TL;DR

🚀 April Highlights:

• Paradex: $4.4B in volume, including $600M in options as we leave perp options closed beta
• Paradigm: $26B traded and 31% market share

Momentum

Momentum remains strong, with $26 billion traded at Paradigm (31% market share) and $4.4 billion at Paradex. Perpetual Options volumes, DAUs and OI are on the rise as we leave perp options closed beta. We will recap market catalysts and key options flows thoroughly in the Markets section.

Paradex Key Performance Metrics

April didn't slow down.🔥📈 Paradex clocked in $4.38B in total volume with a sharp $187M ADV. 8,643 users stayed active, OI climbed to $47M, and TVL hit $53.9M. Another 16M XP earned — we're just getting started.

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New Market Listings

April was busy — we rolled out 5 new perp markets, now sitting at 90 in total. Trade ideas? You've got options. 🎯

• INIT-USD-PERP
• ZORA-USD-PERP
• HYPER-USD-PERP
• PAXG-USD-PERP
• WCT-USD-PERP

Perpetual Options

Paradex launched perpetual options in April—and it's already cooking.🔥

Despite being fresh out the gate, it's pulling ~$20M in daily volume, showing solid appetite from traders who want exposure without expiry or time decay. If you haven't tried it yet… What are you waiting for?

Start trading Perpetual Options here

Bounce Back

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Risk assets recovered as a pause on tariffs was announced, notwithstanding the mixed signals from the administration on the matter. As spot went higher impleds bled and realizeds followed suit (Chart 2). Skew flipped back to calls. Flows were mixed with both calls and puts bought.

The last week of April saw further upside with calls lifted from 95k to 135k strikes. Cantor Fitzgerald, SoftBank, Tether, and Bitfinex announced a partnership to launch a bitcoin acquisition vehicle called Twenty One Capital, following a MicroStrategy-style playbook.

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Top 10 BTC Structures on Paradigm:

1. 1227x 25-Apr-25 100000 Call bought
2. 1215x 25-Apr-25 95000 Call bought
3. 1215x 25-Apr-25 60000 Put bought
4. 1175x 25-Apr-25 80000 Put bought
5. 1162x 30-May-25 100000 Call bought
6. 1000x 26-Sep-25 80000/100000 Bear Risk Reversal bought
7. 900x 11-Apr-25 86000 25-Apr-25 86000 Call Calendar sold
8. 900x 27-Jun-25 135000 Call bought
9. 900x 25-Apr-25 84000 Call bought
10. 881x 25-Apr-25 70000 Put sold

Top 10 ETH Structures on Paradigm:

1. 43506x 2-May-25 2000 Call bought
2. 12000x 18-Apr-25 1800 27-Jun-25 1800 Call Calendar bought
3. 10000x 27-Apr-25 1675 Put bought
4. 10000x 4-Apr-25 1850/1750 Put Spread sold
5. 9000x 4-Apr-25 1700 Put bought
6. 8000x 25-Apr-25 1800 Put bought
7. 8000x 4-Apr-25 1800 18-Apr-25 1800 Call Calendar bought
8. 7250x 10-Apr-25 1450 Put bought
9. 6250x 27-Jun-25 1600/2000 Call Spread bought
10. 6250x 26-Sep-25 1600/2000 Call Spread bought

Top 10 SOL Structures on Paradigm:

1. 70000x 11-Apr-25 110 Put bought
2. 30000x 11-Apr-25 110 30-May-25 90 Put Calendar sold
3. 25000x 11-Apr-25 108 Put bought
4. 25000x 18-Apr-25 136 Call bought
5. 15000x 30-May-25 140 Call bought
6. 15000x 30-May-25 140 Call sold
7. 10000x 30-May-25 150 Call bought
8. 10000x 25-Apr-25 150 Call sold
9. 10000x 30-May-25 130 Call bought
10. 10000x 25-Apr-25 130 Call sold

Stay informed and engaged with us through "Paradigm Edge" and "Paradex" Telegram channels — your go-to resources for navigating this ever-changing crypto derivatives landscape.

Thanks for reading our Monthly Brief!

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Sincerely,
The Paradigm Team 💜