TL;DR

🚀 June Highlights:

• Paradex: Paradex Hits All-Time Highs: $30B Volume, $25M OI, and $15M TVL!
• Paradigm: Paradigm traded $12.1B in June, maintaining strong market activity.

Embracing Summer's Lull

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Q2 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.June suggested a shift in sentiment with participants rolling their options exposure to a further date and we will dive deeper into this in our Markets section!

Let’s go Later..

June commenced with a promising surge as Bitcoin briefly touched 70k. However, this optimism was short-lived as the cryptocurrency experienced a steady decline, closing the month just below 63k (-7% MoM). The market witnessed net outflows for June, driven by significant outflows in the latter two weeks. This marked the first instance of two consecutive weeks of significant outflows since April, with the timing coinciding with the price drop.

Last year, the Summer months were known as the dog days and June is trending towards it. As BTC spot rallied in the first week with the positive inflows, noteable options kicked off with some front-end call spreads being purchased. This theme was short-lived as vols and spot bled into the end of the month. The rest of the month’s top trades were focused on the later tenors. 90d and 180d 25 delta call skew higher on the influx of buy activity there. September calls being rolled out to December via 1x2s & call calendars and bullish December risk-reversals being purchased. Flows below:

June Noteable Bitcoin Trades on Paradigm

1. 1433x 26-Jul-24 92000/100000 Call Spread bought
2. 1286x 13-Jun-24 68000/69500 Call Spread bought
3. 1220x Custom Strategy: -2.00 Call 27-Sep-24 90000
   +1.00 Call 27-Dec-24 75000 bought ( Interest Bought Dec 75k)
4. 1112x 28-Jun-24 74000/80000 Call Spread bought
5. 750x 27-Dec-24 60000/85000 (Tied) Bull Risk Reversal bought
6. 900x 27-Sep-24 90000 27-Dec-24 150000 Call Calendar bought

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Market participants are watching any ETH ETF developments closely but nothing much has been shown in June. ETH closed similarly to Bitcoin, down 8.7% MoM. Front-end implieds sold off through the month with 1d ATM touching 25v. Top options flows of the month saw regular sellers on front-end calls. Buying activity was centered around the later expiries, focused on September.

June Noteable ETH Trades on Paradigm

1. 46000x 27-Sep-24 4000 Call bought
2. 11500x 27-Sep-24 3500/4500 Call Spread bought
3. 8000x 26-Jul-24 3700 27-Sep-24 3900 Call Calendar sold
4. 14250x 21-Jun-24 3550 Call sold
5. 11250x 21-Jun-24 3800 Call sold
6. 8250x 26-Jul-24 4200 Call sold
7. 6000x SELL 28 Jun 24 3800 Straddle
8. 6250x SELL 21 Jun 24 3650 Call
9. 5250x BUY 26 Jul 24 3000/3500 RRPut

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Paradex Key Performance Metrics

In the past month, Paradex recorded a Monthly ADV of $151M, with a Monthly Total Volume of $4.7B. Total fees paid amounted to $1.2M, while we maintained 436 active users. The Total Open Interest reached $10.9M, contributing to a Monthly TVL of $11.8M. Additionally, traders earned a total of 4.4M points. On top of all that, Paradex achieved an ATH total trading volume of $25B!

New Market Listings

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This month, we took a breather on adding new markets to work on some cool new features for our users. We still managed to drop 5 fresh markets, bringing us to 55 total! We're stoked to be more than halfway to our 100-market goal by year-end. Here’s a snapshot of our latest additions

• XAI-USD-PERP
• LINK-USD-PERP
• TNSR-USD-PERP
• MATIC-USD-PERP
• ZRO-USD-PERP

Orderbook Speed Boost!

Greetings Paradigmers!

We're thrilled to share the latest updates to Paradigm (v 0.120) with you!

⚡ Speed Boost - Experience reduced latency with the new /v1/ob API.

Stay informed and engaged with us through "Paradigm Edge" and "Paradex" Telegram channels — your go-to resources for navigating this ever-changing crypto derivatives landscape.

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Sincerely,
The Paradigm Team 💜