Paradigm Edge

Paradigm Session Recap November 03 BTC 24h recap by Dime Terminal

Paradigm Session Recap November 02 BTC 24h recap by Dime Terminal

Paradigm Session Recap October 20 Today Paradigm registered a new record single trade of $2.3B. A 28k BTC notional custom structure ━━━━━━━━━━━━━━ 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 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 14 ━━━━━━━━━━━━ 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)

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)

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 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 7 ━━━━━━━━━━━ 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 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)

Paradigm Session Recap October 5 ━━━━━━━━━━━━━━━━━━ 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)

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Paradigm Session Recap October 1 ━━━━━━━━━━━━━━━━━━━━━━━━━ 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)

━━━━━━━━━━━━━━━━━━━━ 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)

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 👇

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Paradigm Session Recap September 29 ━━━━━━━━━━━━━━━━━━━━━━━━━ 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)

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)