A research lab that builds the market mechanisms it studies.
Paragon Labs researches how exchanges price, settle and order trades. We build the mechanism the research points to and license the software to fintechs and regulated market makers. It has helped our partners secure over $200M in value and process over $800M in transaction volume.
How the lab works
We research questions in market structure, under contract and on our own account. When the answer is a system worth building, we build it, and license the software we own.
- Research
- Independent and contracted. A question answered with data, a model, a proof or a written note.
- Development
- Contracted. The system the research points to, designed, built and tested.
- Licensing
- Licences on the software our research produces, which the lab owns.
Research areas
All researchRedeemable assets
What it should cost to leave a staked token today, when redeeming it takes a week.
Stale prices, intents and MEV
What out-of-date quotes cost a market, and how solvers can be paid to refresh them.
Hyperliquid
HyperCore, HyperEVM and CoreWriter as one system, and the data its markets produce.
Exchange architecture
Which parts of an exchange can be separated, so that a new market design is a new module.
Verified and provable code
Proving EVM contracts correct in Lean with Nethermind, and early work on Cairo for Starknet.
Research notes
All 5 notesNote · March 2026
Delegating a Hyperliquid account without handing over the keys
Hyperliquid lets a contract on HyperEVM act on the HyperCore order book through CoreWriter. We designed an account that uses it to let software trade, move funds and stake for an owner, inside limits the owner sets.
Note · February 2026
Three on-chain signals that set the price of a staked token
The fee for buying a staked token ahead of its redemption depends on how long the queue will take, how much leveraged selling is coming, and how readily sellers will queue instead. All three can be read from public data.
Note · Mid-2025
What an instant exit from a seven-day queue should cost
Unstaking HYPE takes seven days. We worked out what a liquidity provider should charge to skip that wait, and why a pooled market can charge less than a market maker working alone.
Selected work
All workLicensed software
A marketplace for liquid staking tokens
Contracted research and development
HOT, a hybrid order-type AMM
Research and development
Prime: programmable self-custody on Hyperliquid
Research: independent and contracted
Hyperliquid L1 research
Independent research
Intent-based trading and MEV
Collaborative research with Nethermind
Formal verification of EVM contracts
Early development partner for Starknet, before incorporation
Cairo v0
Work with us
Write to usFour ways firms engage the lab. Each starts from work you can read first.
Software licence
Building a yield product?
License the marketplace stack we built for liquid staking tokens. It prices an instant exit from a redemption queue, and today it generates over $1M in annual revenue for our clients.
The marketplace, in selected workContracted development
Need a custom trading setup?
Prime lets an account owner on Hyperliquid hand named actions to software, with spending limits and expiring keys, and keep custody. We scope and build custom systems the same way.
Prime, in selected workInfrastructure licence
Are you a regulated market maker?
Regulated firms have used our HOT infrastructure to power over $800M in transaction volume. It lets a market maker’s signed quotes and an open pool trade from one inventory.
HOT, in selected workResearch collaboration
A research organisation that needs an engineering partner?
We join while the problem is still being defined and stay to ship the result, as with Nethermind on proving EVM contracts correct in Lean.
The Nethermind and Starknet work
To start, write to paragonltd.uk@gmail.com with what you are building.