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Paragon, deploying HIP-3 market infrastructure on Hyperliquid, has announced the launch of the first crypto-native perpetual index market.
These new index futures enable traders to take long or short positions on the following crypto indices:
Built on Hyperliquid, Paragon offers up to 50x leverage.
Paragon raised funds in a private seed round from a group of venture funds and angel investors, including early participants in the Hyperliquid ecosystem.
Founder El-Magbri sold his product studio to Galaxy Digital in 2025 with his business partner.
Prior to that, he worked as an investor on Wall Street, most recently focusing on industries utilizing derivatives for hedging commodity and interest rate risks at ITE Management.
Paragon is accessible directly from any environment where Hyperliquid is deployed (desktop, mobile, API) through HIP-3, a permissionless network upgrade that enables the construction of perpetual futures markets.
By combining standardized index methodologies with high-frequency data feeds, Paragon can transform virtually any measurable idea, benchmark, or headline into a tradable financial product. It also inherits the advantages of Hyperliquid's deep liquidity and low-latency order matching.
To ensure seamless liquidity provision, USDC, a fully collateralized USD-pegged stablecoin, is adopted as the quote asset.
To deploy these markets on Hyperliquid, Paragon is staking 500,000 HYPE, equivalent to approximately $19 million at the time of writing.
For the past decade, crypto traders have been tracking charts like BTC Dominance and TOTAL2, but they have been unable to trade them directly.
These indices play a crucial role in understanding how funds circulate between Bitcoin and altcoins and how market cycles are formed.
Paragon transforms the market insights and narratives in traders' minds into tradable financial products.
We are advancing this realization with tickers already on many traders' watchlists.
Paragon is developing exactly the product we envisioned when we first recognized the potential of HIP-3.
Previous HIP-3 deployments have primarily focused on asset classes outside of cryptocurrencies, but crypto-native indices like OTHERS and BTC.D are particularly attractive trading targets well-suited to the perpetual format.
For more details: Paragon.trade
Start trading here: app.hyperliquid.xyz
Paragon is a crypto-native market infrastructure project developed by N8V Labs and deployed on Hyperliquid.
Paragon establishes standard methodologies for widely referenced crypto and macro narratives, transforming these ideas into real-time perpetual futures markets.
By converting thought models, metrics, and discussions central to traders' interests into tradable financial products, Paragon aims to expand the toolkit available to investors and traders, setting a new standard for the next generation of on-chain markets.
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