Back

Getting Started

A Paradigm account gives you access to connect and trade with other professional traders in the digital asset space, while automating workflow across multiple exchanges.

Register Account

1

After requesting access through our Paradigm Signup Page, you will receive a Welcome to Paradigm email

2

In your email, click either the macOS or Windows link to download the application. Or you can register/login here: https://fe.chat.paradigm.co/

3

Once installed, click the Sign Up link at top of application

4

Enter registration code given in the welcome email, along with all relevant information

5

Accept Terms on next screen

6

Click Get started

Dashboard

Desk Setup

1

Log in to your Paradigm Web Dashboard using your Paradigm login credentials

2

On the Desk Management Page and Profile tab, click the Create icon

3

Search for user names and set desired account levels from the drop-down menu for each member (Account level permissions are explained by hovering over the “?” icon, next to Account Type column)

Discovery and Product

1

In this section you will see venues that are enabled for your account

2

On the right hand side, click the three dots and “Edit”

3

Add your desired Active Products for that venue

4

Check the “Display Maker Rank” if you want to make you rank public

Note: You can still be discoverable and chose not to show your rank
5

Save

6

Toggle “Discoverability” on/off if you want these setting to be public

Counterparty Management

1

This section shows a full directory of all counterparties on Paradigm

2

Toggle “Status” on/off for the desired counterparty you want to approve

  1. When a counterparty is approved, you can open that trade channel in the Paradigm application.
  2. When a counterparty is turned off, any existing trade channels with that counterparty will be closed and cannot reopen.
Product Level Settings

RFQ Settings

1

To edit RFQ settings, select the RFQ tab within top header

2

RFQ Settings (Maker)

  1. Toggle Maker Functionality on/off to allow your desk the ability to respond to RFQs
  2. Settings are on a product level. chosen from the drop-down menu
3

Manual RFQ

  1. Edit RFQ settings separately for each product by using the Product dropdown. Select Edit for pop-out window to set Max Size and Execution Window for each product
  2. Use the Toggle functionality to enable/disable Manual RFQ at any time
*Currently Maker Functionality and Manual RFQ will toggle together.

Venue Account Credentials

1

Log into your Deribit account

2

Go to My Account and click the API tab

3

Click Add a new key

4

In the pop-up window, the block trade field must be set to “read_write” while everything else can be personal preference

*Note: This is a new setting made available by Deribit, specifically for block trades. This key will not give us access to your account information. Instead, it only allows Paradigm the ability to submit block trades on a user's behalf.
5

Click Add a new key

6

On your Paradigm Dashboard, select Account tab under Product Management: Deribit

7

Click "+"

8

Enter a nickname for the Key. Input your Deribit API credentials (i.e. Access Key and Access Secret) you just created

9

Click Add

10

You can add multiple Deribit API keys to your Paradigm Dashboard, then toggle between keys for trading/clearing in that selected Deribit (sub)account

1

On your Paradigm Dashboard, select Account tab under Product Manament: CME Group

2

Click "+"

3

Enter a nickname for the specified clearing credentials. Input your Executing Firm# and Account Name

4

You find a list of Clearing Firm #s here for reference, but please confirm with your Clearing Firm

5

Ask your Clearing Firm to enable Paradigm as a ISV

6

Once permissioned, will be able to see your avaible Trader IDs from the Clearing Account configuration

7

In the Trader IDs tab, toggle on the Trader ID you want active

1

Log into your Bit.com account

2

Go to API

3

Click Create API

4

In the form Bind IP address must be set to "No" and the "block trade" checkmark must be checked while everything else can be personal reference

5

Click Create

6

On your Paradigm Dashboard, select Account tab under Product Management: Bit.com

7

Click "+"

8

Enter a nickname for the Key. Input your Bit.com API credentials (i.e. Access Key and Access Secret) you just created

9

Click Add

10

You can add multiple Bit.com API keys to your Paradigm Dashboard, then toggle between keys for trading/clearing in that selected Bit.com (sub)account

Application

Creating a Trade Channel (includes RFQ functionality)

1

Click the create icon at the right of the Search Bar

2

Select New Trade Channel from dropdown

3

Search for desired Counterparty Name

  1. For a counterparty to appear as Approved, both desks need to add each other to their Dashboard's Approved list
4

Select the counterparty name

5

Click Invite button

6

You will see trade channel created in right hand side menu

  1. All members of both desks are added to the Trade Channel
  2. To add or remove a member from the Trade Channel, click the name in top left of the channel's window
7

By default a CF Future, DO Put, BTC Future and OG Put buttons are created in the channel ribbon. This is where all trade buttons will be saved.

Sending an RFQ

1

Click blue “RFQ” button in any trade channel

2

Select choices from each drop-down: Venue, Product, Structure, Account

3

As those combinations are selected, the structure will populate a Strategy Details table to input RFQ details: Expiry, Strike, Contracts

  1. The “Action” column for each option leg in pre-defined strategies, are set to be presented from the Buyer’s Perspective and is represented from the sign of the “Ratio” column. This “Action” does not indicate intention of execution. Execution occurs after price response from Maker, and means the following:
  1. "Buying" the strategy (lifting the Maker's offer) will result in executing each leg in the same direction as per it's Action entered in the Strategy Details table
  2. "Selling" the strategy (hitting the Maker's Bid) will result in executing each leg in the opposite direction of it's Action entered in the Strategy Details table
  1. Expiry and Strikes are the listed contracts available for the product selected
  2. All product quantities are entered in terms of # of contracts. A full summary of contract multipliers for each venue here.
4

You can toggle on the “Add Hedge” function, in order to add future leg(s) with the option structure. Follow the next section on those details.

5

Click “Save Strategy” to add it as Quick Trade Button to that Trade Channel

6

Click “Submit RFQ” to send notification to Trade Channel Counterparty

Add Hedge Toggle

1

To Hedge an option structure, toggle the “Add Hedge” function to on

2

Based on your pre-defined structure, either one or two future legs will be added to the Strategy Details table

  1. If it is a structure that only has one option expiration, then one future leg will be added
  2. If it is a structure that has two option expirations (i.e. Calendar Spreads), then two future legs will be added to hedged deltas in each option expiration
3

Complete the following fields: Action, Expiry, Leg Price and Contracts

  1. Action for the future leg can be set to either BUY or SELL in a manner that hedges the constructed options strategy. (Example given in our blog)
  1. Since the constructed strategy is always from a Buyers perspective, the action on the Futures leg hedges the "Buyers" perspective of the constructed options strategy.
  2. However for every RFQ there will be two prices quoted by the responding counterparty. It is therefore important to note that "Buying" the strategy (lifting the Maker's offer) will result in executing each leg, including the Futures leg, as per it's Action displayed in the Strategy Details table at the time the RFQ was constructed
  3. Conversely, "Selling" the strategy will result in executing each leg in the opposite direction of the Action displayed in the Strategy Details table at the time the RFQ was constructed
  1. Expiry is the future contract expiration
  2. Leg Price is the price of the future where the option structure is hedged
  3. All product quantities are entered in terms of # of contracts. A full summary of contract multipliers for each venue here.
    4

    If you would like to remove one or multiple future legs, you can click the red “x” on the far right of that row or toggle “Add Future” function to “off”

    Responding to an RFQ

    1

    Upon receiving the RFQ, Maker clicks the Quote button

    2

    Quote Details modal will popup

    3

    Enter the quote either by Leg Prices or Two-Way

    4

    Your market will be parsed into the TradeBot RFQ message

    5

    Market will only be live for the time set on Maker's dashboard, then the quote expires

    6

    If the Taker does not interact with the quote before the timer completes, then the quote will expire and become inactive

    7

    Anyone on the Maker Desk can cancel the Maker quote by clicking the Cancel button

    Agreeing on a Price

    1

    When you agree on a price the party who initiated the RFQ (Taker) can click the Buy or Sell button, before timer completes

    2

    The Taker will get an additional confirmation pop-up window to confirm the agreement details

    3

    Once the intended action is clicked in Confirm window, the agreement is complete

    4

    A Recap of agreement details are displayed via TradeBot within the conversation window for both parties

    *Note: Either party can cancel RFQ/quote at anytime before the price agreement is completed by clicking “Cancel” button

    Post Agreement Audit Trail

    1

    Clearing on Deribit

    1. Once an Agreement is complete, details are auto-submitted to Deribit for clearing
    1. For spreads and combinations, Paradigm generates individual leg prices
    1. These prices are displayed on your Blotter under Leg Price column
    2. To view how prices are calculated, please see Paradigm Leg Price Assignment Methodology
    1. Deribit performs order and credit checks before executing and clearing every trade
    2. After these Deribit checks are complete and successful, the block trade will appear in your Deribit account’s Trade History
    2

    Email Recaps

    1. Automated emails are sent to all members on both Desks of the trade, with full agreement details
    3

    Blotter

    1. All agreement details are displayed in the product’s Blotter page
    1. Including live settlement status on the respective clearing venue