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.
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

Application

Creating a New Group (no RFQ functionality)

1

Click the create icon at the right of the Search Bar

2

Select New Group from dropdown

3

Type in a desired name for group

4

Enter/select all users for group

5

Click Create

6

You will see the group created and appear within the right hand sidebar list

7

This group is merely for communicating (no RFQ functionalities)

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 DO Put button is created in the channel ribbon. This is where all trade buttons will be saved

Adding Options Button

1

In the Trade Channel, click the “+” icon

2

Select intended product from drop-down (i.e. options or futures)

3

Pop-up window will open, to configure Venue, Product and Strategy

4

A Strategy Syntax Example populates below for reference

5

Click Add

6

The Trade Button will be added to your channel’s ribbon

Sending an Option RFQ

1

Click a trade button to populate required syntax in the text window

2

They typed RFQ text should match the accepted syntax for each strategy (reference found here)

3

The typed RFQ text should match the accepted syntax for each strategy.

4

Send the message by clicking Enter

5

User may also manually type the RFQ instead of using the trade button, but must follow the syntax rules as described above

6

Text will be converted to an RFQ message and sent to the counterparty, visibile in the chat (via TradeBot)

7

You can cancel your RFQ by clicking the “Cancel” button (or “Re-price” once expired)

Responding to an RFQ

1

Upon receiving the RFQ, Maker clicks the Quote button

2

Quoting syntax will appear in the text window below

3

Type your two way market (with ”/” between bid and offer)

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