Paradigm

Executing large-size or complex crypto derivatives trades on public order books means accepting significant price impact and limited counterparty choice. Paradigm addresses this by operating as a non-custodial institutional liquidity network that connects buyers, sellers, market makers, and OTC desks through a request-for-quote system and on-demand complex order books, without taking any position itself or holding client funds.

Family offices with crypto exposure can use Paradigm to source liquidity for options, perpetuals, futures, and multi-leg spreads across more than 120 products. Trades settle directly on supported CeFi exchanges or DeFi protocols, meaning custody stays with the chosen settlement venue rather than with Paradigm. The network includes over 1,000 counterparties and more than 50 market makers, and the platform reports $1 trillion in cumulative lifetime volume and over $511 million in average daily volume over a 30-day period.

Key platform capabilities include:

• Single- and multi-dealer RFQ with visible or anonymous execution
• Complex order books generated on demand for any strategy
• A spread builder for common and custom multi-leg strategies
• API access for programmatic integration
• Settlement via Deribit, Bybit, CME, Bit.com, and DeFi protocols

Pricing is not publicly disclosed, and access is subject to client acceptance by the applicable Paradigm entity. The platform is designed for institutional counterparties, and family offices that trade crypto derivatives in size will find more relevant counterparties and better price discovery here than on standard exchange order books. Those with only passive or spot crypto exposure will find little direct utility.