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Paradex

Self-custodial Layer-2 DEX for derivatives

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.

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About Paradex

Simplify's Rating
Why Paradex is rated
C+
Rated C on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

FintechCrypto & Web3Financial Services

Company Size

11-50

Company Stage

N/A

Total Funding

N/A

Headquarters

Singapore

Founded

2018

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What believers are saying

  • June 2026 Sherlock bounty raised critical vulnerability rewards to $500,000 USDC.
  • July 2026 Funding V2 reduced funding volatility, improving trader retention.
  • October 2026 DIME buybacks and Starknet privacy features support ecosystem stickiness.

What critics are saying

  • January 2026 maintenance corrupted prices, triggered liquidations, and forced an eight-hour rollback.
  • Open interest near $25 million remains tiny versus Hyperliquid and dYdX.
  • A major smart-contract exploit or sequencing failure would likely destroy Paradex's credibility.

What makes Paradex unique

  • Paradex pairs Starknet appchain settlement with a private off-chain CLOB.
  • Paradex launched DIME in March 2026, tying fees, staking, and gas.
  • Paradex offers zero retail fees and institutional market-maker PFOF pricing.

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Benefits

  • Unlimited Paid Time Off
  • Competitive Pay
  • Full Benefits
  • Professional Development Budget

Growth & Insights and Company News

6 month growth

5%

1 year growth

11%

2 year growth

11%
AirdropTracker
Nov 1st, 2026
Perp DEX points to farm in November 2026.

Perp DEX points to farm in November 2026. > Points are not tokens. Of the programs below, only some have official docs that tie points to a future token. AirdropTracker label each one so you can decide where your time and capital go. Perpetual DEXs are still the busiest corner of the points meta heading into November 2026. This guide covers seven programs AirdropTracker added to AirdropTracker this week. For each one AirdropTracker give what the official docs say, how points are earned, and how confident AirdropTracker is that a reward will follow. For how points usually turn into tokens, see its points explainer. Quick comparison. | Program | Chain | Weekly emission | Token link in docs? Its label | - | - | - | - | - | Decibel Amps S1 | Aptos | Daily accrual | Yes, a primary input for DCBL at TGE | Likely | RISEx Points S1 | RISE | 200,000 / week | No conversion stated; all RISE points go to RISEx users | Likely | Reya Season 2 | Reya (Ethereum rollup) | Weekly | Season 2 is at least 3% of REYA supply | Likely | Perpl Points | Monad | 50,000 / week | No | Speculative | Hibachi Points | Not stated | Up to 1M / week, ends 8 Nov | No | Speculative | Paradex XP S3 | Paradex appchain | 4M XP / week | No (DIME already live) | Speculative | Ondo Perps Points | Ondo Perps | 5M / week | No | Speculative | The "likely" group. Decibel. Decibel is a fully on-chain perps and spot exchange on Aptos, and it accepts USDC from Ethereum, Arbitrum, Base, Solana, Sui and Aptos. Its docs call Amps "a primary input" for DCBL distribution at TGE and expect a significant share of supply for Seasons 0 and 1. Amps accrue daily from trading, streaks, referrals and DLP vault deposits. RISEx. RISE Points Season 1 ("Ignite") began on 20 Jul 2026 and runs until no later than Q2 2027. It distributes 200,000 points every Tuesday at 14:00 UTC. Through 4 Nov there is a 20% boost on selected stock perps. Traders who make trades of 50,000 USD or more can also share a 10,000-point Impact Pool each round. Reya. Reya v2 is opening in waves from a waitlist. The team says Season 2 is at least 3% of total REYA supply, and its docs say distribution starts at TGE through an airdrop to users. Newly admitted users who trade within 7 days get 100 Reya Chain Points; the current wave's window closes 2 Nov at 10:00 UTC. The "speculative" group. Hibachi is the urgent one: its official account says points end on 8 November. Perpl, on Monad, takes a snapshot every Wednesday and drops points within 48 hours. Paradex already launched DIME, and Season 3 XP has no announced reward or end date. Ondo Perps offers stock and commodity perps to non-US users and recently added retroactive referral points worth 5% of the points earned by traders you refer. How to farm perp points without getting wrecked. * Trade only what you'd trade anyway. Fees and funding are guaranteed costs, but the reward is not. * Don't wash trade. Many points programs filter out wash trading and multi-account farming. Read how to avoid sybil flags. * Size for liquidation risk. No points program is worth a liquidated account. * Track weekly. Each listing links the official points page and its distribution day. Research, not financial advice. Leveraged trading can lose more than you expect.

The Digital Track
Jul 12th, 2026
Paradex CEO details Funding V2 improvements for stable trading.

Paradex CEO details Funding V2 improvements for stable trading. July 12, 2026 Crypto Briefing general Positive Paradex CEO has unveiled details of Funding V2, a significant upgrade to the decentralized perpetuals exchange's funding rate mechanism designed to reduce extreme rate volatility and create a more stable, predictable trading environment for DeFi derivatives participants. Funding rates on perpetual futures have long been a pain point for on-chain traders, with spikes and reversals eroding profitability and discouraging sustained market participation, particularly during high-volatility crypto market conditions. Paradex's Funding V2 introduces algorithmic adjustments that smooth rate oscillations, aligning the protocol more closely with centralized exchange standards while preserving the non-custodial, permissionless nature of DeFi trading. The upgrade arrives at a critical moment as decentralized perpetuals platforms - including dYdX, GMX, and Hyperliquid - compete aggressively for trader volume and open interest market share. Searches for Paradex Funding V2, DeFi perpetuals trading improvements, and best decentralized derivatives exchanges are gaining traction among active crypto traders evaluating platform alternatives. By stabilizing funding rates, Paradex aims to attract both retail and institutional traders who have historically preferred centralized venues for their greater predictability. The protocol operates on Starknet, leveraging zero-knowledge proof technology to deliver fast, low-cost settlement - a technical advantage the team believes Funding V2 will make more commercially compelling. Traders and DeFi analysts should monitor Paradex open interest growth, funding rate data, and user volume metrics over the next 30 to 60 days to assess whether the upgrade delivers measurable market depth improvements. Paradex's Funding V2 could stabilize volatile funding rates, enhancing trader confidence and potentially increasing participation in DeFi markets. Paradex CEO details Funding V2 improvements for stable trading.

Crypto Briefing
Jul 6th, 2026
Paradex launches bug bounty program with up to $500K in rewards.

Paradex launches bug bounty program with up to $500K in rewards. The perpetual futures exchange is offering ethical hackers up to 500,000 USDC through Sherlock, a significant upgrade from its previous $45K program on Immunefi. an hour ago Sponsored: Vera - AI-powered prediction market intelligence, built for serious analysts Explore Vera Paradex, the decentralized perpetual futures exchange built on Starknet's first appchain, has gone live with a new bug bounty program on Sherlock, offering security researchers up to $500,000 USDC for uncovering critical vulnerabilities in its protocol. The program launched on June 8, 2026, and is actively accepting submissions. For context on how seriously Paradex is taking this: its previous bounty program, which ran on Immunefi through mid-2025, had a total reward pool of $45,000. The new ceiling is more than ten times that figure. How the payout structure works. The program uses a tiered reward model. Critical vulnerabilities, defined as anything that could enable direct theft of $100K or more in user funds or cause protocol insolvency, are eligible for the maximum $500K USDC payout. Researchers earn 10% of the funds at risk, with a floor of $25,000 for any qualifying critical finding. The program explicitly excludes oracle-related vulnerabilities, issues already flagged in prior audits, bugs in third-party dependencies, and findings that overlap with other active bounty programs. What Paradex actually is. Paradex describes itself as a self-custodial trading platform designed to combine the speed and efficiency of a centralized exchange with the transparency that comes from settling on a public blockchain. It launched publicly around 2023 and runs on Starknet's appchain infrastructure, which gives it a dedicated execution environment separate from Starknet's main network. Perpetual futures are the product. These are derivative contracts that let traders take leveraged long or short positions on crypto assets without an expiry date, and they are consistently among the highest-volume products in decentralized finance. The jump from a $45,000 Immunefi pool to a $500,000 Sherlock program reflects a maturing approach to security economics. Bug bounties work on incentive theory: the reward has to exceed what an attacker could reasonably earn by exploiting the vulnerability and selling stolen funds. At $45K, that calculus was increasingly unfavorable. At $500K, serious security researchers have genuine financial motivation to find and disclose problems rather than exploit them. Disclosure: This article was edited by Editorial Team. For more information on how Crypto Briefing create and review content, see its Editorial Policy.

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