Paragon is a builder-deployed (HIP-3) perp venue on Hyperliquid, built by N8V Labs and founded by Taha El-Magbri. It staked 500,000 HYPE to deploy its own markets under the "para" namespace, margined and settled in USDC.

It went live on 2 April 2026 with index perps on Bitcoin dominance (BTC.D), TOTAL2 and OTHERS at up to 50x. It has since added perps on 2Y, 10Y and 30Y US Treasury yields, US stocks such as AVGO, CRWD and RDDT, and sector ETFs like SMH and GDX. On 27 Oct 2026 it had 32 live markets and about $5.6M in 24h volume.