Paradex Surpasses $250M Options Open Interest with Paradigm Integration

Paradex's options open interest has surpassed $250 million following its integration with Paradigm's request-for-quote liquidity network in early September. This milestone is largely attributed to the increased trading volume on the platform, which saw a 2.6x increase in options open interest within four days of the integration.

Paradigm operates one of the largest options RFQ networks in crypto, handling hundreds of millions to over $1 billion in daily options volume during peak periods. The network allows traders to execute multi-leg options strategies on-chain for the first time, with daily notional options volumes settling into a range of $14.5 million to $17.6 million.

The platform also logged a record single ETH options trade worth $15.76 million, executed at a premium cost of $45,220, roughly 0.29% of notional value. This is reportedly lower than what traders typically pay on Deribit, the centralized exchange that dominates crypto options by a wide margin.

Paradex's perpetual futures business has been volatile in the past, with open interest peaking in the $500 million to $800 million range at the start of 2026 and later cratering to around $10 million to $20 million. However, the recent integration with Paradigm's RFQ network has flipped this trend, with options now accounting for the overwhelming majority of the platform's total open interest.