https://www.paradigm.coA place for Announcements, Education and Release Notes for our communityFri, 17 Oct 2025 11:36:22 GMT60Webflowhttps://www.paradigm.co/blog/the-monthly-brief-aprill-2025https://www.paradigm.co/blog/the-monthly-brief-aprill-2025Momentum remains strong, with $26 billion traded at Paradigm (31% market share) and $4.4 billion at Paradex.Thu, 01 May 2025 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-february-2025https://www.paradigm.co/blog/the-monthly-brief-february-2025Paradigm activity remained strong with $20.8B traded as a sharp market downturn fueled volumes. Paradex momentum continues to pick up with $4.8B traded. From DAUs to total XP holders, several metrics confirm our increasing mindshare.Sat, 01 Mar 2025 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-january-2025https://www.paradigm.co/blog/the-monthly-brief-january-2025Momentum carried forward as January volumes increased to $27.2 billion traded at Paradigm (31% market share) and $2.9 billion at Paradex. Paradex TVL and Open Interest also increased substantially. We will recap market catalysts and key options flows thoroughly in the Markets section.Sat, 01 Feb 2025 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-october-2024https://www.paradigm.co/blog/the-monthly-brief-october-2024Momentum picked up in the crypto derivatives space in October, with $17.2B traded at Paradigm, figures not seen since the March rally. Paradigm options market share also increased to 32%. Paradex volumes were steady at $1.5B. Fri, 01 Nov 2024 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-september-2024https://www.paradigm.co/blog/the-monthly-brief-september-2024September wrapped up Q3 with lighter volumes as Paradigm traded $11.1B and Paradex traded $1.4B. Notwithstanding decreased activity at the margin, Paradigm market share increased to 27% and Paradex market share increased to 1.8%.Tue, 01 Oct 2024 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-august-2024https://www.paradigm.co/blog/the-monthly-brief-august-2024July was a month marked by significant milestones that we're excited to share with you. Paradigm continues to dominate the market, capturing an impressive 25% of the global option share and reaching a remarkable $15B in total volume. On the Paradex front, we recorded $3.5B in trading volume, further solidifying its crucial role within our ecosystem.Sun, 01 Sep 2024 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-july-2024https://www.paradigm.co/blog/the-monthly-brief-july-2024July was a month marked by significant milestones that we're excited to share with you. Paradigm continues to dominate the market, capturing an impressive 25% of the global option share and reaching a remarkable $15B in total volume. On the Paradex front, we recorded $3.5B in trading volume, further solidifying its crucial role within our ecosystem.Thu, 01 Aug 2024 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-june-2024https://www.paradigm.co/blog/the-monthly-brief-june-2024Q2 fades into the past and we find ourselves in the gentle embrace of Summer’s lull. Despite market volatility trending lower, Paradigm traded 12.1b and Paradex did an ATH of $30B volume, with $25M in OI and $15M in TVL.Mon, 01 Jul 2024 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-may-2024https://www.paradigm.co/blog/the-monthly-brief-may-2024May has brought some newfound momentum onto the global crypto markets. Earlier this year in January, the first leap towards new significant amounts of institutional capital began with the SEC approving spot bitcoin exchange-traded-funds. ETH is having its’ ETF approval moment in May and brought the entire market up with it. During May, Paradigm saw 14.6 billion traded and Paradex traded 4.7 billion. Lets dive into the flows of the ETH approval and volatility dynamics in our markets sectionSat, 01 Jun 2024 00:00:00 GMThttps://www.paradigm.co/blog/paradex-and-the-crypto-derivatives-landscapehttps://www.paradigm.co/blog/paradex-and-the-crypto-derivatives-landscapeOur fearless leader, Anand Gomes, co-founder of Paradigm and Paradex, sat down with Larry Sukernik, co-founder of Reverie for an action packed episode covering the dominance of perp dexes, the role of convexity, volatility and margin, building on Starknet and competing in a really difficult and dynamic market.Tue, 14 May 2024 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-april-2024https://www.paradigm.co/blog/the-monthly-brief-april-2024This April, Bitcoin exhibited a dramatic sequence of events, initially climbing to $73,000 levels before settling down to close the month at $60,000. Volatility levels reached new lows as the market stabilized, meandering after an initial dip to $56,000. Enthusiasm sparked by increased ETF inflows was short-lived, as broader economic indicators suggested a potential delay in anticipated rate cuts and the latter half of April showing stronger ETF outflows.Wed, 01 May 2024 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-btc-etf-is-a-gamechanger-for-crypto-options-w-joshua-lim-from-arbeloshttps://www.paradigm.co/blog/the-big-picture-btc-etf-is-a-gamechanger-for-crypto-options-w-joshua-lim-from-arbelosIn this episode of The Big Picture, join us for an engaging discussion around crypto options in a post-ETF world with crypto vol OG Joshua Lim from Arbelos.Mon, 22 Jan 2024 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-btc-volatility-exploding-ahead-of-etf-deadline-w-kelly-greer-from-galaxyhttps://www.paradigm.co/blog/the-big-picture-btc-volatility-exploding-ahead-of-etf-deadline-w-kelly-greer-from-galaxyIn this episode of The Big Picture, Kelly Greer from Galaxy explains how the ETF deadline drives $BTC volatility. We also talk about recent market liquidations, gamma dynamics, and the overall state of the crypto market. With the ETF looming, you won't want to miss this one, so grab some coffee and settle in. Sat, 06 Jan 2024 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-altcoin-options-will-moon-in-2024-w-jeff-anderson-of-sts-digitalhttps://www.paradigm.co/blog/the-big-picture-altcoin-options-will-moon-in-2024-w-jeff-anderson-of-sts-digitalIn this episode of The Big Picture, Jeff Anderson from STS Digital dives into the rise of Alt-coin Options. Joe and Greg dive deep into vol correlations, Paradigm flows, and the new option greek tools being developed by Paradigm. This is the last episode of TBP for 2023, and we certainly went out with a bang! Thu, 21 Dec 2023 00:00:00 GMThttps://www.paradigm.co/blog/paradigm-insights-crypto-volatility-in-review-october-2023https://www.paradigm.co/blog/paradigm-insights-crypto-volatility-in-review-october-2023October has brought implied volatility back into the mid-50s once again, as strong demand for participation in any further upwards moves sees the skew of both majors volatility smiles move further towards calls. Despite the strong anticipation, however, realised volatility remains very close to historical lows. This leaves the volatility ratio of both BTC and ETH options at its highest since 2019, a spread that we believe cannot be attributed entirely to ETF speculation.Thu, 30 Nov 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-108https://www.paradigm.co/blog/release-notes-v-0-108In today's update (v 0.108) to Paradigm we've ironed out some kinks for a smoother trading experience. More exciting features on the way! Please reach out in case of any questions!Thu, 23 Nov 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-why-eth-volatility-has-awakened-with-seba-bank-switzerlandhttps://www.paradigm.co/blog/the-big-picture-why-eth-volatility-has-awakened-with-seba-bank-switzerlandIn this video, Dennis from SEBA bank dives into several key topics. Beginning with a brief introduction, Dennis shares his background, setting the stage for discussing the contrasting volatility of Bitcoin (BTC) and Ethereum (ETH). The much-anticipated Bitcoin ETF is also explored, along with a deep dive into the analysis of cryptocurrency market volatility. Tue, 21 Nov 2023 00:00:00 GMThttps://www.paradigm.co/blog/paradigm-profiles-swapglobal-streamlining-crypto-derivatives-through-operational-excellencehttps://www.paradigm.co/blog/paradigm-profiles-swapglobal-streamlining-crypto-derivatives-through-operational-excellenceIntroducing SwapGlobal — Rene van Kesteren and Yev Feldman founded SwapGlobal in 2022 to craft an electronic, API-first ISDA swap dealing platform with a significant focus on crypto. SwapGlobal aligns perfectly with Paradigm's vision to automate crypto derivative trading, ensuring seamless integration, transparency, and efficiency.Wed, 15 Nov 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-october-2023https://www.paradigm.co/blog/the-monthly-brief-october-2023October has been an eventful month, filled with significant achievements and exciting developments. Paradigm reached a new pinnacle, recording an all-time high in 24-hour trading volume, totaling an impressive $2.6 billion on October 23rd. This remarkable milestone was largely propelled by the Bitcoin rally, which saw prices peak around $34,000. In total, we achieved $15.8B trading volume, capturing a noteworthy 36% of all crypto options traded this month.Sat, 11 Nov 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-107https://www.paradigm.co/blog/release-notes-v-0-107In an exciting list of new updates (v 0.107), we're upgrading our App to bring you greater clarity and velocity.Thu, 09 Nov 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-106-4https://www.paradigm.co/blog/release-notes-v-0-106-4🔥 In today's update (v 0.106.4) we are excited to announce that ALL verified Paradigm users can now access Paradex in Closed Beta! Simply connect your wallet and trade!Thu, 02 Nov 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-why-paradigm-crypto-option-volumes-just-hit-all-time-highs-w-kelly-greerhttps://www.paradigm.co/blog/the-big-picture-why-paradigm-crypto-option-volumes-just-hit-all-time-highs-w-kelly-greerIn this episode of The Big Picture we host Kelly Greer from Galaxy Digital. We discuss the recent explosion in crypto options trading volume as bitcoin rallied past $34,000 and ETF probability increased. Mon, 30 Oct 2023 00:00:00 GMThttps://www.paradigm.co/blog/paradigm-signalplus-a-game-changing-partnership-for-options-tradershttps://www.paradigm.co/blog/paradigm-signalplus-a-game-changing-partnership-for-options-tradersWe are thrilled to announce an exciting partnership between Paradigm and SignalPlus, an industry-leading crypto options OEMS (Order and Execution Management System) & PMS (Portfolio Management System) platform.Thu, 26 Oct 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-106https://www.paradigm.co/blog/release-notes-v-0-106In today's update (v 0.106) to Paradigm we've ironed out some kinks for a smoother trading experience. More exciting stuff on the way!Thu, 26 Oct 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-bybits-tradegpt-is-a-gamechanger-for-tradershttps://www.paradigm.co/blog/the-big-picture-bybits-tradegpt-is-a-gamechanger-for-tradersIn this video, Ethers provides valuable insights into the intersection of AI and crypto trading. The discussion delves into the Trade CBT Plug-In, an AI tool, and offers a live demo showcasing its capabilities. Structured products and their relationship with AI are explored, with a deep dive into these products' mechanics.Tue, 24 Oct 2023 00:00:00 GMThttps://www.paradigm.co/blog/paradigm-insights-crypto-volatility-in-review-september-2023https://www.paradigm.co/blog/paradigm-insights-crypto-volatility-in-review-september-2023September saw the continuation of two trends: first, we continue to see OTM optionality priced near to its highest levels relative to the ATM level of implied volatility as the volatility smiles of both assets remain near to their historically steepest levels. Second, ETH’s implied volatility is still below the levels priced by BTC’s derivatives markets having continued the trend that it began following The Merge in September last year. However, a similar trend in the ratio of their realised volatility appears to have settled, with the ratio trading sideways near to 1 since the middle of 2023.Wed, 18 Oct 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-september-2023https://www.paradigm.co/blog/the-monthly-brief-september-2023September had a few significant milestones we're proud to share – the successful completion of our SOC2 Type 2 audit being a big one. This accomplishment isn't just about certification; it's a testament to our unwavering commitment to security, transparency, and trust.Sun, 15 Oct 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-105https://www.paradigm.co/blog/release-notes-v-0-105Today's update (v 0.105) to Paradigm includes the following new features and fixes.Fri, 13 Oct 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-104-2https://www.paradigm.co/blog/release-notes-v-0-104-2Today's update (v 0.104.2) weaves in new threads of innovation and enhancements.Thu, 12 Oct 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-crypto-options-markets-reveals-institutional-confidence-w-ram-ahluwaliahttps://www.paradigm.co/blog/the-big-picture-crypto-options-markets-reveals-institutional-confidence-w-ram-ahluwaliaThis insightful video delves into crypto derivative trading and market dynamics. The discussion begins with an introduction to Ram Ahluwalia CEO of Lumida Wealth, followed by a comprehensive analysis of recent ETF news and its impact on the crypto market. Ram then explores various option plays, shedding light on long-term secular trends traders should consider.Mon, 09 Oct 2023 00:00:00 GMThttps://www.paradigm.co/blog/announcement-paradigm-passes-soc2-audithttps://www.paradigm.co/blog/announcement-paradigm-passes-soc2-auditParadigm is excited to share the news that we have passed a SOC2 Type 2 audit! This proves to you, our customers, investors, and partners, that we meet a certain bar for business processes and for the security of our infrastructure. Thu, 05 Oct 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-104https://www.paradigm.co/blog/release-notes-v-0-104Today's update (v 0.104) to Paradigm includes minor improvements and fixes to help enhance your trading experience.Thu, 28 Sep 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-breaking-down-net-dealer-gamma-with-amberdatahttps://www.paradigm.co/blog/the-big-picture-breaking-down-net-dealer-gamma-with-amberdataIn this video, we deep dive into various aspects of Options trading and market dynamics. It starts with an introductory segment, hinting at an upcoming trading fee discount with Bybit. The presentation introduces Fabio, a seasoned expert in the Option data domain, who shares his insights and background knowledge about the market. The video then explores the concept of Net Gamma Rebalancing, which suggests an in-depth exploration of trading strategies and risk management techniques within the crypto options realm. $ETH and $BTC come into focus, with discussions about dealer profiles, net gamma price changes, and the analysis of cumulative funding data from Deribit.Tue, 26 Sep 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-hidden-opportunities-amid-ftx-fud-with-qcphttps://www.paradigm.co/blog/the-big-picture-hidden-opportunities-amid-ftx-fud-with-qcpIn this episode of "The Big Picture" featuring QCP, viewers are treated to comprehensively explore the cryptocurrency market's intricacies. The conversation covers many topics, including the evolving skew dynamics in the market, with a specific focus on Ethereum's put skew compared to ATM options. Greg's analysis suggests potential overpricing of Ethereum forwards, a critical observation for market participants. The episode also delves into the concept of market surprises and whether certain factors are already priced in. Marty shares his views on potential catalysts, and viewers are treated to Paradigm's Bitcoin heatmap for a visual representation of market trends. Finally, the discussion extends to "Gvol," or implied volatility, and how dealers are strategically positioning themselves in terms of gamma exposure. So grab some coffee and dive in!Tue, 19 Sep 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-103https://www.paradigm.co/blog/release-notes-v-0-103Ready to challenge the champions and claim your rightful place on the podium?Thu, 14 Sep 2023 00:00:00 GMThttps://www.paradigm.co/blog/paradigm-insights-crypto-volatility-in-review-august-2023https://www.paradigm.co/blog/paradigm-insights-crypto-volatility-in-review-august-2023Two large spot market moves saw implied volatility pick up twice this month. However, neither volatility rally was strong enough to see a sustained move above the lower bound of its historical range. Volatility is priced lower for ETH options, a trend that we have observed since the Merge in September of last year. Whilst in previous months we have highlighted how the fall in ATM vols has led to a steepening of the wings of ETH’s smile, this month we observe a material increase in volatility expectations priced by options struck in the wings relative to options struck near-the-money.Wed, 13 Sep 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-august-2023https://www.paradigm.co/blog/the-monthly-brief-august-2023August marked a month of significant developments in the cryptocurrency sphere, where Paradigm achieved an impressive 32% share of the global crypto options volume, even amidst the summer slowdown.Sun, 10 Sep 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-volatility-etfs-and-strategic-insights-with-greg-and-martyhttps://www.paradigm.co/blog/the-big-picture-volatility-etfs-and-strategic-insights-with-greg-and-martyIn this video, we explore key insights in the world of vol. Starting with the breakdown of the ETH Dvol Index, the video delves into the correlation between spot prices and volatility, the intriguing dynamics of the Butterfly Index, and the implications of spikes in the market. The discussion extends to portfolio management strategies using volatility spikes, followed by an analysis of the relationship between VIX lows and crypto volatility. And we wrap up with speculations about the effects on Deribit Options in the event of ETF approval and the intricacies of the convergence trade. This is not one you want to miss. Tue, 05 Sep 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-102https://www.paradigm.co/blog/release-notes-v-0-102Get ready to elevate your trading experience with release 0.102.0.Thu, 31 Aug 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-what-made-btc-vol-of-vol-hit-ytd-highshttps://www.paradigm.co/blog/the-big-picture-what-made-btc-vol-of-vol-hit-ytd-highsIn this insightful podcast episode, we kick off with a brief introduction and housekeeping details. The discussion then delves into Greg's background and expertise, setting the stage for an exploration of Bitcoin's recent price movements and the potential involvement of whales offloading their holdings. Valuable insights are shared about volatility compression, where Gordon provides in-depth explanations of the factors contributing to this trend. The concept of implied volatility is also explored, providing listeners with a clearer understanding of its significance in the context of cryptocurrency markets. Wed, 30 Aug 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-101https://www.paradigm.co/blog/release-notes-v-0-101We've tinkered, tailored, and turned up the tech to take your trading experience to a new level in Release 0.101.0.Thu, 17 Aug 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-bitcoin-flows-are-starting-to-look-bullishhttps://www.paradigm.co/blog/the-big-picture-bitcoin-flows-are-starting-to-look-bullishIn this episode, we have a fascinating market analysis with Greg from Amberdata, where he delves into the intriguing dynamics between Ethereum ($ETH) and Bitcoin ($BTC). From analyzing the beta of ETH compared to BTC to uncovering the current state of Dvol, Greg provides valuable insights that will leave you informed and enlightened about the crypto market.Mon, 07 Aug 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-july-2023https://www.paradigm.co/blog/the-monthly-brief-july-2023July was a month of intriguing developments in the crypto space, with Paradigm successfully capturing an impressive 34% of the global crypto option volume despite the overall muted market activity most likely due to Summer break.Sat, 05 Aug 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-100https://www.paradigm.co/blog/release-notes-v-0-100What feels lighter than the feather? When you drop some burdens of tech debt and gaining more privacy. We are pleased to announce the v0.100 update to Paradigm. Thu, 03 Aug 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-the-great-reversal-of-eth-option-vega-flows-w-gsrhttps://www.paradigm.co/blog/the-big-picture-the-great-reversal-of-eth-option-vega-flows-w-gsrIn this insightful episode, we dive deep into the crypto derivatives with Simran and Matt from GSR to discuss the current low-volatility state of the crypto market and its impact on trading volumes and options markets for Bitcoin and Ethereum. We also explore various narratives and events influencing market sentiment, including the potential approval of a Bitcoin ETF and the Ripple lawsuit. Tue, 01 Aug 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-crypto-option-insights-navigating-macro-regime-change-and-china-interventionshttps://www.paradigm.co/blog/the-macro-pulse-crypto-option-insights-navigating-macro-regime-change-and-china-interventionsLow vol and range bound markets have been dampened by China interventions. Yet macro regime change is upon us and option traders are positioning for it.Wed, 26 Jul 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-marty-talks-running-a-20m-crypto-short-vol-fundhttps://www.paradigm.co/blog/the-big-picture-marty-talks-running-a-20m-crypto-short-vol-fundIn this insightful episode, Marty shares his journey in the crypto world and how he navigated through the recent volatility crash. He discusses how he caught the volatility crash and analyzes the option flows from the past week.Tue, 25 Jul 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-99https://www.paradigm.co/blog/release-notes-v-0-99We are pleased to announce the most responsive v0.99 update to Paradigm. We've carefully curated this version to amplify your on-the-go trading experience.Thu, 20 Jul 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-peak-inflation-peak-rates-unraveling-chinas-impact-and-the-ripple-victory-in-crypto-worldhttps://www.paradigm.co/blog/the-macro-pulse-peak-inflation-peak-rates-unraveling-chinas-impact-and-the-ripple-victory-in-crypto-worldThe peak inflation, peak rates narrative is growing stronger and as flows continue to position for the topside, it feels just a matter of time before we break into a higher range. 🚀Tue, 18 Jul 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-ready-for-the-next-crypto-boom-organic-option-interest-is-back-and-soaringhttps://www.paradigm.co/blog/the-big-picture-ready-for-the-next-crypto-boom-organic-option-interest-is-back-and-soaringIn this week's episode of The Big Picture, the Paradigm Boys (Joe and David) are on their own, but that doesn't stop them from delivering an alpha-packed episode. Sat, 15 Jul 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-bond-bloodbath-what-does-this-mean-for-cryptohttps://www.paradigm.co/blog/the-macro-pulse-bond-bloodbath-what-does-this-mean-for-cryptoGlobal bond sell-off creating headwinds, yet crypto maintains an underlying strength. A reversal in yields can trigger the next leg higher.Wed, 12 Jul 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-june-2023https://www.paradigm.co/blog/the-monthly-brief-june-2023What a rollercoaster of a month! The end of June was a complete 180 from the beginning. First, regulatory news sparked FOMO and momentum-driven trading, while spot ETF filings fueled institutional spot buying. Then implieds rallied, creating an exciting backdrop for traders. At Paradigm we saw our second-best month ever, with a total trading volume of 12.3B while also commanding 38% of the $BTC Option Market Share.Long story short, volume went from 0 to 100 really quickly. Now let’s dive into the weeds a bit. 👇Fri, 07 Jul 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-98https://www.paradigm.co/blog/release-notes-v-0-98We are pleased to announce the latest v0.98 update to Paradigm, encompassing a range of improvements and updates designed to enhance your trading experience.Fri, 07 Jul 2023 00:00:00 GMThttps://www.paradigm.co/blog/make-sure-you-dont-miss-this-rallyhttps://www.paradigm.co/blog/make-sure-you-dont-miss-this-rallyJune rounded out a strong month, quarter and H1 for risk as markets continue to adjust to an easier macro regime with the pace of central bank hikes slowing and inflation continuing to move lower. Bitcoin remains king, outperforming all assets so far in 2023 💪 Tue, 04 Jul 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-dissecting-the-world-of-crypto-in-latam-with-noxhttps://www.paradigm.co/blog/the-big-picture-dissecting-the-world-of-crypto-in-latam-with-noxIn this episode, we dove deep into the world of crypto trading and volatility dynamics. We explored the concept of mean reversion in volatility, analyzing its impact on trading strategies. The conversation also touched upon Paradigm flows and volatility supply, shedding light on the intricate relationship between market dynamics and volatility. We delved into the question of whether one should be bullish on Ethereum, examining its potential for growth and development. Fri, 30 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/bitcoin-is-about-to-break-to-the-upside-and-markets-arent-readyhttps://www.paradigm.co/blog/bitcoin-is-about-to-break-to-the-upside-and-markets-arent-readyHot on the heels of Blackrock’s filing for a spot BTC ETF, the institutional news keeps rolling. Both Invesco and Golden Tree have reactivated their applications for a spot BTC ETF having previously been rejected. Fidelity, the world’s third largest asset manager with $4.1trn AUM are also rumored to be preparing to file a spot BTC ETF and/or submit a bid to acquire Grayscale.Tue, 27 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/diving-into-btc-price-action-dominance-and-liquidity-with-kaikohttps://www.paradigm.co/blog/diving-into-btc-price-action-dominance-and-liquidity-with-kaikoThis week we were pleased to have on Director of Research at Kaiko, Clara Medalie! Clara shared her valuable insights and expertise, covering a wide range of topics. We explored the various drivers behind Bitcoin's price action, analyzed the flows on Paradigm, and discussed the impact of iShares' move and its implications for BTC dominance. Additionally, we dove into the liquidity data from Kaiko and examined the effects of regulatory uncertainty and Tether's peg breaking. The episode also touched upon the BTC versus ETH volatility spreads and Skew, bullish thesis, liquidity considerations, counterparty risk, and the potential loss of dominance of the US dollar. Join us in this enlightening discussion as we gain a deeper understanding of the Bitcoin market dynamics and the factors shaping its future.Sat, 24 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-97https://www.paradigm.co/blog/release-notes-v-0-97We are pleased to announce the latest v0.97 update to Paradigm, encompassing a range of improvements and updates designed to enhance your trading experience.Thu, 22 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/hop-skip-and-pump-implications-for-crypto-and-global-liquidityhttps://www.paradigm.co/blog/hop-skip-and-pump-implications-for-crypto-and-global-liquidityThe Fed paused for the first time in 10 meetings, holding rates steady at 5.00-5.25%, as expected.Not expected however and contradicting the decision to “skip,” was the upward revisions to the dot plot, which took the median terminal rate estimations to 5.6%. This suggests members see two more hikes this year compared to March estimates. 🤔Tue, 20 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-digging-into-cme-crypto-derivatives-with-drwhttps://www.paradigm.co/blog/the-big-picture-digging-into-cme-crypto-derivatives-with-drwJoin us as we explore the world of CME crypto derivatives, uncovering key insights, trends, and opportunities. From counterparty risk to onshore/offshore options, miners' strategies, institutional adoption, and macro developments, we'll navigate through the intricacies of this dynamic market. Stay tuned for a thought-provoking discussion on CME crypto derivatives that will broaden your perspective and deepen your understanding of the evolving landscape. Sat, 17 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/increasing-volatility-supply-as-eth-evolves-into-a-yield-assethttps://www.paradigm.co/blog/increasing-volatility-supply-as-eth-evolves-into-a-yield-assetEven as spot markets remain range-bound and trading volumes subdued, crypto option markets have undergone significant microstructural shifts in Q2. ETH has seen a marked rise in systematic volatility supply, starkly contrasting with a comparatively languid demand for ETH optionality.Thu, 15 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/weathering-the-storm-china-is-stumbling-post-covid-bitcoin-resilience-and-riding-the-lowhttps://www.paradigm.co/blog/weathering-the-storm-china-is-stumbling-post-covid-bitcoin-resilience-and-riding-the-lowSaudi Arabia announced unilateral oil production cuts of 1mio b/d whilst the other OPEC+ members agreed to extend the production cuts agreed as recently as April to the end of 2024.All looks a bit desperate from OPEC, who are battling against a global demand slowdown and oil quickly reversing announcement gains to now trade lower. Lower output at lower prices. Rekt.Lower oil is essential to keep a lid on inflation, and as inflation expectations fall, nominal interest rates follow.Wed, 14 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-96https://www.paradigm.co/blog/release-notes-v-0-96We're thrilled to announce the v0.96 update to Paradigm, which includes some stellar new features and improvements. Get ready to propel your trading journey into the stratosphere!Thu, 08 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-option-market-analysis-with-amberdata-specialhttps://www.paradigm.co/blog/the-big-picture-option-market-analysis-with-amberdata-specialJoin us for a captivating conversation with Greg Magadini from Amberdata as we explore the current market structure and dive deep into option data. Gain valuable insights into the dynamics of ETH volatility and its implications for traders. Thu, 08 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-monthly-brief-may-2023https://www.paradigm.co/blog/the-monthly-brief-may-2023In a predictable turn of events, the old adage "sell in May and go away" rang true once again. The month witnessed volatility sinking to mid to high 30s in the 1-2 month range, fueled by relentless mechanical selling. However, amidst the current low volatility environment, Bybit future spreads experienced a tremendous surge, reaching an impressive $1 billion in volume. This remarkable growth represents a doubling from the previous month's figure of 493M, highlighting the resilience of market participants.Wed, 07 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-the-eth-volatility-lindy-effecthttps://www.paradigm.co/blog/the-big-picture-the-eth-volatility-lindy-effectIn this week's episode, we had the privilege of hosting Gordon Grant, Co-Head of Trading at Genesis for an insightful discussion on Ethereum (ETH) volatility. The main focus of our conversation revolved around how the prolonged behavior of ETH volatility, particularly influenced by systematic selling and the resulting reflexive feedback loop, can be expected to continue into the future.Gordon Grant shared his expertise and shed light on the dynamics shaping ETH volatility. We delved into the factors contributing to the current behavior of ETH volatility and explored how these patterns may persist over time. The episode provided valuable insights for traders and investors seeking to navigate the Ethereum market with a deeper understanding of its volatility dynamics.Tue, 06 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/eth-vol-trading-out-of-favor-favorite-opportunityhttps://www.paradigm.co/blog/eth-vol-trading-out-of-favor-favorite-opportunityIgniting a spark in the implied volatility realm, the BTC and ETH options landscape has embarked on an intriguing journey of structural descent. With a careful eye on the DVol indexes since their remarkable Q2 2021 inception, we witness a gradual grind downward, occasionally punctuated by captivating "vol events" like TerraLuna, 3AC, and FTX. Thu, 01 Jun 2023 00:00:00 GMThttps://www.paradigm.co/blog/competing-narratives-debt-ceiling-deal-macro-dynamics-and-adoption-tsunamihttps://www.paradigm.co/blog/competing-narratives-debt-ceiling-deal-macro-dynamics-and-adoption-tsunamiTech stocks continued to party hard this past week🤘despite the negative dynamic of higher rates and a strengthening dollar amidst debt ceiling uncertainty. After starting the week on the back foot, catching “down” to the macro, a solid earnings beat from NVIDIA with quarterly guidance 50% above estimates drove a sharp turnaround to lead the Nasdaq 3.5% higher on the week (and over 5.5% higher from Wednesday’s close 😳.) NVIDIA is now approaching a $1trn market cap and is the poster child for the AI mania underpinning the tech sector and squeezing a market that has been caught short.Tue, 30 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-the-rise-of-ai-in-crypto-structured-products-with-james-niosihttps://www.paradigm.co/blog/the-big-picture-the-rise-of-ai-in-crypto-structured-products-with-james-niosiJoin us for an engaging discussion with James Niosi, CEO of InvetDefy, as we explore the exciting rise of artificial intelligence in the crypto structured products market. Discover how AI technologies are reshaping the landscape of crypto investments and structured products. Gain valuable insights into the benefits and opportunities that AI brings to this dynamic market.Sat, 27 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/quantitative-analysis-of-paradigm-btc-option-block-tradeshttps://www.paradigm.co/blog/quantitative-analysis-of-paradigm-btc-option-block-tradesOver the past several years, an anonymous trader within the VIX options market earned the nick-name “50-Cent.” While it’d be interesting to see the rapper 50-Cent become a hedge-fund manager, this particular trader received the title after systematically trading massive volumes of VIX calls priced at $0.50.Wed, 24 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/liquidity-headwinds-analyzing-crypto-amid-fed-pause-and-softening-datahttps://www.paradigm.co/blog/liquidity-headwinds-analyzing-crypto-amid-fed-pause-and-softening-dataRisk on in tradfi land this week as optimism that a deal will be reached to lift the debt ceiling powered stocks higher, with the Nasdaq hitting 13-month highs. AI excitement with investors getting bulled up on the potential productivity and margin gains adds a positive narrative. However, as I’ve written about previously, for a market under-positioned risk, pain is to the upside, and this felt like a painful “grabby” move to chase higher.Mon, 22 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-diving-into-on-chain-options-and-the-death-of-eth-volatilityhttps://www.paradigm.co/blog/the-big-picture-diving-into-on-chain-options-and-the-death-of-eth-volatilityJoin us for a captivating conversation with Greg Magadini from Amberdata as we explore the fascinating realm of ETH volatility, on-chain options in DeFi, and macro insights. Gain valuable insights into the dynamics of ETH volatility and its implications for traders. Discover the potential of on-chain options in the decentralized finance landscape. Don't miss this opportunity to delve into the world of crypto with Greg Magadini from Amberdata!Sat, 20 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-95https://www.paradigm.co/blog/release-notes-v-0-95🚀 **Implied Volatility (IV) Goes Live** 🎉 Hitch a ride on the comet of real-time data! Implied Volatility will now be available on the Unified Markets screen, updating in real-time. It's like having a dashboard control for the warp speed of the market! 🌌 **Greek Values Enter the Space-Time Continuum** 🎊 Get ready to navigate your trading journey with the precision of a starship captain! Greek values (Delta, Gamma, Vega, Theta) will now be available on the primary Unified Markets screen, updating in real-time.Thu, 18 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/calm-before-the-vol-storm-crypto-majors-facing-challengeshttps://www.paradigm.co/blog/calm-before-the-vol-storm-crypto-majors-facing-challengesA difficult week for crypto majors, with Bitcoin breaking below the low end of this broad 27k/30k range we’ve been stuck in throughout May and diverging from an otherwise stable risk backdrop, with the Nasdaq pushing to new yearly highs.This week’s data highlight came in the form of US CPI. Although with the Fed leaning on an expected credit tightening to halt the hikes, the early focus was on the Senior Loan Officer Opinion Survey (SLOOS) to get a look as to how the banking sector stress in March affected Q1 credit. Whilst only catching the tail end of the quarter, credit conditions were indeed shown to have tightened, with banks said to have “tightened standards across all loan categories,” and perhaps more interesting, loan demand fell to its lowest levels since 2009. The credit crunch is already starting to bite 😬.Tue, 16 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/back-to-the-basis-all-you-need-to-know-to-get-started-trading-basis-on-bybithttps://www.paradigm.co/blog/back-to-the-basis-all-you-need-to-know-to-get-started-trading-basis-on-bybitIf you're unfamiliar with trading futures in the commodities or cryptocurrency markets, the term "basis" might be new. Basis trading is a popular strategy to exploit price discrepancies and hedge against market risks while adding a market-neutral strategy into your portfolio construction arsenal. In this article, we'll explore the concepts related to basis trading, how a basis trade is carried out, and how it can be used to make market-neutral trades to capitalize on supply and demand dynamics.Thu, 11 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-another-one-bites-the-dust-what-does-the-continued-banking-stress-mean-for-cryptohttps://www.paradigm.co/blog/the-macro-pulse-another-one-bites-the-dust-what-does-the-continued-banking-stress-mean-for-cryptoA week packed with macro data was again dominated by a focus on the banking sector as First Republic Bank (FRC) became the second-largest bank failure in history. Having been taken into FDIC receivership, JP Morgan assumed the bank's $173bn customer loans and $92bn of deposits, whilst FRC’s equity and bondholders were wiped out. The FDIC will also provide loss share agreements covering acquired single-family residential mortgage loans and commercial loans.Another crisis averted…or merely postponed. Perhaps ironically, whilst all uninsured deposits were taken into the “too big to fail” safety of JP Morgan, it leaves unanswered the question of the safety of uninsured deposits at other regional banks, for which there is still no explicit guarantee. In the meantime, the “deposit walk” continues with unadjusted deposit outflows of over $360bn in the 3 weeks leading into May. This past week, money market fund inflows accelerated to $47bn suggesting the drain continues 😬.Mon, 08 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/paradigm-monthly-brief-april-2023https://www.paradigm.co/blog/paradigm-monthly-brief-april-2023April was another phenomenal month for us in terms of volumes and our newly launched Bybit partnership. After recording a record-breaking $17 billion in monthly trading volumes in March (where we surpassed previous ATHs by approximately 60%), we continued our momentum into April with a total volume of $11.2 billion 🤯. Options market share remained strong in April, commanding 39% in Bitcoin options trading volumes and 32% in ETH options trading volumes 📈.Sat, 06 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-94https://www.paradigm.co/blog/release-notes-v-0-94🔁 Ran out of time on your RFQ? Quickly re-price the same structure to the same counterparties with a lightening fast one click “Re-price” 🔽 Overwhelmed with the number of Trades on Trade Tape? Use Filters to focus on what matters most to you ⏯️ Got FOMO? Saw a Trade on Trade Tape that you want to do? New Quick Action Buttons to easily Create RFQ and Create OB right from the Trade Tape 🐞 A few small bugs that we squashed along the wayFri, 05 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-banking-sector-concerns-how-frcs-failure-could-impact-bitcoin-and-the-crypto-markethttps://www.paradigm.co/blog/the-macro-pulse-banking-sector-concerns-how-frcs-failure-could-impact-bitcoin-and-the-crypto-marketBanking sector concerns once again took center stage this week, with First Republic Bank (FRC) revealing in their earnings update that deposits plunged more than $100bn in Q1.😬Despite a revenue beat, deposits as of 21st April stood at a lower-than-expected $102.7bn, down from $172bn as of year-end (this despite the $30bn received from the consortium of US banks). Expensive, short-term borrowings also stood at $104bn, raising question marks on the bank's sustainability which, as I write, looks set to be taken into FDIC receivership. FRC shares are trading down over 75% on the week. The bodies from the Fed’s aggressive hike cycle are slowly but indeed piling up.Tue, 02 May 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-how-crypto-affects-the-macro-with-former-coindesk-head-of-research-noelle-achesonhttps://www.paradigm.co/blog/the-big-picture-how-crypto-affects-the-macro-with-former-coindesk-head-of-research-noelle-achesonIn this episode, we dive deep into how Crypto is impacting macro markets with the previous Head of Research at CoinDesk and Genesis Trading and the current author of the Crypto is Macro Now newsletter, Noelle Acheson. We also explore the current Vol regime we are experiencing and examine which types of traders are coming out on top in this market.Sat, 29 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-x-marks-the-spot-tax-deadlines-bank-stress-and-rising-rateshttps://www.paradigm.co/blog/the-macro-pulse-x-marks-the-spot-tax-deadlines-bank-stress-and-rising-ratesBTC, ETH, and broad risk ran out of steam in a somewhat perplexing week, lacking a clear driver. Flows consequently dominated, and unexplained persistent selling of BTC triggered long liquidations and a full unwind of the prior week's well-won gains. Indeed, Wednesday saw the biggest long liquidation event this year, according to Coinglass, with circa $262.5 mio positions liquidated👇.Tue, 25 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-invest-in-what-you-use-with-fasanara-digitalhttps://www.paradigm.co/blog/the-big-picture-invest-in-what-you-use-with-fasanara-digitalIn this episode, join us as we sit down with Nikita Fadeev from Fasanara Digital ($3B AUM) to delve into the world of a Delta-neutral fund. Nikita shares his insights on the future of crypto and how Fasanara is navigating the changing landscape. He also shares the story behind their recent venture into Venture Capital and the evolution of the investment lifecycle in the past year. Don't miss out on this captivating conversation filled with valuable insights and perspectives.Sat, 22 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-93https://www.paradigm.co/blog/release-notes-v-0-93🌅 Saying good-bye to Chats and Loans - we will no longer be supporting Chats and Loans within Paradigm App 🧭 Got confused finding your way around Paradigm? - we have updated our navigation bar to make it easy to navigate through our awesome products ⚡ In a rush? - Quickly create RFQs and OBs from Trade Tape by right clicking 🐞 A few small bugs that we squashed along the wayThu, 20 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-shanghai-moon-a-smooth-upgrade-for-eth-boosts-crypto-market-confidencehttps://www.paradigm.co/blog/the-macro-pulse-shanghai-moon-a-smooth-upgrade-for-eth-boosts-crypto-market-confidenceCrypto sprang into life this week as the much-vaunted ETH Shanghai upgrade was finally successfully delivered 🎉. Bitcoin had already led an early week charge above 30k, sparked by Hong Kong Financial Secretary Paul Chan saying in a blog post that, despite crypto volatility, it’s the “right time” to push Web3 adoption and that Web3 tech would be one of three focus budget areas. Circa 175mio short liquidations helped BTC claim the psychologically important 30k level and set up nicely for the “Shapella” upgrade. Mon, 17 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-is-eth-about-to-catch-up-to-bitcoinhttps://www.paradigm.co/blog/the-big-picture-is-eth-about-to-catch-up-to-bitcoinIn this episode, everyone's favorite erudite option trader Gordon Grant from Genesis, is back with his views on what is driving this Bitcoin rally, what's going on with the #ETH unlock, and how options traders are positioning themselves.Sat, 15 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-us-economic-deterioration-and-labor-market-weaknesshttps://www.paradigm.co/blog/the-macro-pulse-us-economic-deterioration-and-labor-market-weaknessAn Easter-shortened week was not short on macro events to occupy our markets. Weekend news that OPEC+ agreed to voluntarily cut production a further 1.16mio barrels per day saw oil prices spike 8% on the open and rates markets sell-off (yields higher) as the consequences of higher oil re-ignited inflation fears.Wed, 12 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/bybit-and-paradigm-launch-usdt-margined-delta-1-spreadshttps://www.paradigm.co/blog/bybit-and-paradigm-launch-usdt-margined-delta-1-spreadsParadigm is thrilled to announce the expansion of our partnership with Bybit with the addition of USDT margined delta-1 spreads trading. This launch builds on the initial coin margined delta-1 spreads product launched in April 2022, and represents a significant enhancement to the offering by enabling spot anchored spreads for the first time. Spreads executed into Bybit’s upgraded Unified Trading Account will further benefit from better risk management, higher capital efficiency and cross-collateral margining.Wed, 12 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/paradigm-monthly-brief-march-2023https://www.paradigm.co/blog/paradigm-monthly-brief-march-2023What a month in global markets! The proverbial “kitchen sink” was thrown at the markets in March… a global banking crisis that ended with multiple bank collapses, a large de-peg of the “safest” stablecoin (USDC), a significant ramp up of regulatory rhetoric and enforcement actions, and a face-melting 40% rally in BTC from $20k to $28k.On the back of this 🏀 March Madness 🏀 monthly trading volumes on Paradigm exploded to a new ATH of $17B 🚀, surpassing previous ATH’s by ~60%🔥. Our options market share also continued to rise, reaching its own ATH of 38% 📈.Sat, 08 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-92https://www.paradigm.co/blog/release-notes-v-0-92👀 Screen real-estate is expensive - Maker quotes will now also appear as part of the RFQ Bid/Ask Column with “x” to Kill Quote (no more expanding the window) ⚡ Speed is good but too quick is not - RFQs will now auto-expire after 15 minutes instead of 5 mins🔉 Alerts can be annoying - Sound notifications will now only apply for new RFQs sent instead of every re-price / quote 🧐 Knowing what you missed out on - RFQs traded away will now show the price it was traded on RFQ History ➖ Mental math is not fun - Complex Order Books now will show Best-Bid-Offer Offset on the main screen so you know the difference between best screen price and best price on Paradigm 🙅🏽 Some things you won’t be able to do - BIT.com Coin-Margined Options/Futures are delisted now 🐞 A few small bugs that we squashed along the wayWed, 05 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-digital-gold-narrative-gaining-traction-but-will-it-lasthttps://www.paradigm.co/blog/the-macro-pulse-digital-gold-narrative-gaining-traction-but-will-it-lastA quieter week for markets as banking sector stress simmered and month/quarter-end considerations dominated. The positive momentum continued, however, with tech stocks leading a 1.5% rally on Friday as the Nasdaq capped its best quarterly performance since Q2 2020.US PCE inflation data was one of the few data highlights and came in softer than expectations, adding a tailwind for risk.The Fed’s preferred core PCE measure came in at 0.3% on the month (down from 0.5%) and 4.6% on the year (Vs 4.7% exp) the smallest increase since October 2021. In addition, inflation excluding housing and energy, which JPow has identified as important to monitor, also moderated to 0.3% in Feb and at 4.6% YoY was the smallest increase since last July.Mon, 03 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-leveraging-crypto-derivatives-for-btc-miner-longevity-with-two-primehttps://www.paradigm.co/blog/the-big-picture-leveraging-crypto-derivatives-for-btc-miner-longevity-with-two-primeIn this episode, Nate Cox and Adam Richard from Two Prime sit down to talk about crypto derivatives and BTC mining. This unique episode highlights topics that are often overlooked but are incredibly important to our space.Sat, 01 Apr 2023 00:00:00 GMThttps://www.paradigm.co/blog/paradigm-insights-think-outside-the-box-a-guide-to-ratio-spreadshttps://www.paradigm.co/blog/paradigm-insights-think-outside-the-box-a-guide-to-ratio-spreadsOur previous options education article discussed calendar spreads and their multifaceted use case for income generation, trading term structure, and taking directional bets. The calendar spreads’ use of multiple expirations allows for different views over time and the opportunity to trade the volatility surface – specifically volatility term structure. In this article, we will discuss ratio spreads (which also have a variety of use cases implementable in a traders’ portfolio of options) and go into one of the exciting aspects a ratio spread allows a trader to do regarding taking a view on the other aspect of the volatility surface – volatility skew.Thu, 30 Mar 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-time-to-ride-the-liquidity-wavehttps://www.paradigm.co/blog/the-macro-pulse-time-to-ride-the-liquidity-waveAnother volatile week as the focus remains squarely on the banking sector following a weekend that saw Credit Suisse “bailed out” by UBS in a government-assisted takeover. The deal, which came with government (read taxpayer) guarantees on CHF 9bio of “difficult to assess assets” alongside CHF 100bn liquidity support from the Swiss National Bank also saw Additional Tier1 (AT1) debt of CHF 16bn written down to zero. Ouch! The $275bn AT1 bond sector consequently took a hard hit in the week.Mon, 27 Mar 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-the-surprising-upside-potential-of-terrible-spot-liquidityhttps://www.paradigm.co/blog/the-big-picture-the-surprising-upside-potential-of-terrible-spot-liquidityIn this episode, Chris Newhouse from GSR trading walked us through bank runs and the newest financial crisis; we also talk about Bitcoin as digital gold, and the incredibly low spot liquidity we are seeing at the moment which is informing our current rally.Fri, 24 Mar 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-91https://www.paradigm.co/blog/release-notes-v-0-91👉 Launched Unified Markets 👉 Unified View combining both Request for Quote (RFQ) and Complex Order Books (formerly known as GRFQ) into one combined View 👉 Combined Market Builder for both RFQ and Complex Order Books 👉 Introduced Tabs and Filters to help manage multiple markets 👉 LIMIT Order Functionality for RFQs 👉 UX and UI Improvements 👉 Introduced DRFQv2 API (refer to API documentation for more details)Thu, 23 Mar 2023 00:00:00 GMThttps://www.paradigm.co/blog/introducing-unified-marketshttps://www.paradigm.co/blog/introducing-unified-marketsToday, we are thrilled to announce the launch of Unified Markets, Paradigm's newest innovation which combines its two most popular products, RFQs and complex order books, into a single unified interface. Unified Markets offers a one-stop-shop for traders to view, manage, and execute their trades seamlessly.RFQ - Instantly get two-sided quotes from liquidity providers for large-size and complex, multi-leg strategies. Any strategy. Any size. Trade visibly or anonymouslyComplex Order Books - Generate on-demand complex order books for any strategy. Hit the bid, lift the offer or improve your price by resting a limit order.Wed, 22 Mar 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-the-end-gamehttps://www.paradigm.co/blog/the-macro-pulse-the-end-gamePowell’s “hawkish” testimony saw a swift move to price a higher probability of 50bps of hikes in March with terminal rates around 5.7%, to pricing zero for March and 100bps of cuts over the next 12 months. The following graphic taken from ZeroHedge shows the dramatic repricing in rates over the course of a week.Sun, 19 Mar 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-big-picture-cme-options-bitcoin-as-gold-2-0-and-more-with-kyle-songhttps://www.paradigm.co/blog/the-big-picture-cme-options-bitcoin-as-gold-2-0-and-more-with-kyle-songIn this episode, Kyle Song from Albatross is trading on to talk about Options and digital gold. We also discuss flows and CME options.Fri, 10 Mar 2023 00:00:00 GMThttps://www.paradigm.co/blog/release-notes-v-0-90https://www.paradigm.co/blog/release-notes-v-0-90👉 Resolved the issue in the “Unified Markets” “Market Builder” modal where in the “Mark Price” value was incorrectly calculated for multi-leg strategies 👉 General bug fixesWed, 08 Mar 2023 00:00:00 GMThttps://www.paradigm.co/blog/the-macro-pulse-the-missing-piece-of-the-puzzlehttps://www.paradigm.co/blog/the-macro-pulse-the-missing-piece-of-the-puzzleEquities ended a volatile week higher as Friday’s Services ISM data provided a somewhat “goldilocks”🥣 picture of the US economy as the service sector continues to grow at a robust pace, coming in at 55.1 (down from 55.2 the month prior).Perhaps more importantly, as it relates to the Fed, the prices paid sub-index edged lower to 65.6 from 67.8 and eased some of the concerns sparked earlier in the week by ISM Manufacturing PMI, which showed prices paid jumping from 44.5 to 51.3.Tue, 07 Mar 2023 00:00:00 GMT