# Paragon

> Track Paragon's fees, revenue and active users with daily on-chain data. Compare Paragon with other derivative exchanges. See charts and datasets in one place.

Source: [Paragon on Token Terminal](https://tokenterminal.com/explorer/projects/paragonperps). This page has no metric values. For current values, use the [Token Terminal API](https://tokenterminal.com/docs/api-reference/introduction) or the [MCP server](https://tokenterminal.com/docs/mcp/introduction).

- Sectors: Derivative exchanges
- Chains: hypercore

## About

### What it is

Paragon offers USDC-settled perpetual contracts on crypto index and basket products (BTC dominance, TOTAL2, OTHERS) and AVGO. All 4 markets are deployed under the HIP-3 `para` namespace and execute on Hyperliquid's HyperCore order book.

### Who uses it

Paragon is a HIP-3 (builder-deployed perpetuals) deployer on Hyperliquid, deployed by wallet 0x8888888c43cbb7e1c4132542e46831bffd866ed3. Paragon is operated as a private company; no token has been issued.

### How it works

Paragon earns a deployer share of trading fees on the perpetual markets it has deployed under Hyperliquid's HIP-3 framework. Markets execute on Hyperliquid's HyperCore L1 order book; it does not operate its own matching engine. The default HIP-3 fee split allocates 50% of each user-paid fee to Hyperliquid and 50% to the deployer; deployerFeeScale is 1.0, so the standard split applies.

## Metrics

Token Terminal tracks these metrics for Paragon daily. Each page has a chart with the full history.

- [Notional trading volume](https://tokenterminal.com/explorer/projects/paragonperps/metrics/notional-trading-volume)
- [Open interest](https://tokenterminal.com/explorer/projects/paragonperps/metrics/open-interest)
- [Fees](https://tokenterminal.com/explorer/projects/paragonperps/metrics/fees)
- [Supply-side fees](https://tokenterminal.com/explorer/projects/paragonperps/metrics/fees-supply-side)
- [Revenue](https://tokenterminal.com/explorer/projects/paragonperps/metrics/revenue)
- [Active users (daily)](https://tokenterminal.com/explorer/projects/paragonperps/metrics/user-dau)
- [Active users (weekly)](https://tokenterminal.com/explorer/projects/paragonperps/metrics/user-wau)
- [Active users (monthly)](https://tokenterminal.com/explorer/projects/paragonperps/metrics/user-mau)
- [Core developers](https://tokenterminal.com/explorer/projects/paragonperps/metrics/active-developers)
- [Code commits](https://tokenterminal.com/explorer/projects/paragonperps/metrics/code-commits)
- [Trade count](https://tokenterminal.com/explorer/projects/paragonperps/metrics/trade-count)
- [Average fees per user (AFPU)](https://tokenterminal.com/explorer/projects/paragonperps/metrics/afpu)
- [Average revenue per user (ARPU)](https://tokenterminal.com/explorer/projects/paragonperps/metrics/arpu)
- [Take rate](https://tokenterminal.com/explorer/projects/paragonperps/metrics/take-rate)

## Links

- [website](https://paragon.trade/)
- [github](https://github.com/N8V-Labs)