HyENA vs Paragon

Name: HyENA vs Paragon OpenChainBench measurements
Creator: OpenChainBench
License: https://creativecommons.org/licenses/by/4.0/

HyENA vs Paragon on 1 shared OpenChainBench benchmark, awaiting live measurements.

Read methodology Last measured Mon, 24 Aug 2026 03:16:35 UTCWindow: rolling 24h1 shared benchmark

HyENA

HyENA is a USDe-margined perp dex on Hyperliquid built by the Based team with Ethena support, running under the hyna HIP-3 namespace.

Paragon

Paragon turns crypto-native indices (BTC dominance, TOTAL2, OTHERS) into perpetual futures on Hyperliquid under the para HIP-3 namespace, settled in USDC with cross-margin.

Side by side measurements

Hyperliquid HIP-3 deployer revenue leaderboard

Trading

Provider	Volume routed	Users 24h	Markets 24h	Effective fee bps	Time since last fill
HyENA	$16.32M	130	17	0.0015%	2.8 min
Paragon	$9.31M	349	20	0.0036%	4.5 s

Ranking is by raw deployer fee revenue in USD, not by value for traders. Bigger number means more fees collected via the on-chain deployerFee field on the dex's namespaced markets. For the trader cost perspective, switch to the Effective fee bps companion tab. Core Hyperliquid markets (no namespace) carry no deployer fee and are excluded. Every namespace is matched to its operating team via the on-chain perpDexs registry (deployer address and full name are public).

Frequently asked questions

HyENA vs Paragon: which one is better?

HyENA and Paragon are compared on 1 shared OpenChainBench benchmarks. See the live table on this page for every metric.

How is the HyENA vs Paragon comparison measured?

Every benchmark on this page uses the same open methodology, published at https://openchainbench.com/methodology. Data is CC-BY-4.0. Measurement harnesses are MIT-licensed.

How this pair was selected

Auto-generated pairs require: both providers in the same benchmark for seven consecutive days, at least 1000 samples per provider, observable third-party search demand, and a public /products/[slug] page on OCB. Editorially curated pairs (like this one) may publish early when search demand is high and data is accruing — panels with fewer than 100 samples are shown as provisional. The full pair ledger is versioned in the public repo.