PARAGON ANNOUNCES FIRST CRYPTO-NATIVE PERPETUAL INDEX MARKETS GO LIVE ON HYPERLIQUID

Paragon Brings BTC Dominance, TOTAL2, and OTHERS to Traders as Perpetual Futures With Up to 50x Leverage, Filling a Gap in Crypto Trading Analytics

NEW YORK, April 2, 2026 /PRNewswire/ -- Paragon, a HIP-3 market infrastructure deployer on Hyperliquid, today announced the launch of the first crypto-native perpetual index markets. These new index futures allow traders to go long or short widely followed analytical benchmarks such as BTC.D, Bitcoin's share of the total crypto market value, TOTAL2, the total market capitalization of all cryptocurrencies excluding Bitcoin, and OTHERS, the market cap of altcoins. Built on Hyperliquid's infrastructure, Paragon offers up to 50x leverage.

"Crypto traders have been tracking charts like Bitcoin dominance and TOTAL2 for almost a decade, but they've never been able to trade them directly," said Taha El-Magbri, Founder of Paragon. "These indices shape how traders understand market cycles and capital rotation between Bitcoin and altcoins. Paragon creates real buy and sell buttons for the front of mind ideas that form narratives. We're transforming ideas into instruments, starting with the tickers that already live on traders' watchlists."

Paragon raised an undisclosed seed round from a group of venture funds and angels, including early Hyperliquid ecosystem participants. Paragon founder, El-Magbri, previously sold his product studio to Galaxy Digital with his business partner in 2025. Before that, he was an investor on Wall Street, most recently at ITE Management, where he focused on industries that use derivatives to hedge commodity and interest rate risk.

Paragon is directly accessible anywhere Hyperliquid lives, including desktop, mobile, and API, via HIP-3, a permissionless network upgrade that enables the creation of perpetual futures markets. By pairing standardized index methodologies with high-frequency data feeds, Paragon can turn almost any measurable idea, benchmark, or headline into a tradeable instrument, while inheriting Hyperliquid's deep liquidity and low-latency order matching. Paragon selected USDC, a fully-reserved dollar-denominated stablecoin, as the quote asset for frictionless liquidity.

"Paragon is developing exactly the kind of products we envisioned when we first recognized the potential of HIP-3," said Sunny Shi, Lead Investor at Syncracy Capital. "While HIP-3 deployments to date have largely focused on asset classes outside of crypto, crypto-native indices such as OTHERS and BTC.D represent compelling trading instruments that are particularly well suited to the perpetual form factor."

Paragon has staked 500,000 HYPE (~$19 million at the time of writing) in order to deploy these markets on Hyperliquid.

Find out more about Paragon here: Paragon.trade
Begin trading on Hyperliquid here: app.hyperliquid.xyz

About Paragon

Paragon is a crypto-native market infrastructure project built by N8V Labs and deployed on Hyperliquid. Paragon creates canonical methodologies for widely followed crypto and macro narratives, turning those ideas into live perpetual futures markets. By transforming mental models, indicators, and front-of-mind discourse into tradeable instruments, Paragon expands the toolkit available to investors and traders, defining the standard for a new generation of onchain markets.

SOURCE Paragon