own idea the wrong way round in options
so we fixed that.
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we're hiring the person who launches everything we build.
product, narrative, GTM, distribution. all of it.
also they have to be terminally online.
DM @fiddybps1 if that's you.
This is NOT a traditional marketing role.
We have an insane amount of things cooking at @tradeparadigm and @paradex, and I’m looking for someone exceptional to help us launch them.
You’ll work directly with me, our leadership team, product and engineering to understand what we’re building, figure out how to position it, and own launches end to end:
product → narrative → GTM → distribution
The role is Product Marketing & GTM Lead.
I want someone who loves products, can simplify highly technical ideas, knows how to create momentum around a launch, and is willing to get their hands dirty making things happen. Also need to LOVE beng terminally online
Product, product marketing, growth or startup experience is highly valued.
We’re a small, highly technical team on a mission to meaningfully change how finance works.
If this sounds like you, DM me.
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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:
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We're hiring at @Paradex & @TradeParadigm.
$5,000 for every successful referral.
Open roles in Singapore, New York, and remote:
Engineering
+ Principal Engineer
+ Principal Engineer, AI Products
+ Senior Engineer
+ Senior Data Engineer
+ Quantitative Developer
Trading
+ Quant Trader
Business Development
+ BD & Country Manager, Korea 🇰🇷
+ BD Associate, New York 🇺🇸
Refer anyone, get paid if we hire.
Refer:
Apply:
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ETH traders continue capitalizing on the negative skew to buy cheap puts for the Sep 25 expiration
In yesterday's session, there was another single-block 15,000 ETH put bought, following Friday's 27,000 contracts bought for the same expiration at the $2,100 strike
Trade options in size:
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Yesterday's largest trades on Paradigm were long-end strangles, betting on big moves in either direction and capitalizing on the current low-IV regime.
The bet is on IV and RV mean-reverting after a 50-day continuous vol compression. BTC price is already up more than 5% today, with DVOL up nearly 3 points.
Join the largest liquidity network in crypto:
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We're hiring. $5,000 for every successful referral.
Open roles in Singapore, New York, and remote:
Engineering
+ Principal Engineer
+ Principal Engineer, AI Products
+ Senior Engineer
+ Senior Data Engineer
+ Quantitative Developer
Trading
+ Quant Trader
Business Development
+ BD & Country Manager, Korea 🇰🇷
+ BD Associate, New York 🇺🇸
Refer anyone, get paid if we hire.
Refer:
Apply:
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Almost every on-chain options protocol from the first wave is gone. @ryskfinance is still shipping.
@DanDeFiEd on the V1 that failed and the one line that changed the product:
"We failed too. We built our first V1 and it didn't work out."
"Options are not the product."
"Let's put options at the back. We don't even mention that we're doing options."
New @dimetvhq episode with @DanDeFiEd below.
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Four years of building on-chain options taught Dan one thing: AMMs and orderbooks don't work for options. RFQ does.
@DanDeFiEd, founder of @ryskfinance, on @dimetvhq: why the first wave of onchain options protocols died fighting Deribit, how covered calls became DeFi's simplest yield, what Coinbase buying Deribit means onchain, and where RFQ liquidity goes next.
"RFQ, I think, is the best execution for options"
0:00 everyone failed at onchain options
0:46 meet Dan, founder of Rysk
1:20 why V1 failed: options are not the product
5:10 Merrill Lynch, Berlin and finding Ethereum
8:12 the Maker wipeout that led to Opyn
9:32 covered calls and cash secured puts, explained
12:46 too good to be true? the real risks
17:18 who uses Rysk: wealth, not traders
21:44 new assets: HYPE, kHYPE, tokenized stocks, gold
22:03 the RWA unlock: covered calls on SpaceX
26:09 why HyperEVM first, then Ethereum mainnet
32:12 HIP-4 and the Hyperliquid options rumors
35:42 why RFQ beats AMMs and orderbooks for options
39:16 Coinbase bought Deribit: eat the pie or grow it?
43:44 perps people vs options people
46:45 Rysk Prime and vaults on Rysk infra
48:03 it's a bear market, time to build
48:39 the Italian DeFi mafia
Dime Terminal coming soon to Paradigm.
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