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.

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.

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.

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Derivative exchanges

Paragon

# Paragon Active users (daily) Methodology

## 1. Overview

Active users (daily) measures the number of unique addresses that execute revenue-generating trades on Paragon products, such as `para:TOTAL2` and `para:OTHERS`. This metric captures both makers and takers participating in perpetual swap markets deployed via the Paragon protocol. User activity is identified through trade fill events on the Hyperliquid blockchain, specifically targeting markets registered under the Paragon namespace.

## 2. Data sources

- **Blockchain events**: `node_fills` data from HyperCore contracts, covering Hyperliquid

## 3. Step-by-step calculation

### Component A: Trade fill extraction

- **Purpose**: Identify all trading activity occurring on Paragon-deployed markets
- **Logic**: Trade fill data is parsed from HyperCore contracts on the Hyperliquid blockchain. Markets are filtered to include only those where the asset symbol carries the `para:` prefix, which signifies a market deployed by the Paragon protocol. Trader addresses are extracted from the account fields of these fill events, capturing participants on both the maker and taker sides of every matched trade.
- **Key fields**: `account_address` (trader identification), `coin` (market identification), `block_timestamp` (timing)

### Component B: Daily unique address aggregation

- **Purpose**: Calculate the total count of unique participants per day
- **Logic**: The extracted trader addresses are aggregated and deduplicated to determine the number of unique active users. This count is calculated over fixed 24-hour windows. Daily granularity is maintained using UTC day boundaries.
- **Key fields**: `trader_address` (unique identifier), `block_timestamp` (temporal grouping)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique revenue-generating users over a fixed 24-hour window.

Paragon

Active users (daily)

Active users (daily)

Competitive landscape