Lede
Paradex, which operates as a decentralized perpetual futures exchange, experienced a significant and platform-wide service outage on Monday. This major technical disruption has impacted a wide range of essential business services, leaving the platform’s entire infrastructure temporarily unavailable to its global user base. According to the exchange’s official public status page, the disruption has specifically affected the user interface, cloud and API services, and various blockchain components. Additionally, the bridge, block explorer, and remote procedure call (RPC) proxy have all been offline as the internal team investigates the underlying issues.
In response to the ongoing situation, the Paradex team has initiated a comprehensive rollback and recovery process to restore functionality. As a critical part of this technical effort to ensure the integrity of the platform, the exchange announced that it will force-cancel all open orders currently on the books. However, the platform clarified that take-profit and stop-loss (TPSL) orders are specifically exempt from this mandatory cancellation process. At the time of writing, the specific cause of the outage remained undisclosed by the developers, and no official timeline for full restoration has been shared. The platform has committed to providing further updates to its community as the investigation continues and the recovery process progresses toward a stable state for its trading services.
Context
Paradex holds a notable position within the decentralized finance ecosystem, functioning primarily as a decentralized perpetual futures exchange. The platform’s core architecture allows users to trade leveraged crypto derivatives without the necessity of giving custody of their funds to a centralized intermediary. This non-custodial model is a cornerstone of the platform’s appeal, as it provides traders with the tools to manage leveraged positions while maintaining control over their private keys. By removing the need for a centralized intermediary, the exchange has positioned itself as a key venue for traders seeking on-chain derivatives.
The scale of Paradex’s market presence is evidenced by recent trading data from the past month. Before the current service interruption, the exchange had grown into a significant hub for on-chain derivatives trading activity. According to data provided by DefiLlama, the exchange currently ranks eighth in total 30-day trading volume across the decentralized exchange space. During the past month alone, the platform reported more than $37 billion in trading activity. This high volume of trade highlights the significance of the platform within the DeFi landscape and underscores why the current outage of its user interface, bridge, and RPC services is a notable event for the broader crypto derivatives market and its participants.
Impact
The immediate impact of the platform-wide service outage involves the total suspension of all primary trading functions and supporting infrastructure. Because the disruption reached multiple layers of the system—affecting everything from cloud and API services to the RPC proxy and block explorer—traders have been left without the ability to manage their leveraged positions. The decision to force-cancel open orders is a direct consequence of the recovery effort, which aims to stabilize the platform through a rollback. While take-profit and stop-loss orders are preserved, the sudden cancellation of other open orders fundamentally shifts the trading landscape for those with active strategies.
Beyond the technical failures, the outage has created an environment where security risks have escalated for the community. Paradex has been forced to issue warnings regarding the emergence of fake support accounts that are currently impersonating its official team. The decentralized exchange has advised its traders to rely exclusively on official communication channels and has reiterated that it will never ask users for their private keys. Furthermore, the exchange has stated that any unsolicited messages claiming to offer technical support should be treated as scams. This development highlights the secondary risks associated with technical downtime, as malicious actors often attempt to exploit user concern during periods when the platform’s status is uncertain or the cause of the outage remains undisclosed.
Outlook
As Paradex continues its rollback and recovery process, the platform’s primary focus remains the full restoration of its core business services. The technical team is working to resolve the issues that have paralyzed the user interface, bridge, and blockchain components. Although the exchange has not yet disclosed the specific cause of the outage or provided a concrete timeline for full restoration, it has instructed users to monitor the official status page for further updates. The eventual restoration of cloud and API services will be a critical step for traders who rely on automated systems to interact with the decentralized exchange.
In the coming days, the disclosure of the root cause of the service failure will be essential for maintaining transparency with the user base. Because the cause had not been disclosed at the time of writing, many questions remain regarding the stability of the RPC proxy and other internal blockchain components. The long-term outlook for the platform will depend on its ability to successfully complete the rollback and prevent similar platform-wide disruptions in the future. Until the investigation is complete, the exchange plans to share updates through its verified accounts to keep the community informed about the status of the recovery and any changes to the order cancellation policy.
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