The short answerParadex comes out of institutional derivatives infrastructure and shows it: roughly 0.01% maker and 0.03% taker, a properly built API, cross-margin, and its own Starknet appchain. It remains early, with liquidity concentrated in a few markets and sequencing controlled by the team.
Best forCross-margin perps on a dedicated zk rollup
Risk engine & liquidationsweight 25%
7.0avg 7.0
Depth & slippageweight 20%
6.0avg 6.7
Funding & feesweight 20%
8.5avg 7.6
Security recordweight 20%
7.5avg 7.5
Transparencyweight 15%
7.0avg 7.3
this service category average across 15Score = Σ mark × weight. Works well for a specific use case, weaker outside it. Methodology.
| Criterion | Mark | What we found | Source | Checked |
|---|
| Risk engine & liquidations | 7.0 | not sourced yet | not sourced yet | — |
| Depth & slippage | 6.0 | not sourced yet | not sourced yet | — |
| Funding & fees | 8.5 | not sourced yet | not sourced yet | — |
| Security record | 7.5 | not sourced yet | not sourced yet | — |
| Transparency | 7.0 | not sourced yet | not sourced yet | — |
What we liked, and what fell short
Liked- Very low fees with a professional-grade API
- Dedicated appchain gives control over latency and settlement
- Clean record since launch
Fell short- Depth is thin outside the largest markets
- Sequencing and upgrades remain team-controlled
Why the marks landed where they did
Paradex was spun out of Paradigm, the institutional derivatives liquidity network, and it is built for people who trade professionally rather than for retail acquisition. The fee schedule, the API design and the margin engine all reflect that origin.
Architecture
Paradex runs a dedicated appchain built on Starknet technology, which gives it control over block times, fee policy and settlement rather than competing for space on a general-purpose chain. Orders match off-chain with on-chain settlement, and cross-margin spans the account. Withdrawals settle to Ethereum through the rollup's bridge.
Costs and product
Roughly 0.01% maker and 0.03% taker at the entry tier is among the cheapest available anywhere, and the venue supports perpetuals across a growing market list with options infrastructure in development. Funding is standard. For a market maker, the combination of low fees and low latency is the pitch.
Where it is early
Liquidity is concentrated in BTC and ETH; other markets are thin. Sequencing and upgrade keys sit with the team, which is normal at this stage and remains a real trust assumption. The chain itself is young and has not been through a sustained stress event with significant open interest.
Who should use Paradex
Professional traders and market makers who want low fees and a serious API, and who can work with the depth available. Retail traders will find Hyperliquid deeper and more approachable. Watch the liquidity trend rather than the fee schedule when deciding whether it has arrived.
FAQ
Who is behind Paradex?+
It was spun out of Paradigm, the institutional derivatives liquidity network, which is reflected in its API, margin engine and fee structure.
What are Paradex's fees?+
Around 0.01% maker and 0.03% taker at the entry tier — among the lowest in on-chain derivatives.
Is Paradex decentralised?+
It settles on its own Starknet-based appchain with an Ethereum bridge, but sequencing and upgrades remain team-controlled, which is a meaningful trust assumption.
How is Paradex's liquidity?+
Concentrated in BTC and ETH, thin elsewhere. It is a venue in the process of building depth rather than one that has it.
