March 22, 2023
- Unified Markets combines Paradigm’s most popular products, RFQ and Complex Order Books, in a single user interface
- Paradigm users can now build and manage auctions for any asset, instrument or strategy all from a single screen
- New features such as tabs, filters and pin-able markets enable users to build custom market views and prioritize the markets they care about most
- Refactored back-end infrastructure to improve scalability and performance for RFQs
Paradigm’s mission is to bring institutional-grade liquidity to the crypto derivatives trading ecosystem, and in August 2019 we introduced Request for Quote (“RFQ”) functionality to the crypto options markets. For the first time, traders were able to source on-demand liquidity for large-sized and multi-leg options trades and since then Paradigm RFQ has become the industry standard RFQ.
Over the past few years, Paradigm RFQ was upgraded from single to multi-dealer, enabling traders to source liquidity from one or more counterparties, and subsequently launched the ability to generate complex order books on demand. The combination of RFQ and complex order books has provided crypto traders with critical market infrastructure and access to deeper liquidity than available solely on exchange order books, and now handles 36% of global crypto options flows.
Today, we are thrilled to announce the launch of Unified Markets, Paradigm's newest innovation which combines its two most popular products, RFQs and complex order books, into a single unified interface. Unified Markets offers a one-stop-shop for traders to view, manage, and execute their trades seamlessly.
RFQ - Instantly get two-sided quotes from liquidity providers for large-size and complex, multi-leg strategies. Any strategy. Any size. Trade visibly or anonymously
Complex Order Books - Generate on-demand complex order books for any strategy. Hit the bid, lift the offer or improve your price by resting a limit order
Unified Markets features several new pieces of functionality designed to optimize trader workflows:
Unified Market View
Manage all your active markets (RFQ & Complex Order Books) from a single screen!
Tabs and Filters
Leverage Tabs and Filters to create custom market views across venues, auction types (RFQ, Complex Order Books), currencies (BTC, ETH, etc), and, coming soon, by strategy (Call Spread, Call Fly, etc).
Custom Market Builder
Use the Unified Markets custom Market Builder to generate RFQs or Complex Order Books for frequently used strategies (such as spreads, combos, etc.) or build custom strategies all within a single, user-friendly interface.
Finally, the Unified Markets release includes refactored back-end infrastructure for Paradigm’s RFQ product designed to improve scalability and performance. This will enable Paradigm to add new assets, instruments and venues faster and more efficiently than ever before.
1 Percentages are calculated based on the number of Paradigm trade executions. Execution stats reflect the last 6 months of Paradigm platform activity.
2 Market share measured as a percentage of Deribit total options trading volume.