Paradigm Lost 70% of its Clients in the FTX Crash. Now It’s Building its Own Exchange

• After FTX and SVB hits, the team kept building Paradex despite low volatility and tight credit.
• Paradigm processes ~$1–1.5B daily, ~35% of Deribit, with ~3,000 onboarded and ~500 active.
• Paradex targets 10x liquidity via RPI orders and adds perpetual options without price liquidation.

Paradigm co-founder and CEO Anand has revealed how his team rebuilt after the FTX collapse and detailed their strategic push to build Paradex, an on-chain exchange designed to remove the risks of centralized settlement. 

Speaking on a podcast, he recounted losing personal funds and watching the firm’s half-a-billion-dollar-a-day futures business at FTX “disappear overnight.”

FTX Aftermath: A Near-Death Experience

Anand described the period of the FTX collapse as a perfect storm of crises for the firm.

How did the …

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