Paradex Options Open Interest Surges 2.6x to $220 Million

Paradex's options open interest has reportedly surged 2.6 times to reach $22 million (approximately KRW 280 billion), according to a report. However, this figure is not from Paradex's official statistics, so the calculation method and actual growth rate require additional verification.

Crypto Briefing reported that after Paradex integrated Paradigm's RFQ engine in mid-September, options open interest increased by 2.6 times. The daily nominal trading volume reportedly peaked at $17.6 million (approximately KRW 24.4 billion) shortly after the public launch.

RFQ (Request for Quote) is a method where traders request prices from market makers for specific options or multi-contract strategies. Market makers then provide bid and ask prices for the requested trades. Paradigm describes RFQ as a way to request two-way pricing for single products or multiple contract option strategies, allowing multiple option contracts to be executed at once, reducing price volatility and execution risks that can occur from manual execution of individual contracts.

RFQ allows price negotiation between trading parties without exposing all orders on public order books. This feature simplifies the settlement process for large trades or bundled strategy transactions. Paradex's official documentation states that using Paradigm RFQ enables large trade settlements and processing options, perpetual futures, and spot trades within a single portfolio margin account.

RFQ access must be activated separately in accounts, and API support for creating, querying, and settling RFQs is publicly available. This structure aligns with Paradex's infrastructure aiming to expand option trading onto the blockchain. However, the introduction of RFQ does not necessarily prove increased user activity or expanded trade volume.

Crypto Briefing reported that during the private beta phase, over $50 million (approximately KRW 69.3 billion) in nominal options trading occurred within a month. It also noted that 46 block trades executed over a 30-day period settled $30 million (approximately KRW 41.6 billion).

Open interest refers to the total value of unsettled futures or options contracts. It can increase with new contracts or maintained positions but cannot determine whether buying or selling pressure dominates based solely on this metric.

Therefore, using $22 million as direct evidence of increased option demand requires verification of trading composition, actual user share, distinction between new and existing contracts, and open interest calculation methodology. The report did not sufficiently provide these details. Previously, the publication explained that relying solely on a single open interest metric to determine market structure changes is difficult, which also applies to the Paradex case.

Domestic readers should avoid directly linking the absolute scale and 2.6x growth rate of open interest to trading direction or price forecasts. Additionally, options include both hedging and speculative positions, making it difficult to conclude market sentiment based solely on contract increases.

The only confirmed information from Paradex's official materials is that they support Paradigm RFQ functionality and related APIs. The $22 million figure and 2.6x growth rate are not directly supported by Paradex's official statistics.

Whether Paradex's RFQ integration leads to option market growth depends on the sustainability of trading volume, contract composition, and open interest calculation methodology, which will be determined after further disclosure.