2016
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Paradigm Session Recap October 20
Today Paradigm registered a new record single trade of $2.3B. A 28k BTC notional custom structure
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Total Notional Volume: $2,502,481,600.81
• Options Volume: $2,474,169,860.81 (98.9%)
• Futures Volume: $28,311,740.00 (1.1%)
Total Trades: 63 executed
Crypto Majors:
• BTC: $82,883.00 (+1.7% 24h | -0.8% 7d) | DVOL: 36.9 (-0.5 pts 24h | -1.4 pts 7d)
• ETH: $2,445.05 (+2.4% 24h | -2.6% 7d) | DVOL: 52.3 (+0.4 pts 24h | +0.8 pts 7d)
Volume Breakdown by Asset:
• BTC: 29,987.77 BTC ($2,486,040,025.56) — 99.3% (33 trades)
• ETH: 6,536.00 ETH ($15,641,365.77) — 0.6% (25 trades)
• XRP: 600,000.00 XRP ($774,000.00) — 0.0% (1 trades)
• SOL: 222.00 SOL ($23,089.48) — 0.0% (3 trades)
• HYPE: 40.00 HYPE ($3,120.00) — 0.0% (1 trades)
Venues: DBT: 100.0% | PRDX: 0.0% • Modules: DRFQ: 99.8% | OB: 0.2%
Greeks Taker Flows:
• BTC:
• Net Delta: -159.86 BTC ($-13,203,205.26)
• Cash Gamma (1% move): $-3,355,739.31
• Net Vega (1% IV): $-14,845.48
• Gross Traded Vega: $460,727.71
• ETH:
• Net Delta: -529.81 ETH ($-1,268,295.69)
• Cash Gamma (1% move): $-138,395.36
• Net Vega (1% IV): $-1,692.72
• Gross Traded Vega: $3,841.95
Tenor Distribution:
• 0-7 DTE: $29,725,004.7 (1.2%)
• 8-30 DTE: $2,375,065,146.0 (94.9%)
• 31-60 DTE: $8,232,911.7 (0.3%)
• 60+ DTE: $61,146,798.4 (2.4%)
• Perpetuals / Tied Hedge: $28,311,740.0 (1.1%)
TradFi Context:
• S&P 500: 7,712.57 (+0.3% 24h | -1.2% 7d)
• Nasdaq: 26,424.82 (-0.0% 24h | -2.9% 7d)
• VIX: 17.31 (-1.13 pts 24h | +2.04 pts 7d)
• Gold: $4,133.80 (-0.6% 24h | -1.0% 7d)
Paradigm Session Recap October 14
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Total Notional Volume: $350,116,555.74
• Options Volume: $344,610,285.74 (98.4%)
• Futures Volume: $5,506,270.00 (1.6%)
Total Trades: 173 executed
Crypto Majors:
• BTC: $81,629.50 (-2.3% 24h | -1.6% 7d) | DVOL: 39.1 (+0.9 pts 24h | +2.4 pts 7d)
• ETH: $2,420.70 (-3.5% 24h | -5.7% 7d) | DVOL: 52.6 (+1.1 pts 24h | +4.7 pts 7d)
Volume Breakdown by Asset:
• BTC: 3,366.27 BTC ($278,759,409.41) — 79.6% (115 trades)
• ETH: 29,086.30 ETH ($70,920,106.05) — 20.3% (51 trades)
• XRP: 300,000.00 XRP ($408,000.00) — 0.1% (1 trades)
• HYPE: 283.00 HYPE ($23,154.06) — 0.0% (3 trades)
• SOL: 56.00 SOL ($5,886.23) — 0.0% (3 trades)
Venues: DBT: 98.4% | PRDX: 1.6% • Modules: DRFQ: 94.4% | OB: 5.6%
Greeks Taker Flows:
• BTC:
• Net Delta: -132.94 BTC ($-10,930,260.79)
• Cash Gamma (1% move): $+7,272,762.54
• Net Vega (1% IV): $+33,484.52
• Gross Traded Vega: $217,532.93
• ETH:
• Net Delta: -2,293.37 ETH ($-5,579,401.56)
• Cash Gamma (1% move): $+1,287,150.34
• Net Vega (1% IV): $+36,897.80
• Gross Traded Vega: $63,717.69
Tenor Distribution:
• 0-7 DTE: $135,411,079.3 (38.7%)
• 8-30 DTE: $73,990,922.3 (21.1%)
• 31-60 DTE: $8,839,876.7 (2.5%)
• 60+ DTE: $126,368,407.3 (36.1%)
• Perpetuals / Tied Hedge: $5,506,270.0 (1.6%)
TradFi Context:
• S&P 500: 7,718.94 (-1.1% 24h | -1.1% 7d)
• Nasdaq: 26,692.87 (-1.9% 24h | -3.1% 7d)
• VIX: 16.87 (+1.60 pts 24h | +1.79 pts 7d)
• Gold: $4,129.00 (-1.2% 24h | -0.3% 7d)
Total Notional Volume: $217,421,998.01
• Options Volume: $214,118,320.57 (98.5%)
• Futures Volume: $3,303,677.44 (1.5%)
Total Trades: 232 executed
Crypto Majors:
• BTC: $81,839.50 (-2.5% 24h | -4.3% 7d) | DVOL: 37.7 (+0.4 pts 24h | +1.6 pts 7d)
• ETH: $2,445.90 (-4.5% 24h | -9.7% 7d) | DVOL: 51.9 (+1.2 pts 24h | +3.5 pts 7d)
Volume Breakdown by Asset:
• BTC: 1,612.95 BTC ($133,920,290.56) — 61.6% (134 trades)
• ETH: 33,249.45 ETH ($83,483,350.67) — 38.4% (92 trades)
• HYPE: 206.00 HYPE ($17,361.34) — 0.0% (5 trades)
• SOL: 9.13 SOL ($995.44) — 0.0% (1 trades)
Venues: DBT: 97.5% | PRDX: 2.5% • Modules: DRFQ: 92.6% | OB: 7.4%
Greeks Taker Flows:
• BTC:
• Net Delta: -14.15 BTC ($-1,131,929.87)
• Cash Gamma (1% move): $+1,127,296.06
• Net Vega (1% IV): $+19,717.63
• Gross Traded Vega: $124,678.38
• ETH:
• Net Delta: +12,318.48 ETH ($+30,868,892.55) [Bullish]
• Cash Gamma (1% move): $-5,021,166.68
• Net Vega (1% IV): $-43,346.15
• Gross Traded Vega: $45,013.40
Tenor Distribution:
• 0-7 DTE: $97,803,679.1 (45.0%)
• 8-30 DTE: $34,487,903.1 (15.9%)
• 31-60 DTE: $42,242,887.0 (19.4%)
• 60+ DTE: $39,583,851.3 (18.2%)
• Perpetuals / Tied Hedge: $3,303,677.4 (1.5%)
TradFi Context:
• S&P 500: 7,807.24 (-0.1% 24h | +0.4% 7d)
• Nasdaq: 27,245.90 (-0.4% 24h | -0.8% 7d)
• VIX: 15.21 (+0.37 pts 24h | -0.31 pts 7d)
• Gold: $4,197.30 (-0.5% 24h | +1.0% 7d)
Paradigm Session Recap October 7
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Total Notional Volume: $511,248,605.58
• Options Volume: $480,276,883.35 (93.9%)
• Futures Volume: $30,971,722.24 (6.1%)
Total Trades: 127 executed
Crypto Majors:
• BTC: $83,284.00 (-1.0% 24h | -0.1% 7d) | DVOL: 36.8 (+0.6 pts 24h | +1.5 pts 7d)
• ETH: $2,572.55 (-1.6% 24h | -3.9% 7d) | DVOL: 48.0 (+0.4 pts 24h | -1.4 pts 7d)
Volume Breakdown by Asset:
• BTC: 6,086.63 BTC ($506,848,192.64) — 99.1% (56 trades)
• ETH: 1,696.32 ETH ($4,398,924.39) — 0.9% (69 trades)
• SOL: 11.00 SOL ($1,306.80) — 0.0% (1 trades)
• HYPE: 2.00 HYPE ($181.76) — 0.0% (1 trades)
Venues: DBT: 98.8% | PRDX: 1.2% • Modules: DRFQ: 99.8% | OB: 0.2%
Greeks Taker Flows:
• BTC:
• Net Delta: +81.51 BTC ($+6,766,484.94)
• Cash Gamma (1% move): $+2,623,929.87
• Net Vega (1% IV): $+27,706.71
• Gross Traded Vega: $294,018.26
• ETH:
• Net Delta: +113.08 ETH ($+291,276.55)
• Cash Gamma (1% move): $-32,093.80
• Net Vega (1% IV): $-75.18
• Gross Traded Vega: $936.45
Tenor Distribution:
• 0-7 DTE: $80,955,866.9 (15.8%)
• 8-30 DTE: $330,701,097.6 (64.7%)
• 31-60 DTE: $23,948,431.1 (4.7%)
• 60+ DTE: $44,671,487.6 (8.7%)
• Perpetuals / Tied Hedge: $30,971,722.2 (6.1%)
TradFi Context:
• S&P 500: 7,801.77 (-0.2% 24h | +2.0% 7d)
• Nasdaq: 27,538.69 (-0.2% 24h | +2.5% 7d)
• VIX: 15.08 (+0.07 pts 24h | -1.26 pts 7d)
• Gold: $4,135.00 (-1.2% 24h | -1.2% 7d)
Paradigm Session Recap October 5
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Total Notional Volume: $290,596,968.99
• Options Volume: $277,064,736.01 (95.3%)
• Futures Volume: $13,532,232.98 (4.7%)
Total Trades: 178 executed
Crypto Majors:
• BTC: $85,808.50 (-0.5% 24h | +2.2% 7d) | DVOL: 36.1 (-0.4 pts 24h | +0.2 pts 7d)
• ETH: $2,711.10 (-0.6% 24h | -0.0% 7d) | DVOL: 48.4 (-1.3 pts 24h | -1.6 pts 7d)
Volume Breakdown by Asset:
• BTC: 3,311.14 BTC ($283,552,492.72) — 97.6% (146 trades)
• ETH: 2,574.87 ETH ($7,006,593.60) — 2.4% (24 trades)
• SOL: 200.00 SOL ($24,098.00) — 0.0% (2 trades)
• HYPE: 148.00 HYPE ($13,784.67) — 0.0% (6 trades)
Venues: DBT: 96.3% | PRDX: 3.7% • Modules: DRFQ: 99.6% | OB: 0.4%
Greeks Taker Flows:
• BTC:
• Net Delta: -54.07 BTC ($-4,682,840.45)
• Cash Gamma (1% move): $-1,122,089.04
• Net Vega (1% IV): $-31,683.05
• Gross Traded Vega: $267,097.95
• ETH:
• Net Delta: +89.16 ETH ($+242,504.45)
• Cash Gamma (1% move): $+58,710.60
• Net Vega (1% IV): $+173.03
• Gross Traded Vega: $1,340.08
Tenor Distribution:
• 0-7 DTE: $30,991,542.3 (10.7%)
• 8-30 DTE: $156,500,249.9 (53.9%)
• 31-60 DTE: $4,279,437.3 (1.5%)
• 60+ DTE: $85,293,506.6 (29.4%)
• Perpetuals / Tied Hedge: $13,532,233.0 (4.7%)
TradFi Context:
• S&P 500: 7,773.95 (+0.7% 24h | +1.2% 7d)
• Nasdaq: 27,477.31 (+1.1% 24h | +2.4% 7d)
• VIX: 15.52 (+0.21 pts 24h | -0.55 pts 7d)
• Gold: $4,161.00 (-0.0% 24h | -0.2% 7d)
Paradigm Session Recap October 1
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Total Notional Volume: $998,889,664.27
• Options Volume: $991,422,454.27 (99.3%)
• Futures Volume: $7,467,210.00 (0.7%)
Total Trades: 100 executed
Crypto Majors:
• BTC: $84,816.50 (+1.7% 24h | +1.0% 7d) | DVOL: 36.4 (+1.2 pts 24h | +0.4 pts 7d)
• ETH: $2,704.70 (+1.1% 24h | +1.2% 7d) | DVOL: 49.6 (+0.3 pts 24h | -1.4 pts 7d)
Volume Breakdown by Asset:
• BTC: 11,394.19 BTC ($958,060,918.79) — 95.9% (62 trades)
• ETH: 14,970.50 ETH ($40,232,477.44) — 4.0% (33 trades)
• XRP: 400,000.00 XRP ($596,000.00) — 0.1% (2 trades)
Venues: DBT: 98.9% | PRDX: 1.1% • Modules: DRFQ: 99.3% | OB: 0.7%
Greeks Taker Flows:
• BTC:
• Net Delta: -423.79 BTC ($-35,685,390.07) [Bearish]
• Cash Gamma (1% move): $-4,729,045.08
• Net Vega (1% IV): $+20,319.52
• Gross Traded Vega: $1,150,746.06
• ETH:
• Net Delta: -4,284.78 ETH ($-11,509,648.62) [Bearish]
• Cash Gamma (1% move): $-1,232,103.51
• Net Vega (1% IV): $-40,832.55
• Gross Traded Vega: $44,205.01
Tenor Distribution:
• 0-7 DTE: $57,321,511.0 (5.7%)
• 8-30 DTE: $413,724,475.3 (41.4%)
• 31-60 DTE: $209,233,348.9 (20.9%)
• 60+ DTE: $311,143,119.0 (31.1%)
• Perpetuals / Tied Hedge: $7,467,210.0 (0.7%)
TradFi Context:
• S&P 500: 7,666.45 (+0.2% 24h | -0.5% 7d)
• Nasdaq: 26,871.60 (+0.0% 24h | -0.3% 7d)
• VIX: 16.39 (+0.05 pts 24h | +0.72 pts 7d)
• Gold: $4,212.10 (+0.6% 24h | -2.0% 7d)
Paradigm Session Recap September 30
The PCE print was cooler than expected due to a methodological change. The market reacted well initially following a quick short squeeze, but gave it all back within a few, with BTC and ETH closing slightly in the red on the day.
BTC and ETH are sitting at the 1-percentile 7d realized volatility (9.5% and 4.4%, respectively). While Parkinson (high-low) volatility is also low, but well above the close-to-close metric. In fact, the Parkinson/C2C ratio is above the 99th percentile for both assets, at 2.66 for BTC and 6.68 for ETH.
When volatility compresses to historical extremes like this, paired with an extreme Parkinson/C2C ratio, it typically resolves with strong moves in either direction.
Check the stats below 👇
Paradigm Session Recap September 29
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Total Notional Volume: $587,368,090.50
• Options Volume: $549,658,934.28 (93.6%)
• Futures Volume: $37,709,156.22 (6.4%)
Total Trades: 115 executed
Crypto Majors:
• BTC: $83,684.50 (-0.3% 24h | -2.9% 7d) | DVOL: 35.1 (-0.8 pts 24h | -2.3 pts 7d)
• ETH: $2,677.30 (-1.3% 24h | -2.4% 7d) | DVOL: 49.0 (-1.0 pts 24h | -2.1 pts 7d)
Volume Breakdown by Asset:
• BTC: 6,797.67 BTC ($568,645,831.08) — 96.8% (83 trades)
• ETH: 6,966.00 ETH ($18,720,992.00) — 3.2% (30 trades)
• HYPE: 14.31 HYPE ($1,267.43) — 0.0% (2 trades)
Venues: DBT: 95.8% | PRDX: 4.2% • Modules: DRFQ: 98.3% | OB: 1.7%
Greeks Taker Flows:
• BTC:
• Net Delta: +61.99 BTC ($+5,101,704.26)
• Cash Gamma (1% move): $+3,913,106.94
• Net Vega (1% IV): $+14,277.98
• Gross Traded Vega: $780,814.94
• ETH:
• Net Delta: +369.52 ETH ($+988,404.55)
• Cash Gamma (1% move): $+357,559.29
• Net Vega (1% IV): $+2,697.93
• Gross Traded Vega: $7,191.21
Tenor Distribution:
• 0-7 DTE: $97,674,349.1 (16.6%)
• 8-30 DTE: $124,868,936.4 (21.3%)
• 31-60 DTE: $94,579,338.7 (16.1%)
• 60+ DTE: $232,536,310.2 (39.6%)
• Perpetuals / Tied Hedge: $37,709,156.2 (6.4%)
TradFi Context:
• S&P 500: 7,670.84 (-0.2% 24h | -1.2% 7d)
• Nasdaq: 26,797.54 (-0.1% 24h | -1.6% 7d)
• VIX: 16.04 (-0.03 pts 24h | +1.83 pts 7d)
• Gold: $4,216.50 (+1.2% 24h | -3.7% 7d)
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Total Notional Volume: $765,209,181.57
• Options Volume: $741,133,915.56 (96.9%)
• Futures Volume: $24,075,266.02 (3.1%)
Total Trades: 215 executed
Crypto Majors:
• BTC: $84,461.50 (-2.0% 24h | +10.5% 7d) | DVOL: 35.8 (-1.6 pts 24h | -0.4 pts 7d)
• ETH: $2,686.05 (-2.1% 24h | +10.0% 7d) | DVOL: 51.6 (+0.4 pts 24h | -1.3 pts 7d)
Volume Breakdown by Asset:
• BTC: 8,875.68 BTC ($752,515,438.71) — 98.3% (187 trades)
• ETH: 3,958.46 ETH ($10,834,331.82) — 1.4% (19 trades)
• XRP: 706,337.20 XRP ($1,112,983.02) — 0.1% (5 trades)
• HYPE: 8,015.00 HYPE ($746,428.03) — 0.1% (4 trades)
Venues: DBT: 99.2% | PRDX: 0.8% • Modules: DRFQ: 99.0% | OB: 1.0%
Greeks Taker Flows:
• BTC:
• Net Delta: -196.56 BTC ($-16,805,798.51)
• Cash Gamma (1% move): $+2,651,534.05
• Net Vega (1% IV): $-136,807.19
• Gross Traded Vega: $492,344.77
• ETH:
• Net Delta: -58.36 ETH ($-162,889.01)
• Cash Gamma (1% move): $-234,489.34
• Net Vega (1% IV): $-8,264.02
• Gross Traded Vega: $8,501.30
Tenor Distribution:
• 0-7 DTE: $306,165,545.5 (40.0%)
• 8-30 DTE: $208,256,688.7 (27.2%)
• 31-60 DTE: $94,373,830.7 (12.3%)
• 60+ DTE: $132,337,850.6 (17.3%)
• Perpetuals / Tied Hedge: $24,075,266.0 (3.1%)
TradFi Context:
• S&P 500: 7,706.03 (-0.8% 24h | +1.6% 7d)
• Nasdaq: 26,936.04 (-0.7% 24h | +3.7% 7d)
• VIX: 15.18 (+0.31 pts 24h | -2.02 pts 7d)
• Gold: $4,325.20 (-1.2% 24h | -1.4% 7d)
Paradigm Session Recap September 22
Total Notional Volume: $1,225,875,316.75
• Options Volume: $1,148,122,252.15 (93.7%)
• Futures Volume: $77,753,064.60 (6.3%)
Total Trades: 402 executed
Crypto Majors:
• BTC: $86,174.00 (+0.9% 24h | +13.8% 7d) | DVOL: 37.4 (-0.7 pts 24h | -1.6 pts 7d)
• ETH: $2,750.50 (+0.9% 24h | +14.9% 7d) | DVOL: 51.1 (-1.5 pts 24h | -4.1 pts 7d)
Volume Breakdown by Asset:
• BTC: 12,474.20 BTC ($1,071,375,916.87) — 87.4% (344 trades)
• ETH: 53,981.46 ETH ($147,311,521.15) — 12.0% (44 trades)
• XRP: 4,100,000.00 XRP ($6,302,000.00) — 0.5% (3 trades)
• HYPE: 8,659.00 HYPE ($837,159.76) — 0.1% (5 trades)
• SOL: 414.79 SOL ($48,718.96) — 0.0% (6 trades)
Venues: DBT: 98.4% | PRDX: 1.6% • Modules: DRFQ: 97.4% | OB: 2.6%
Greeks Taker Flows:
• BTC:
• Net Delta: -1,542.72 BTC ($-132,182,522.85)
• Cash Gamma (1% move): $+3,523,560.77
• Net Vega (1% IV): $+173,707.34
• ETH:
• Net Delta: -21,829.16 ETH ($-59,583,158.41)
• Cash Gamma (1% move): $-1,208,891.57
• Net Vega (1% IV): $-158,194.80
Tenor Distribution:
• 0-7 DTE: $202,548,580.6 (16.5%)
• 8-30 DTE: $222,042,293.8 (18.1%)
• 31-60 DTE: $282,535,958.0 (23.0%)
• 60+ DTE: $440,995,419.8 (36.0%)
• Perpetuals / Tied Hedge: $77,753,064.6 (6.3%)
TradFi Context:
• S&P 500: 7,764.64 (-0.0% 24h | +2.4% 7d)
• Nasdaq: 27,244.28 (+0.5% 24h | +4.9% 7d)
• VIX: 14.21 (-0.66 pts 24h | -2.99 pts 7d)
• Gold: $4,398.20 (+0.3% 24h | +1.5% 7d)
Paradigm Session Recap September 21
Today was a record day for Paradigm, with a total trading volume of $6.7 billion. Paradex also reached $58 million in volume and crossed $320M in options open interest.
BTC traders at Paradigm were positioned bearish, with $185M in net negative delta exposure, whereas ETH traders were bullish, with $10.7M in net positive delta.
A $1.7B notional call butterfly was placed, betting that Bitcoin's price will finish October between $90k and $100k.
ETH's 25 delta skew remains negative across most tenors, while BTC's is slightly positive, reflecting a still very bullish market sentiment.
Check the stats below 👇
Paradigm Session Recap September 17
Altcoins and equities bounced today after a fearful day in the markets yesterday. Crypto majors continued chopping in a tight range
Paradigm traders were slightly bearish on BTC, net -$1.8M delta exposure and slightly bullish ETH, $3.1M net delta
ETH's 25 delta skew is negative in most tenors while BTC is slightly positive. Both majors are still call heavy even after the recent fears in the market
Paradex settled 3.3% of Paradigm's flow today on its first full day live on the network
Check the stats below 👇
Paradigm Session Recap September 16
The FED hiked interest rates by 0.25% sending equities and gold down, dollar up while crypto is holding up well with altcoins like ZEC showing a lot of strenght, being up over 10% since the FOMC meeting
The period between the FOMC meeting and the US market close was very volatile as Warsh's tone was hawkish, and he didn't provide any forward guidance (as expected)
Paradex settled 2.4% of Paradigm's flow today on its debut on the network
Check the stats below 👇
Paradigm Session Recap September 15
The market was down today with crypto having an impact from the Clarity Act voting failing and the virtually guaranteed rate hikes in tomorrow's FOMC meeting
Paradigm traders were net long today, with 80% of bets concentrated between 0-7 DTE
Check the stats below 👇
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Total Notional Volume: $1,777,661,772.18
• Options Volume: $1,766,832,238.25 (99.4%)
• Futures Volume: $10,829,533.93 (0.6%)
Total Trades: 118 executed
Crypto Majors:
• BTC: $75,570.00 (-1.7% 24h | -4.7% 7d) | DVOL: 39.0 (+0.4 pts 24h | -0.9 pts 7d)
• ETH: $2,397.40 (-3.1% 24h | -4.5% 7d) | DVOL: 55.2 (+0.3 pts 24h | +1.3 pts 7d)
Volume Breakdown by Asset:
• BTC: 22,812.51 BTC ($1,732,519,600.14) — 97.5% (84 trades)
• ETH: 18,568.00 ETH ($45,124,271.04) — 2.5% (31 trades)
• SOL: 180.00 SOL ($17,821.40) — 0.0% (2 trades)
• HYPE: 1.00 HYPE ($79.60) — 0.0% (1 trades)
Venues: DBT: 99.9% | PRDX: 0.1% • Modules: DRFQ: 98.9% | OB: 1.1%
Greeks Taker Flows:
• BTC:
• Net Delta: +628.84 BTC ($+48,986,571.64)
• Cash Gamma (1% move): $+11,966,431.23
• Net Vega (1% IV): $+34,028.43
• Gross Traded Vega: $590,577.88
• ETH:
• Net Delta: +999.89 ETH ($+2,450,269.58)
• Cash Gamma (1% move): $+704,582.84
• Net Vega (1% IV): $+14,214.28
• Gross Traded Vega: $27,589.33
Tenor Distribution:
• 0-7 DTE: $1,426,563,293.1 (80.2%)
• 8-30 DTE: $185,970,860.5 (10.5%)
• 31-60 DTE: $38,801,032.3 (2.2%)
• 60+ DTE: $115,497,052.4 (6.5%)
• Perpetuals / Tied Hedge: $10,829,533.9 (0.6%)
Predominant Market Theses:
• Directional: $1,600,372,058.6 (90.0%)
• Others: $167,473,927.6 (9.4%)
• Pure Volatility: $9,815,785.9 (0.6%)
TradFi Context:
• S&P 500: 7,585.73 (-0.4% 24h | -1.1% 7d)
• Nasdaq: 25,981.57 (-0.8% 24h | -1.7% 7d)
• VIX: 17.20 (+0.10 pts 24h | +1.48 pts 7d)
• Gold: $4,324.30 (-0.6% 24h | -2.6% 7d)
Paradigm Session Recap October 19
━━━━━━━━━━━━━━━━━━━━━━━━━
Total Notional Volume: $1,041,424,826.73
• Options Volume: $1,033,161,216.73 (99.2%)
• Futures Volume: $8,263,610.00 (0.8%)
Total Trades: 53 executed
Crypto Majors:
• BTC: $81,857.00 (-1.0% 24h | -2.3% 7d) | DVOL: 37.3 (-1.5 pts 24h | -0.4 pts 7d)
• ETH: $2,404.60 (-1.0% 24h | -4.8% 7d) | DVOL: 51.9 (-1.4 pts 24h | +0.1 pts 7d)
Volume Breakdown by Asset:
• BTC: 12,639.55 BTC ($1,037,661,854.11) — 99.6% (42 trades)
• ETH: 1,561.10 ETH ($3,758,766.22) — 0.4% (10 trades)
• SOL: 40.00 SOL ($4,206.40) — 0.0% (1 trades)
Venues: DBT: 60.2% | BLSH: 39.5% | PRDX: 0.4% • Modules: DRFQ: 100.0%
Greeks Taker Flows:
• BTC:
• Net Delta: -44.21 BTC ($-3,650,299.96)
• Cash Gamma (1% move): $-3,562,455.53
• Net Vega (1% IV): $-20,753.53
• Gross Traded Vega: $180,332.77
• ETH:
• Net Delta: +112.24 ETH ($+269,982.90)
• Cash Gamma (1% move): $+175,084.72
• Net Vega (1% IV): $+818.68
• Gross Traded Vega: $1,115.41
Tenor Distribution:
• 0-7 DTE: $18,518,370.4 (1.8%)
• 8-30 DTE: $171,314,443.1 (16.5%)
• 31-60 DTE: $13,952,333.8 (1.3%)
• 60+ DTE: $829,376,069.4 (79.6%)
• Perpetuals / Tied Hedge: $8,263,610.0 (0.8%)
TradFi Context:
• S&P 500: 7,690.73 (+0.4% 24h | -1.5% 7d)
• Nasdaq: 26,430.89 (+1.1% 24h | -3.0% 7d)
• VIX: 18.44 (-1.55 pts 24h | +3.23 pts 7d)
• Gold: $4,152.10 (-0.7% 24h | -0.9% 7d)
Paradigm Session Recap October 13
━━━━━━━━━━━
Total Notional Volume: $256,342,819.01
• Options Volume: $244,824,710.69 (95.5%)
• Futures Volume: $11,518,108.32 (4.5%)
Total Trades: 171 executed
Crypto Majors:
• BTC: $83,168.50 (-0.7% 24h | -1.1% 7d) | DVOL: 38.2 (+0.5 pts 24h | +2.1 pts 7d)
• ETH: $2,498.60 (-1.1% 24h | -4.4% 7d) | DVOL: 51.5 (-0.4 pts 24h | +4.0 pts 7d)
Volume Breakdown by Asset:
• BTC: 3,061.44 BTC ($255,192,893.12) — 99.5% (88 trades)
• ETH: 443.80 ETH ($1,101,311.43) — 0.4% (75 trades)
• HYPE: 538.00 HYPE ($43,616.14) — 0.0% (7 trades)
• SOL: 46.60 SOL ($4,998.32) — 0.0% (1 trades)
Venues: DBT: 93.3% | PRDX: 6.7% • Modules: DRFQ: 82.2% | OB: 17.8%
Greeks Taker Flows:
• BTC:
• Net Delta: -146.26 BTC ($-12,161,674.95) [Bearish]
• Cash Gamma (1% move): $+2,843,727.34
• Net Vega (1% IV): $+36,880.42
• Gross Traded Vega: $131,705.23
• ETH:
• Net Delta: +7.56 ETH ($+19,114.49)
• Cash Gamma (1% move): $+4,174.48
• Net Vega (1% IV): $+231.70
• Gross Traded Vega: $353.66
Tenor Distribution:
• 0-7 DTE: $76,229,009.3 (29.7%)
• 8-30 DTE: $110,551,403.0 (43.1%)
• 31-60 DTE: $20,215,814.0 (7.9%)
• 60+ DTE: $37,828,484.4 (14.8%)
• Perpetuals / Tied Hedge: $11,518,108.3 (4.5%)
TradFi Context:
• S&P 500: 7,805.45 (-0.0% 24h | -0.2% 7d)
• Nasdaq: 27,204.38 (-0.2% 24h | -1.4% 7d)
• VIX: 15.27 (+0.06 pts 24h | +0.26 pts 7d)
• Gold: $4,179.20 (-0.3% 24h | -0.2% 7d)
Paradigm Session Recap October 12
ETH flow in today's session was concentrated in put selling, led by 27,000 Oct 16 $2,500 puts and another 2,500 Dec 25 $2,400 puts.
The aggregate flow was strongly long delta and short gamma/vega, with the 27k Oct 16th puts carrying 81.5% of ETH’s Paradigm OI as of today.
Check the stats below 👇
Paradigm Session Recap October 6
━━━━━━━━━━━━━━
Total Notional Volume: $211,338,872.39
• Options Volume: $205,689,049.39 (97.3%)
• Futures Volume: $5,649,823.00 (2.7%)
Total Trades: 151 executed
Crypto Majors:
• BTC: $85,558.00 (+0.0% 24h | +2.8% 7d) | DVOL: 36.1 (+0.0 pts 24h | +1.0 pts 7d)
• ETH: $2,697.40 (-0.4% 24h | +0.9% 7d) | DVOL: 47.5 (-0.8 pts 24h | -1.5 pts 7d)
Volume Breakdown by Asset:
• BTC: 2,087.06 BTC ($178,867,918.79) — 84.6% (89 trades)
• ETH: 11,927.70 ETH ($32,319,953.60) — 15.3% (61 trades)
• XRP: 100,000.00 XRP ($151,000.00) — 0.1% (1 trades)
Venues: DBT: 94.7% | PRDX: 5.3% • Modules: DRFQ: 99.2% | OB: 0.8%
Greeks Taker Flows:
• BTC:
• Net Delta: -71.79 BTC ($-6,162,093.68)
• Cash Gamma (1% move): $-1,146,698.77
• Net Vega (1% IV): $-23,820.97
• Gross Traded Vega: $80,297.40
• ETH:
• Net Delta: +175.04 ETH ($+474,681.99)
• Cash Gamma (1% move): $-221,352.44
• Net Vega (1% IV): $-3,896.34
• Gross Traded Vega: $18,559.23
Tenor Distribution:
• 0-7 DTE: $30,206,554.3 (14.3%)
• 8-30 DTE: $155,265,369.9 (73.5%)
• 31-60 DTE: $3,358,703.0 (1.6%)
• 60+ DTE: $16,858,422.2 (8.0%)
• Perpetuals / Tied Hedge: $5,649,823.0 (2.7%)
━━━━━━━━━━━━━━
TradFi Context:
• S&P 500: 7,818.93 (+0.6% 24h | +1.9% 7d)
• Nasdaq: 27,599.89 (+0.4% 24h | +3.0% 7d)
• VIX: 15.01 (-0.51 pts 24h | -1.03 pts 7d)
• Gold: $4,194.70 (+0.9% 24h | +0.4% 7d)
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Total Notional Volume: $710,164,055.17
• Options Volume: $701,062,627.54 (98.7%)
• Futures Volume: $9,101,427.62 (1.3%)
Total Trades: 94 executed
Crypto Majors:
• BTC: $83,532.50 (+0.4% 24h | -1.2% 7d) | DVOL: 35.2 (+0.1 pts 24h | -0.6 pts 7d)
• ETH: $2,682.95 (+0.3% 24h | -0.4% 7d) | DVOL: 49.4 (+0.4 pts 24h | -2.2 pts 7d)
Volume Breakdown by Asset:
• BTC: 7,483.59 BTC ($626,937,550.55) — 88.3% (59 trades)
• ETH: 31,055.78 ETH ($83,224,429.54) — 11.7% (28 trades)
Venues: DBT: 99.7% | PRDX: 0.3% • Modules: DRFQ: 98.7% | OB: 1.3%
Greeks Taker Flows:
• BTC:
• Net Delta: -206.90 BTC ($-17,387,288.17) [Bearish]
• Cash Gamma (1% move): $+2,471,632.89
• Net Vega (1% IV): $+49,151.24
• Gross Traded Vega: $574,860.39
• ETH:
• Net Delta: -6,835.80 ETH ($-18,315,786.71) [Bearish]
• Cash Gamma (1% move): $+2,396,432.37
• Net Vega (1% IV): $+46,364.35
• Gross Traded Vega: $47,122.71
Tenor Distribution:
• 0-7 DTE: $89,099,722.8 (12.5%)
• 8-30 DTE: $344,205,586.4 (48.5%)
• 31-60 DTE: $207,141,491.8 (29.2%)
• 60+ DTE: $60,615,826.6 (8.5%)
• Perpetuals / Tied Hedge: $9,101,427.6 (1.3%)
TradFi Context:
• S&P 500: 7,651.54 (-0.3% 24h | -0.7% 7d)
• Nasdaq: 26,861.06 (+0.2% 24h | -0.3% 7d)
• VIX: 16.34 (+0.30 pts 24h | +1.16 pts 7d)
• Gold: $4,186.40 (+0.2% 24h | -3.1% 7d)
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Paradigm Session Recap September 28
Today was the 8th session out of the last 10 where Paradigm traders were net short delta on BTC, compared to 5 out of 10 for ETH. Meanwhile, ETH continues to show strength against BTC since its local bottom in June.
The market is showing weakness heading into the end of Q3 as long-end yields remain elevated and oil stays above $100.
ptions positioning remains skewed toward calls on a historical basis, but BTC 10-delta and 25-delta skews are now positive across all tenors. ETH 25-delta skew remains negative across most tenors, except for the 1D and 1W.
Check the stats below 👇
━━━━━━━━━━━━━━━━━━━━━━━━━
Total Notional Volume: $678,298,666.52
• Options Volume: $611,217,543.10 (90.1%)
• Futures Volume: $67,081,123.42 (9.9%)
Total Trades: 332 executed
Crypto Majors:
• BTC: $83,489.50 (+0.7% 24h | -2.2% 7d) | DVOL: 35.9 (+0.9 pts 24h | -2.2 pts 7d)
• ETH: $2,689.90 (+1.8% 24h | -1.3% 7d) | DVOL: 50.0 (+1.0 pts 24h | -2.6 pts 7d)
Volume Breakdown by Asset:
• BTC: 7,560.43 BTC ($629,599,775.82) — 92.8% (282 trades)
• ETH: 17,033.55 ETH ($45,558,843.09) — 6.7% (42 trades)
• XRP: 2,070,000.00 XRP ($3,084,300.00) — 0.5% (1 trades)
• HYPE: 512.31 HYPE ($46,090.10) — 0.0% (4 trades)
• SOL: 80.63 SOL ($9,657.51) — 0.0% (3 trades)
Venues: DBT: 98.8% | PRDX: 1.2% • Modules: DRFQ: 97.9% | OB: 2.1%
Greeks Taker Flows:
• BTC:
• Net Delta: -18.65 BTC ($-1,528,912.24) [Bearish]
• Cash Gamma (1% move): $+7,872,249.17
• Net Vega (1% IV): $+32,205.87
• Gross Traded Vega: $345,287.53
• ETH:
• Net Delta: -2,547.20 ETH ($-6,803,443.95) [Bearish]
• Cash Gamma (1% move): $+2,784,030.28
• Net Vega (1% IV): $+12,506.64
• Gross Traded Vega: $17,676.61
Tenor Distribution:
• 0-7 DTE: $351,378,945.9 (51.8%)
• 8-30 DTE: $2,308,366.8 (0.3%)
• 31-60 DTE: $211,541,335.8 (31.2%)
• 60+ DTE: $45,988,894.6 (6.8%)
• Perpetuals / Tied Hedge: $67,081,123.4 (9.9%)
TradFi Context:
• S&P 500: 7,683.69 (-0.8% 24h | -1.0% 7d)
• Nasdaq: 26,820.38 (-0.9% 24h | -1.1% 7d)
• VIX: 16.07 (+1.20 pts 24h | +1.20 pts 7d)
• Gold: $4,156.40 (-3.8% 24h | -5.2% 7d)
Paradigm Session Recap September 24
4th session in a row where Paradigm's BTC traders are net short delta exposure, -$66M today.
Long yields rising continue putting pressure in the market with the move index reaching 104, posting another big jump, with a 9 points increase
Check the stats below 👇
━━━━━━━━━━━━━━━━━━━━━━━━━
Total Notional Volume: $1,615,979,707.57
• Options Volume: $1,505,158,439.24 (93.1%)
• Futures Volume: $110,821,268.33 (6.9%)
Total Trades: 270 executed
Crypto Majors:
• BTC: $84,421.00 (-0.1% 24h | +8.6% 7d) | DVOL: 36.0 (+0.2 pts 24h | +2.4 pts 7d)
• ETH: $2,687.45 (-0.2% 24h | +8.0% 7d) | DVOL: 51.0 (-0.5 pts 24h | +0.9 pts 7d)
Volume Breakdown by Asset:
• BTC: 18,784.27 BTC ($1,580,199,916.64) — 97.8% (243 trades)
• ETH: 13,285.90 ETH ($35,733,034.39) — 2.2% (18 trades)
• SOL: 300.87 SOL ($34,653.83) — 0.0% (4 trades)
• HYPE: 101.00 HYPE ($9,301.28) — 0.0% (3 trades)
• XRP: 1,831.00 XRP ($2,801.43) — 0.0% (2 trades)
Venues: DBT: 99.6% | PRDX: 0.4% • Modules: DRFQ: 97.1% | OB: 2.9%
Greeks Taker Flows:
• BTC:
• Net Delta: -785.83 BTC ($-66,119,760.87) [Bearish]
• Cash Gamma (1% move): $+8,372,328.65
• Net Vega (1% IV): $+294,314.12
• Gross Traded Vega: $767,532.08
• ETH:
• Net Delta: -229.36 ETH ($-600,763.36)
• Cash Gamma (1% move): $+462,033.55
• Net Vega (1% IV): $+1,657.57
• Gross Traded Vega: $5,728.71
Tenor Distribution:
• 0-7 DTE: $744,938,387.0 (46.1%)
• 8-30 DTE: $270,552,227.0 (16.7%)
• 31-60 DTE: $412,486,250.5 (25.5%)
• 60+ DTE: $74,845,004.3 (4.6%)
• Perpetuals / Tied Hedge: $113,157,838.7 (7.0%)
TradFi Context:
• S&P 500: 7,704.13 (-0.0% 24h | +2.0% 7d)
• Nasdaq: 26,939.37 (+0.0% 24h | +3.7% 7d)
• VIX: 15.67 (+0.49 pts 24h | -2.04 pts 7d)
• Gold: $4,305.10 (-0.3% 24h | -2.2% 7d)
Paradigm Session Recap September 23
Crypto had a small pullback, with 24h liquidations across the market reaching $539.65M, 82.78% of them longs
Friday’s quarterly expiry carries $18.77B in BTC and $2.55B in ETH options, over a third of each asset’s OI, with Deribit max pain sitting at $77k and $2.3k, respectively
The BTC and ETH 1M skew sit near the bottom decile of their respective YTD samples, continue displaying a stronger relative tilt toward calls than usual
Services PMI hit a 59-month high of 58.7, keeping inflation concerns in focus as the US 10Y climbed to 5.114% after the release. Rates volatility also picked up, with MOVE up 17 points to 95.45.
Check the stats below 👇
━━━━━━━━━━━━━━━━━━━━━━━━━
Total Notional Volume: $6,720,562,639.83
• Options Volume: $6,556,664,954.21 (97.6%)
• Futures Volume: $163,897,685.62 (2.4%)
Total Trades: 392 executed
Crypto Majors:
• BTC: $85,803.50 (+4.9% 24h | +11.6% 7d) | DVOL: 38.1 (+2.5 pts 24h | -0.4 pts 7d)
• ETH: $2,748.50 (+3.2% 24h | +11.1% 7d) | DVOL: 52.6 (+1.1 pts 24h | -2.3 pts 7d)
Volume Breakdown by Asset:
• BTC: 77,176.02 BTC ($6,577,238,616.30) — 97.9% (330 trades)
• ETH: 52,112.47 ETH ($142,071,496.09) — 2.1% (50 trades)
• SOL: 10,117.52 SOL ($1,132,145.48) — 0.0% (5 trades)
• HYPE: 1,252.69 HYPE ($118,353.53) — 0.0% (5 trades)
• XRP: 1,375.10 XRP ($2,028.44) — 0.0% (2 trades)
Venues: DBT: 99.1% | PRDX: 0.9% • Modules: DRFQ: 99.4% | OB: 0.6%
Greeks Taker Flows:
• BTC:
• Net Delta: -2,158.07 BTC ($-185,893,819.14)
• Cash Gamma (1% move): $-5,443,689.90
• Net Vega (1% IV): $+183,537.08
• Gross Traded Vega: $5,350,096.33
• ETH:
• Net Delta: +3,905.36 ETH ($+10,729,684.94)
• Cash Gamma (1% move): $+1,948,031.83
• Net Vega (1% IV): $+4,339.97
• Gross Traded Vega: $138,002.51
Tenor Distribution:
• 0-7 DTE: $1,478,028,775.9 (22.0%)
• 8-30 DTE: $332,809,872.1 (5.0%)
• 31-60 DTE: $4,406,418,771.4 (65.6%)
• 60+ DTE: $339,407,534.8 (5.1%)
• Perpetuals / Tied Hedge: $163,897,685.6 (2.4%)
TradFi Context:
• S&P 500: 7,764.70 (+1.5% 24h | +1.9% 7d)
• Nasdaq: 27,122.09 (+2.3% 24h | +3.6% 7d)
• VIX: 14.87 (+0.06 pts 24h | -2.23 pts 7d)
• Gold: $4,395.70 (-0.7% 24h | +1.0% 7d)
━━━━━━━━━━━━━━━━━━━━━━━━━
Total Notional Volume: $415,258,058.63
• Options Volume: $355,156,979.63 (85.5%)
• Futures Volume: $60,101,079.00 (14.5%)
Total Trades: 186 executed
Crypto Majors:
• BTC: $76,360.50 (-0.1% 24h | -1.1% 7d) | DVOL: 33.6 (-2.6 pts 24h | -6.6 pts 7d)
• ETH: $2,445.20 (+0.1% 24h | -0.9% 7d) | DVOL: 50.1 (-2.7 pts 24h | -3.2 pts 7d)
Volume Breakdown by Asset:
• BTC: 4,892.23 BTC ($373,844,218.78) — 90.0% (121 trades)
• ETH: 16,971.01 ETH ($41,371,903.83) — 10.0% (47 trades)
• SOL: 340.00 SOL ($34,222.00) — 0.0% (4 trades)
• HYPE: 97.00 HYPE ($7,714.02) — 0.0% (14 trades)
Venues: DBT: 96.7% | PRDX: 3.3% • Modules: DRFQ: 98.0% | OB: 2.0%
Greeks Taker Flows:
• BTC:
• Net Delta: -23.42 BTC ($-1,804,205.42)
• Cash Gamma (1% move): $+1,148,795.14
• Net Vega (1% IV): $-13,032.12
• Gross Traded Vega: $222,042.48
• ETH:
• Net Delta: +1,273.21 ETH ($+3,110,350.89)
• Cash Gamma (1% move): $+317,350.71
• Net Vega (1% IV): $+10,390.74
• Gross Traded Vega: $63,035.44
Tenor Distribution:
• 0-7 DTE: $22,994,942.1 (5.5%)
• 8-30 DTE: $170,856,959.4 (41.1%)
• 31-60 DTE: $108,382,355.8 (26.1%)
• 60+ DTE: $52,922,722.3 (12.7%)
• Perpetuals / Tied Hedge: $60,101,079.0 (14.5%)
TradFi Context:
• S&P 500: 7,637.76 (+1.1% 24h | +0.6% 7d)
• Nasdaq: 26,418.30 (+1.7% 24h | +1.3% 7d)
• VIX: 15.44 (-2.27 pts 24h | -2.40 pts 7d)
• Gold: $4,383.80 (-0.1% 24h | -0.5% 7d)
━━━━━━━━━━━━━━
Total Notional Volume: $605,599,894.98
• Options Volume: $584,853,260.02 (96.6%)
• Futures Volume: $20,746,634.97 (3.4%)
Total Trades: 190 executed
Crypto Majors:
• BTC: $76,211.00 (+0.6% 24h | -2.4% 7d) | DVOL: 36.2 (-2.8 pts 24h | -4.0 pts 7d)
• ETH: $2,416.35 (+0.9% 24h | -2.3% 7d) | DVOL: 52.8 (-2.4 pts 24h | -0.9 pts 7d)
Volume Breakdown by Asset:
• BTC: 7,448.66 BTC ($564,822,183.89) — 93.3% (85 trades)
• ETH: 16,924.80 ETH ($40,625,635.88) — 6.7% (95 trades)
• HYPE: 1,512.00 HYPE ($118,785.76) — 0.0% (3 trades)
• SOL: 342.00 SOL ($33,289.45) — 0.0% (7 trades)
Venues: DBT: 97.6% | PRDX: 2.4% • Modules: DRFQ: 99.7% | OB: 0.3%
Greeks Taker Flows:
• BTC:
• Net Delta: -388.52 BTC ($-29,432,493.12)
• Cash Gamma (1% move): $+10,353,848.71
• Net Vega (1% IV): $-20,292.68
• Gross Traded Vega: $332,192.64
• ETH:
• Net Delta: -345.74 ETH ($-826,619.80)
• Cash Gamma (1% move): $+485,890.28
• Net Vega (1% IV): $-932.27
• Gross Traded Vega: $24,138.30
Tenor Distribution:
• 0-7 DTE: $268,532,188.9 (44.3%)
• 8-30 DTE: $140,339,227.6 (23.2%)
• 31-60 DTE: $75,281,884.0 (12.4%)
• 60+ DTE: $100,699,959.6 (16.6%)
• Perpetuals / Tied Hedge: $20,746,635.0 (3.4%)
TradFi Context:
• S&P 500: 7,551.81 (-0.4% 24h | -1.1% 7d)
• Nasdaq: 25,978.42 (-0.0% 24h | -1.0% 7d)
• VIX: 17.71 (+0.51 pts 24h | +1.25 pts 7d)
• Gold: $4,311.20 (-0.5% 24h | -3.4% 7d)
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+ No min block size
App 👉 app.paradex.trade/options
https://x.com/fiddybps1/status/2099048274137350196?s=20
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