Overview

Paradex runs a decentralized exchange for crypto derivatives built as Starknet's first appchain. It supports perpetual futures, perpetual options, and spot trading through a unified margin account. The platform uses an off-chain central limit order book for fast trade matching and on-chain settlement secured by zk-STARK proofs, combining centralized-like performance with self-custody and Ethereum-level security. It emphasizes privacy by encrypting sensitive data (positions and PnL) before settlement. Retail traders face zero trading fees, while the platform earns revenue from Payment for Order Flow with institutional market makers, plus liquidation fees and spread capture. With over 250 markets and features like Retail Price Improvement, multiple margin modes, and high-yield vaults, Paradex targets high throughput, low costs, and privacy-friendly trading that aligns incentives among users, market makers, and the platform.