Hi Paradigmers,

July was a BIG month for crypto. A sharp recovery in prices led to a more than 55% surge in ETH on progress towards the Merge, which is now scheduled for mid-September. Adding to the momentum was a more supportive macro backdrop, with a Fed claiming to be at neutral and markets pricing an end to the hike cycle. 

And if it was a big month for crypto, it was a record-breaking month for Paradigm. We reached another all-time volume high driven by huge Merge-related block trades, which took our ETH options market share to a massive 37% and saw a record **TWO** 100k BTC volume days. Our futures spread business goes from strength to strength, and with the FTX integration complete, the momentum looks set to continue into August. 

TL;DR

• $7.8 billion notional was transacted in July 2022 
• Transacted 28% of Deribit’s total BTC volume and 37% of ETH
• Average daily 30-day volume in July = $266 million / day
• 58% of all Deribit BTC options transactions were multi-leg trades
• Accounts grew 20% month-over-month in July
• We dominated on a few days in July. On July 21, we were 51% of BTC option market share and 61% of ETH option market share!

62% of all Deribit BTC option and 75% of all Deribit ETH option DRFQ transactions on Paradigm were priced better than the top of book pricing

July Trading Activity

In July, the total notional traded through Paradigm was an impressive $7.8 billion.

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Futures Spreads Dashboard volume held strong $533.8 million

Featured Execution Stats for Deribit Options in July

Multi-Leg Breakdown of Option Products (%)
Our one-click execution for multi-leg spreads continues to be a favorite among clients. Check out the breakdown in option structures executed via Paradigm.

62% of All Deribit BTC DRFQ Option Transactions on Paradigm Were Priced Better Than the Top of Book Pricing

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75% of All Deribit ETH DRFQ Option Transactions on Paradigm Were Priced Better Than the Top of Book Pricing

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New Feature

1-Click Trading for GRFQ

You can now easily place orders directly from the GRFQ dashboard!
1. Use the “1-Click Trading” toggle to enable trading on your default accounts.
2. Click Buy or Sell, then quickly confirm. (Note: double-clicking will trade instantly.)
3. Orders are executed as Immediate or Cancel limit orders that trade at the clicked price or better!

New Insights

Crypto and the Efficient Market Hypothesis

How to Trade Futures Spreads

Death of the Degen - Trading Basis for Yield!

Where's The Yield (Curve) - Pt 3

Twitter

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Sincerely,
The Paradigm Team 💜