EVEDEX vs Paradex: Where the Order Rests and Where the Trade Settles
Updated: Console View operations
EVEDEX vs Paradex divides on two figures. A retail order costs nothing at Paradex and 0.045% taker at EVEDEX, so a $10,000 round trip runs $0.00 against $9.00; the BTC books read here held $728.00 and $18.6 million inside ten basis points, which is where the order changes places.
Order-book depth30Round-trip cost25Loss and audit record15Settlement and withdrawal15Contracts listed10Getting started5how we rate
| Criterion | EVEDEX | Paradex |
|---|---|---|
| Score of 16 | 10.5 | 9.8 |
| Where a resting order is held | An off-chain matching engine run by the venue | An off-chain cloud book its own operators alone can see |
| Where a filled trade ends up | Arbitrum, after enough position changes have piled up | Paradex Chain, a Starknet-stack appchain posting proven state to Ethereum |
| Fee at the entry tier | 0.015% maker and 0.045% taker, fixed, with cashback returning part of what was paid | Nothing either side on a retail order since 15 June 2026; 0.003% maker and 0.045% taker on any other route |
| Round trip on $10,000, taker both ways | $9.00, or $5.85 once cashback reaches its ceiling | $0.00 on a retail order, $9.00 on the programmatic route |
| What that price asks in return | The cashback share has to be earned by level; the rate itself never moves | A 300 millisecond delay on the order and a cap of three a second |
| Price impact, $1,000,000 market order | 2.74 bps, filled in full | The visible book could not fill it |
| Perpetual contracts listed | 52, over six asset classes on one balance | 63 perpetual contracts, beside dated contracts and two spot pairs |
| Documented ceiling on a BTC position | 200x on BTC, ETH and SOL for positions to $50,000 of notional, 100x to $200,000 | 50x, from a 2% initial margin, with a 300 BTC position limit |
| Collateral and margin mode | USDT, cross margin only | USDC alone, cross margin |
| Audit reports and bounty | Two CertiK audits of the smart contracts, the latest delivered 28 July 2025; CertiK Skynet listed no bounty | Five reports between 2022 and 2025, plus a Sherlock bounty paying up to 500,000 USDC |
| The public record of the last 24 months | No loss of user money found | 19 January 2026: corrupted state triggered liquidations, the chain was rolled back and $650,000 refunded to 200 accounts |
| Leaving when the operator stops answering | No forced withdrawal in the documentation we read; an ordinary withdrawal is documented at up to an hour | Bridge exits wait on a Starknet proof, hours rather than minutes, and every withdrawal is cut if the reserve runs short |
| Open interest and 24-hour volume, CoinMarketCap on 22 September 2026 | $704.9 million and $700.5 million | $23.7 million and $21.8 million |
VENUE FACTS READ 18 September 2026 in each venue's own documentation, interface and terms; the order-book figures are our own, from the capture cycle named below. Both columns are scored with one formula for the whole site, fixed on 22 September 2026, and the lit cells are that score drawn out.
- 010.7 of a point apart on the site formula: EVEDEX 10.5 of 16 against Paradex 9.8, reached from opposite ends of it.
- 02Depth separates them one way: $18.6 million resting inside ten basis points against $728.00, roughly 25,000 to one on the same contract in the same minutes.
- 03Price separates them the other way: $0.00 against $9.00 on a $10,000 round trip, before the books took $206.62 and $4.12 on top.
- 04Size decides between them: a $1,000,000 order cleared EVEDEX at 2.74 bps, and the visible Paradex book had nothing left to fill it with.
| Venue | Median spread | Depth within 10 basis points | Depth scale | Impact on a $100,000 order | Snapshots |
|---|---|---|---|---|---|
| EVEDEX | 4.12 bps | $18.6 million | 2.06 bps | 250 | |
| Paradex | 7.20 bps | $728.00 | 158.11 bps | 249 |
Both books were read in the capture cycle named above and the figures are medians of all successful snapshots. IMPACT = what the resting orders charged a market order of that size, at that tick.; no account was opened and no order was placed.
EVEDEX matches orders away from the chain and sends position data to Arbitrum once enough of it has piled up (EVEDEX documentation, logged 18 September 2026). The entry tier is 0.015% maker / 0.045% taker, the same for a first deposit as for a large account, and cashback hands part of that back after the fact: a base share that grows as a trader works up a gamification level every user can reach, plus a flat 5 percentage points for a Prime subscription, to a ceiling of 35% of a trader's own fees. The BTC book carried a median $18.6 million within ten basis points across 250 readings, and a $1,000,000 market order would have moved it 2.74 bps. One USDT balance carries 52 contracts over six asset classes, shares, metals and currency pairs among them.
IN FAVOUR
- Cashback hands back part of the fees already charged, to 35% of a trader's own
- A median $18.6 million inside ten basis points, and a million dollar order filled at 2.74 bps
AGAINST
- The chain receives a periodic snapshot of positions rather than a record of each fill
- CertiK Skynet listed no bounty programme on 18 September 2026, and no withdrawal works without the operator
- 52 contracts, with no spot market and no dated contracts behind them
Not for: a trader who reads the published rate and stops there.
Paradex keeps its book in a cloud only its operators see and settles on Paradex Chain, a Starknet-stack appchain that posts encrypted, proven state to Ethereum (Paradex docs, checked 18 September 2026). An order placed in the browser, or sent programmatically under an interactive token, has paid 0% maker / 0% taker since 15 June 2026, bought with a 300 millisecond delay and a limit of three a second; every other route pays 0.003% maker and 0.045% taker, and the programmatic taker rate stops falling at 0.0175% however many discounts apply. The BTC book behind that price was the thinnest read here, a median $728.00 at a spread of 7.20 bps.
IN FAVOUR
- Nothing charged either side on a retail order, across every product listed
- Five audit reports on file and a Sherlock bounty paying up to 500,000 USDC
AGAINST
- Only $728.00 rested inside ten basis points, so $100,000 crossing it cost 158.11 bps
- A maintenance bug wrongly liquidated accounts in January 2026 and the chain was rolled back
- Every withdrawal is cut by a socialized-loss factor when the reserve behind it runs short
Not for: an order large enough to walk down the book.
Documentation: paradex.trade
What each of them actually puts on a chain
Both venues match on a server rather than on a chain, and the word hybrid hides two different answers to what happens after the fill. Paradex settles each trade on Paradex Chain and posts the encrypted state to Ethereum with a validity proof, so a fill exists outside the operator as soon as its batch is proven. On EVEDEX the chain is written to only after enough position changes have gathered — a periodic snapshot of where accounts stand, not a trail of fills. Neither gives a trader a documented way out once the operator stops answering: Paradex exits run through a bridge that waits on a Starknet proof, and the EVEDEX documentation read on 18 September 2026 describes no forced withdrawal at all. On both, the collateral sits in a contract the venue controls while a position is open.
The order size at which the two change places
On an order of a few hundred dollars the fee is the whole bill, and a retail order at Paradex has no fee: $0.00 against $9.00 for the same two fills. Add what the book charged in the same window and it has already turned over by ten thousand — $206.62 of slippage on Paradex against $4.12 on the other side, so the round trip comes to $206.62 and $13.12. Multiply the order by ten and the gap widens again: at $100,000 the two fills cost $3,162.20 at Paradex, all of it the book, and $131.20 at EVEDEX. At a million the Paradex book had nothing left to fill against, while the other absorbed the order at 2.74 bps. Whoever sends size reads the depth column; whoever sends clips small enough to rest inside the spread reads the fee column and is right to. Both columns are charged against margin. At 100x, one percent against a position is the whole margin behind it.
Where both columns came from
Nothing prints here that was not polled or copied out with its date. Depth, spread and impact are this console's own work — every listed BTC book opened on this console's ten-minute poll, over the two days to 22 September 2026, each a median of what came back. The documentary columns came off each venue's own pages on 18 September 2026: fees, contract list, leverage ladder, settlement, sign-in terms, audit history. Open interest and turnover are neither — each venue's own report, as CoinMarketCap published it on 22 September 2026. Six weights, fixed 22 September 2026 before any venue was scored, score the 2 venues on this page (how we rate). No account is held at any of them.
First line, the disclosure: publication here is paid for; row order is not. Settlement and the audit record are marked off documents: a console prints what a venue says of itself, not what it did. The fee column is a new account's rate, before volume tiers, rebates or cashback. Depth is measured, but on BTC alone and over one span of readings: a narrower contract holds less, and another hour reads differently.
Which is cheaper to trade, EVEDEX or Paradex?
On the published rate, Paradex: a retail order pays nothing either side, so a $10,000 round trip is $0.00 against $9.00 at EVEDEX. The readings here turn that around above a few hundred dollars, where the thinner book takes more than the rate ever saved.
What counts as a retail order on Paradex?
An order sent through the Paradex web interface, or through its programmatic route with an interactive token. Those pay no maker and no taker fee on perpetual contracts, in exchange for a 300 millisecond delay and a cap of three orders a second. Any other route pays 0.003% maker and 0.045% taker.
Where does each of the two settle a filled trade?
EVEDEX matches away from the chain and sends position data to Arbitrum once enough changes have gathered, by its documentation read on 18 September 2026. Paradex settles on Paradex Chain, a Starknet-stack appchain posting encrypted state to Ethereum with a proof. One writes a periodic snapshot, the other a record of every trade.
Which of the two has the deeper bitcoin book?
EVEDEX, by a wide margin in the window we read. A median $18.6 million rested within ten basis points of the mid against $728.00 at Paradex, across 250 and 249 snapshots of the same window. Same contract, same minutes, roughly 25,000 times apart.
What happened to Paradex in January 2026?
On 19 January 2026 a race condition during planned maintenance published corrupted state to Paradex Chain, resetting a funding index and triggering liquidations. Paradex rolled the chain back to an earlier block, cancelled open orders and paid $650,000 back to 200 accounts out of its liquidator vault. That was the first rollback of the chain.
How much can a bitcoin position be levered on either venue?
EVEDEX puts BTC, ETH and SOL at 200x while the position stays under $50,000 of notional, with 100x holding to $200,000. Paradex holds BTC at a 2% initial margin, which is 50x, with a 300 BTC position limit. A move of 0.5% takes the whole margin at the EVEDEX ceiling, 2% at the Paradex one.
Do either of them ask for identity documents before a first trade?
Neither does. Both open on a wallet signature, and Paradex derives the account from the wallet address itself. EVEDEX runs no traditional identity check to trade and screens deposits through on-chain analysis, by its Help Center. The Paradex account pages we read on 18 September 2026 say nothing about screening.
Updated: | Console View operations | corrections to readout@wp-monero-miner.com