# Paragon OTHERS Notional trading volume Methodology

## 1. Overview

This page covers the OTHERS market (`para:OTHERS`) on Paragon, one of the markets deployed under the `para` namespace on Hyperliquid HyperCore. The calculation is identical across all Paragon markets; the figures on this page are scoped to the OTHERS market.

Notional trading volume is measured as the total value of perpetual swap contracts executed on Paragon products, such as `para:TOTAL2` and `para:OTHERS`. This metric is utilized as a primary indicator of protocol adoption and liquidity, as trading fees are typically calculated as a percentage of the total value of executed trades. TradeXYZ Perps is operated as a dedicated ecosystem within the Hyperliquid infrastructure, with all transactions settled on the HyperCore blockchain.

## 2. Data sources

- **Blockchain events**: Fill and trade data from HyperCore, covering the HyperCore chain
- **External data**: End-of-day price feeds derived from on-chain mark prices

## 3. Step-by-step calculation

### Component A: Paragon Perps trade identification

- **Purpose**: Identify trades specifically attributed to the Paragon ecosystem
- **Logic**: Transactions are filtered from HyperCore fill and trade data by identifying assets that carry the `para:` prefix in the `coin` field. This prefix is used to signify markets registered under the Paragon namespace according to the HIP-3 specification.
- **Key fields**: `coin`, `block_timestamp`

### Component B: Taker-side fill extraction

- **Purpose**: Ensure each matched trade is counted only once to prevent internal double-counting
- **Logic**: Fills are filtered to include only those where the `crossed` field is set to `true`. The taker side of every transaction is identified by this field, ensuring that the volume represents the actual value of matched orders rather than the sum of both the maker and taker sides of the same trade.
- **Key fields**: `crossed`, `size`

### Component C: Asset pricing and USD normalization

- **Purpose**: Determine the USD value of traded assets at the time of execution
- **Logic**: End-of-day mark prices are established by identifying the latest fill price for each asset across both fill and trade data within a UTC day. Because Paragon Perps markets are USDC-settled, the on-chain fill prices are utilized directly as USD values without requiring external price-feed joins.
- **Key fields**: `price`, `token`

### Component D: Notional volume aggregation

- **Purpose**: Calculate the total daily value of all trades in USD
- **Logic**: Daily notional volume is calculated by multiplying the total size of taker-side fills by the corresponding end-of-day mark price for each asset. These values are summed across all registered markets to produce the total daily protocol volume. Data is aggregated with a daily granularity using UTC day boundaries.
- **Key fields**: `size`, `eod_price_usd`

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

Total USD value of derivative contracts executed on the protocol.

Notional trading volume

Derivative markets

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.

OTHERS PerpetualOTHERS

Notional trading volume

Notional trading volume