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Paradex

26 pieces · Jul 2024 to Feb 2026 · 4 flagship

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Perps24 ZK10 Market structure10 DeFi8 Privacy5 L1/L25

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Start here · the strongest pieces on Paradex

Map16 Jun 2025CLOB Wars Line-Up 2.0: 26 onchain orderbook projects mappedUpdated community-sourced landscape of CLOB venues across L1s and L2s, each with its architecture, from Hyperliquid's HyperCore to Monad, Sui, Aptos, Cosmos and Solana projects.Map18 Jun 2025The Ultimate ZK Infrastructure Landscape: 64 projects across 8 verticalsMaps 64 ZK projects across zkVMs, universal proving, verification and aggregation, zkEVMs, app-specific rollups, hardware acceleration, ZK privacy and zkTLS.Thesis11 Oct 2025Hyperliquid and the CLOB wars: learnings and predictionsLearnings from the A1 CLOB campaign: Hyperliquid leads on OI and volume, competitors show mercenary volume vs low OI, and CLOBs dominate perp DEX volume. Predicts perps replace memecoins, zero-fee models work, and HL stays ahead mid-term.

Timeline · every piece, newest first

2026 6

24 Feb 2026Perp DEX Wars: institutional scorecard and the case for ParadexA1 Research report scoring eight perp DEXs on eight dimensions using 328 orderbook snapshots. Argues institutional capital will avoid fully transparent chains; Paradex scores 57/80, second to Hyperliquid, despite 0.99% market share.BreakdownPerpsPrivacyDeFi

24 Feb 2026Perp DEX Wars report: eight platforms, one institutional scorecardAnnounces A1 Research's comparison of eight perp DEXs, finding the volume leaderboard and an infrastructure-quality ranking tell very different stories on capital stickiness, execution cost, confidentiality and liquidation design.BreakdownPerpsDeFi

02 Feb 2026Paradex and the visibility tax: privacy as perp DEX infrastructureArgues transparent chains leak size, entries and liquidation levels, keeping institutional capital away. Paradex's three-layer privacy design (encrypted state diffs, RPC masking, off-chain order flow) grew volume 4x in six months.ThesisPerpsPrivacy

15 Jan 2026Paradex: private institutional perp trading on a Starknet appchainArgues institutions stay off onchain trading because of the 'Visibility Tax' on positions and liquidation levels, and that Paradex's ZK-settled private appchain with zero fees and RPI addresses it.ThesisPerpsPrivacyZK

12 Jan 2026Paradex overview: volume, RPI, private Starknet appchain and roadmapProfiles Paradex as the only major perp DEX built with privacy as a core principle, with zero fees, RPI and institutional backing, and announces an A1 research series on it.BreakdownPerpsPrivacyZK

08 Jan 2026Market-maker economics on perp venues: rebates, zero fees and flow toxicityDecomposes MM PnL into spread capture, adverse selection, inventory risk, funding and fees. Compares maker rebates, zero-fee growth models and Paradex's flow segmentation via RPI, arguing liquidity is stable only if maker EV stays positive in volatility.ExplainerPerpsMarket structure

2025 19

24 Oct 2025Starknet-stack perp DEXes: $249.3B 30d volume vs Hyperliquid $317.6BThe four Starknet-tech perp DEXes combined $249.3B in 30-day volume versus Hyperliquid's $317.6B. Breaks down each venue's architecture and volume and argues Starknet is underappreciated.DataPerpsZKL1/L2

24 Oct 2025Why Solana TVL holds at $11B while user activity fellSolana TVL is near ATH while active users dropped since the meme and agent peak. Attributes the shift to perp appchains, Phantom's Hyperliquid integration, BNB Chain and Base retail competition, and prediction markets absorbing gambling flow.Market takeSolanaPerpsMemecoins

23 Oct 2025Starknet stack powers 4 of top 10 perp DEXes by 24h volumeFour of the top ten perp DEXes by 24h volume (EdgeX, Apex, Paradex, Extended) are built on Starknet tech, per DefiLlama.DataPerpsZK

17 Oct 2025State of the CLOB Wars (A1 x GSR): key findings of the 50-page reportTL;DR of the A1 Research and GSR report: CLOBs hold over 71% of DEX volume, CEX-level performance is achieved, modular appchains compete with monolithic L1s, and application-controlled execution plus privacy and risk management are the next frontier.BreakdownPerpsMarket structureDeFi

16 Oct 2025A1 Research CLOB campaign: reading list of 11 articles and reportIndex of A1 Research's CLOB campaign: 11 articles and a two-part report covering AMMs vs CLOBs, CLOB appchains, real-time chains, Hyperliquid, Paradex, Bullet, Monaco, privacy and institutional DeFi.OtherPerpsMarket structureDeFi

11 Oct 2025Hyperliquid and the CLOB wars: learnings and predictionsLearnings from the A1 CLOB campaign: Hyperliquid leads on OI and volume, competitors show mercenary volume vs low OI, and CLOBs dominate perp DEX volume. Predicts perps replace memecoins, zero-fee models work, and HL stays ahead mid-term.ThesisHyperliquidPerpsMarket structure

10 Oct 2025Top 5 perp DEXes by volume: three run on Starknet's SN stackTop five perp DEXes did $38B in 24h and over $663B in 30d volume, and three (Paradex, edgeX, ApeX) build on Starknet tech. Points out StarkEx's continued relevance since dYdX moved to Cosmos in 2023.DataPerpsZK

05 Oct 2025Aster and paid KOL shilling in the CLOB wars: moat and fake volumeArgues hot narratives bring airdrop farming and paid KOL shilling, citing Aster as a CEX-led effort. Urges checking each project's technical or product moat and timing, and studying builders like Bullet, Paradex, Monaco and Lighter.Market takePerpsMarket structure

04 Oct 2025Paradex RPI explained: retail price improvement via flow segmentationRPI creates two parallel books: a standard API book for algos and an enhanced UI-only book where market makers quote tighter spreads to retail. Rate limits and an auth token separate retail from bots, producing crossed books.ExplainerPerpsMarket structureZK

04 Oct 2025A1 Research CLOB campaign week one recap and article linksRecap of the first week of A1's CLOB campaign: AMMs to CLOBs, State of the CLOB Wars, Bullet, Paradex, landscape maps, CLOB appchains, real-time chains and Monaco, with a Monaco report and expert space announced.OtherPerpsMarket structure

03 Oct 2025Paradex architecture: RPI, zero-fee PFOF and unified portfolio marginBreaks down Paradex's design: flow segmentation via RPI, PFOF funding zero retail fees, STARK-proven settlement, universal portfolio margin via CairoVM, perpetual options, state-diff data posting and multi-stream revenue. Distribution against incumbents is the open test.BreakdownPerpsZKMarket structure

30 Sep 2025CLOB wars data: CLOBs hold 92% of perp volume, HL 57.9% shareTL;DR of A1's data-driven CLOB landscape: CLOBs dominate perps but lag in spot, Hyperliquid leads with falling fee revenue, competitors use zero-fee and PFOF models, and the market likely consolidates to 3-5 platforms.DataPerpsMarket structureDeFi

28 Sep 2025Paradex thesis: first-principles redesign of CLOB DEX market structureWhy Paradex could be one of multiple CLOB winners: flow segmentation with RPI, PFOF zero-fee model, STARK-proven hybrid architecture, unified portfolio margin, perpetual options, vaults, XUSD and privacy by design.BreakdownPerpsZKMarket structure

28 Sep 2025Ten CLOB DEX plays to research beyond HyperliquidWatchlist of ten onchain CLOB venues worth researching besides Hyperliquid: Bullet, Paradex, Monaco, Lighter, Hibachi, GTE, Valhalla, Decibel, Nitro and Ambient. Explicitly excludes Aster and Apex as CEX-linked.MapPerpsHyperliquid

25 Sep 2025Hyperliquid over Aster, plus the CLOB challengers worth studyingArgues Aster lacks tech, UX and real users and is a paid-KOL trade, and that CEXes and VCs are fudding HYPE to rotate back cheaply. Lists credible CLOB challengers including Bullet, Paradex, Monaco and Lighter.Market takeHyperliquidPerps

06 Jul 2025CLOB wars: why onchain orderbooks are replacing AMMs and who builds themAMMs were a forced tradeoff until real-time chains, scalable DA, ZK proving and fast oracles made orderbooks viable. Maps CLOB appchains (Hyperliquid, Bullet, Lighter, Paradex, Hibachi) and onchain CLOBs (GTE, Nitro, Monaco, Fuel, Aptos).MapPerpsDeFiHyperliquid

19 Jun 2025Leaderboard watchlist: Fuel, Sei, Boundless, Union, Allora, Paradex and moreExplains the thesis behind each project the author yaps on: FuelVM's UTXO/account hybrid, GigaSEI scaling, Boundless proof marketplace, Union's aggregate ZK proofs, Allora, Paradex, Openledger and MegaETH.BreakdownL1/L2ZKAI

18 Jun 2025The Ultimate ZK Infrastructure Landscape: 64 projects across 8 verticalsMaps 64 ZK projects across zkVMs, universal proving, verification and aggregation, zkEVMs, app-specific rollups, hardware acceleration, ZK privacy and zkTLS.MapZKL1/L2Privacy

16 Jun 2025CLOB Wars Line-Up 2.0: 26 onchain orderbook projects mappedUpdated community-sourced landscape of CLOB venues across L1s and L2s, each with its architecture, from Hyperliquid's HyperCore to Monad, Sui, Aptos, Cosmos and Solana projects.MapPerpsDeFiL1/L2

2024 1

25 Jul 2024Modular apps landscape: live applications on rollups and L3sList of about 25 real applications built on modular infrastructure, grouped by stack (OP stack with Celestia, Starknet, zkSync ZK stack, Arbitrum Orbit, Initia), heavy on perp DEXs, gaming and NFT chains.MapL1/L2PerpsDeFi

Often covered with

Lighter21 Hyperliquid113 Bullet33 A1 Research39 Monaco18 Starknet39 edgeX7 Aster7

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