Paradigm Edge

━━━━━━━━━━━━━━━━━━━━━━━━━ 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)

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 👇

━━━━━━━━━━━━━━ 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)

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 👇 ━━━━━━━━━━━

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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 👇 ━━━━━━━━━━━━━━━━━━━━━━━━━ 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 September 9 Total Notional Volume: $381,559,938.63 Crypto Majors: • BTC: $78,300.00 (-1.3% 24h | +0.9% 7d) | DVOL: 40.2 (+0.3 pts 24h | +3.0 pts 7d) • ETH: $2,468.60 (-1.7% 24h | +2.9% 7d) | DVOL: 53.7 (-0.1 pts 24h | +2.8 pts 7d) Volume Breakdown by Asset: • BTC: 4,729.48 BTC ($372,229,381.71) — 97.5% (42 trades) • ETH: 3,726.04 ETH ($9,330,556.92) — 2.5% (7 trades) Venues: DBT: 99.9% | PRDX: 0.1% • Modules: DRFQ: 96.8% | OB: 3.2% Greeks Taker Flows: • BTC: • Net Delta: +41.23 BTC ($+3,378,151.33) • Cash Gamma (1% move): $+1,969,250.48 • Net Vega (1% IV): $+3,448.19 • Gross Traded Vega: $177,550.20 • ETH: • Net Delta: +278.10 ETH ($+694,686.87) • Cash Gamma (1% move): $+323,525.74 • Net Vega (1% IV): $-433.19 • Gross Traded Vega: $4,574.52 Tenor Distribution: • 0-7 DTE: $103,234,211.6 (27.1%) • 8-30 DTE: $216,571,466.2 (56.8%) • 31-60 DTE: $19,037,471.5 (5.0%) • 60+ DTE: $13,715,675.0 (3.6%) • Perpetuals / Tied Hedge: $29,001,114.3 (7.6%) Predominant Market Theses: • Directional: $294,086,616.5 (77.1%) • Others: $85,513,685.6 (22.4%) • Pure Volatility: $1,959,636.5 (0.5%) TradFi Context: • S&P 500: 7,636.36 (-0.5% 24h | +0.1% 7d) • Nasdaq: 26,253.34 (-0.6% 24h | +0.6% 7d) • VIX: 16.46 (+0.74 pts 24h | +1.26 pts 7d) • Gold: $4,437.50 (+1.0% 24h | +2.1% 7d)

Paradigm Session Recap September 8 Total Notional Volume: $501,408,057.10 Crypto Majors: • BTC: $78,792.00 (+0.4% 24h | +1.7% 7d) | DVOL: 39.9 (+1.1 pts 24h | +2.0 pts 7d) • ETH: $2,494.90 (+0.6% 24h | +3.2% 7d) | DVOL: 53.9 (+1.3 pts 24h | +2.0 pts 7d) Volume Breakdown by Asset: • BTC: 6,278.59 BTC ($492,339,827.09) — 98.2% (40 trades) • ETH: 3,626.95 ETH ($9,068,230.00) — 1.8% (19 trades) Greeks Taker Flows: • BTC: • Net Delta: +1,171.96 BTC ($+91,941,386.88) • Cash Gamma (1% move): $+28,710,457.41 • Net Vega (1% IV): $+107,838.85 • Gross Traded Vega: $161,300.95 • ETH: • Net Delta: +1,180.58 ETH ($+2,952,149.17) • Cash Gamma (1% move): $+717,209.32 • Net Vega (1% IV): $+3,016.56 • Gross Traded Vega: $3,111.43 Tenor Distribution: • 0-7 DTE: $420,636,248.0 (83.9%) • 8-30 DTE: $69,101,136.0 (13.8%) • 31-60 DTE: $4,419,109.8 (0.9%) • 60+ DTE: $4,331,637.4 (0.9%) • Perpetuals / Tied Hedge: $2,919,926.0 (0.6%) TradFi Recap: • S&P 500: 7,673.52 (-0.6% 24h | -0.2% 7d) • Nasdaq: 26,421.41 (-0.3% 24h | +0.2% 7d) • VIX: 15.72 (+0.42 pts 24h | -0.62 pts 7d) • Gold: $4,416.10 (+0.5% 24h | +1.6% 7d)

Paradigm Execution Recap - August Paradigm's execution continues to be best-in-class when it comes to options trading All blocks' performance vs. Deribit top-of-book (TOB) • 69.48% BTC and 72.35% ETH were priced better than TOB • 70.60% BTC and 50.77% ETH exceeded the displayed TOB size • Average size: 35.25x BTC and 18.42x ETH vs. TOB Single-leg blocks performance vs. Deribit top-of-book (TOB) • 47.76% of BTC and 44.94% of ETH were priced better than TOB • Average volume for BTC and ETH exceeded the displayed TOB size by 2x Detailed infographics below

Paradigm Session Recap - September 7th Paradigm processed $942M in volume today during the US Labor Day holiday • BTC closed down 1.61% to $79,009; DVOL is flat at 38.64 • ETH closed down 1% to $2,489.5; DVOL is down 0.5p to 52.7 ETH continues to chop around its 200W SMA while BTC is doing the same right below its 50W SMA. Majors had slow days during the long weekend while the Robinhood chain frenzy continued Today's BTC greeks taker flows: - Net Delta: +459.67 BTC ($+36,426,427.05) - Cash Gamma (1% move): $-6,678,821.47 - Net Vega (1% IV): $+35,343.91

Paradigm Session Recap - September 3rd Paradigm did $1.05B in volume today. • BTC closed up 5.15% to $81,279; DVOL is up 2.6p to 39 • ETH closed up 4.93% to $2,509; DVOL is down 3p to 53.27 BTC and ETH net delta exposure in the session were positive at $65M and $1.1M, respectively, as the crypto market surged Vol spiked on the September 5th expiration, with vol up ~6 points versus the following day for BTC and ETH. The term structure is in contango after September 7th Vol and price were up in tandem, following the same pattern as 3 weeks ago when the up movement started Both assets closed above key moving averages today: BTC above the 50W SMA and ETH above the 200D SMA. These are important resistance levels to watch for confirmation

Paradigm Session Recap - September 2nd Another slow day in the crypto market as majors consolidate around the recent highs. Paradigm did $508M in volume today. It marked the first session in over two weeks with a negative BTC net delta from the taker side. Options delta was ~$7.4M, but futures carried negative ~$14.4M delta, totaling -$7M in BTC taker exposure • BTC closed flat at $77,278; DVOL is down 1p to 37 • ETH closed down 1.02% to $2,392; DVOL is down 1p to 50.53

Paradigm Session Recap - September 1st Despite growing macro fears, the crypto market was still slow, with BTC and ETH 7-day realized vol below 30% again, still digesting the 4-sigma move from 2 weeks ago. • BTC closed down 1.54% to $77,347; DVOL is flat at 38p • ETH closed down 1.99% to $2,417; DVOL is flat at 51.64 BTC and ETH Calls are still expensive, with ETH's all-tenors skew still negative, while BTC calls are still expensive but the skew turned positive in all tenors, excluding 1-week. Today's trade tape had a 5000 ETH bear risk-reversal delta-hedged on futures looking to capitalize on the current heavy call skew in the market A good signal for the crypto bulls is that IV is not rising, while the crypto majors gave back yesterday's gains amid growing macro-related fears due to the US/Iran war escalation and rising long-term interest rates. Oil is above $95 for the first time since July 24th, raising fears of growing inflation. The US10Y touched 4.8% for the first time since since Jan 2025 and the US30Y is at 5.28% while the Japanese 10Y surprassed 3%, the highest level since 1996.

Paradigm Session Recap - August 31st • BTC is up 1.09% to $78,554; DVOL is flat at 37.6p. It already retraced most of the move from the recent rally, now 10 points below the high of the recent move • ETH is up 2.03% to $2,466; DVOL is flat at 51.3. It retraced 10 points like BTC, but it is still 5 points higher than at the beginning of the rally Paradigm's traders' positioning was shy, with BTC net delta of ~$23M and ETH at ~$850k while crypto majors are consolidating around their recent highs The ETFs had the second consecutive week with over $1.5B in inflows, netting ~$3.2B in total net inflows. ETH had $912M last week, totaling ~$1.48B in the last two weeks

Paradigm Session Recap - August 27th • BTC is up 1.66% to $82,244; DVOL is up 1.44p to 41.44 • ETH is flat at $2,511; DVOL is up 1.13p to 57.13 Paradigm saw $1.75B in trading volume today, mostly concentrated on BTC positions BTC showed a strong positive net delta positioning with ~$219M in exposure The market's eyes are now on Warsh's speech at Jackson tomorrow

Paradigm Session Recap - August 26th • BTC closed up 0.67% to $79,062; DVOL down 3p to 40 • ETH closed up 2.81% to $2,508; DVOL down 2p to 56 IV is contracting as Bitcoin's price hovers around $78k, even with increasing fear ahead of Warsh's Jackson Hole speech on Friday following a slightly hot PCE print. A positive signal, considering how volatility generally behaves during market declines or fear The term structure is nearly back to contango, except for the August 29 expiry, the day after the FED chair's speech Another large ETH put purchase today: 15,000 contracts at the $2150 strike for September 25, in one block. It followed a pattern similar to last Friday’s purchase of 27,000 contracts Puts are still cheap relative to calls as the skew is still negative in most tenors, but it started bouncing today, especially in longer-dated tenors Nvidia beat earnings, providing relief for traditional markets.