Paragon vs trade.xyz

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

trade.xyz leads on the only live benchmark. trade.xyz wins on Hyperliquid HIP-3 deployer revenue leaderboard ($105.1K vs $278.75).

Read methodology Last measured Tue, 25 Aug 2026 18:50:35 UTCWindow: rolling 24h1 shared benchmark

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.

trade.xyz

trade.xyz operates the largest HIP-3 builder-deployed dex on Hyperliquid: 70+ tokenized US equity, index, and commodity perp markets under the xyz namespace, collecting a deployer fee on every fill.

Side by side measurements

Hyperliquid HIP-3 deployer revenue leaderboard

Trading

Provider	Deployer fees collected	Volume routed	Users 24h	Markets 24h	Effective fee bps	Time since last fill
Paragon	$278.75	$9.62M	384	22	0.0029%	1.2 min
trade.xyz	$105.1K	$5.27B	20.6K	101	0.0020%	1.0 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

Paragon vs trade.xyz: which one is better?

Paragon and trade.xyz are compared on 1 shared OpenChainBench benchmarks. trade.xyz leads on Hyperliquid HIP-3 deployer revenue leaderboard. See the live table on this page for every metric.

Which is cheaper, Paragon or trade.xyz?

On the Hyperliquid HIP-3 deployer revenue leaderboard benchmark, trade.xyz leads at $105.1K versus Paragon at $278.75. Live measurement is updated continuously by the OpenChainBench harness.

How is the Paragon vs trade.xyz 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.