The decentralized perpetual contracts exchange Paradex confirmed a rollback of its network to block 1,604,710 following a disruption. The incident resulted in the platform’s main services being down for approximately eight hours.
According to the team, the issue arose during database maintenance. Due to an error, the price of Bitcoin on the platform momentarily dropped to zero, triggering the forced closure of “thousands of positions,” users reported on social media.
In the recovery process, developers eliminated all open orders except for those in the TPSL format. All accounts will be restored to the last correct state prior to the maintenance.
“The process of returning funds is ongoing. We confirm that user assets are safe. Due to the complexity of the recovery process, we cannot currently provide a completion date. Further updates will be published as they become available,” stated Paradex.
According to DeFiLlama, the exchange ranks eighth in the perp-DEX segment by 30-day trading volume, with a figure of $37.3 billion.
The leader Hyperliquid has a corresponding turnover of $141.4 billion. The top three also include Aster ($118.4 billion) and which lost some volume after conducting an airdrop Lighter ($115.8 billion).
Paradex operates on the appchain of Ethereum’s second-layer Starknet. The platform began utilizing the technology even before the launch of the L2 project SN Stack stack for creating application-specific protocols in January 2025.
In 2018, the Singapore-registered Paradex was acquired by the largest American crypto company, Coinbase. The latter announced certain changes to the exchange’s technology, which at the time was based on the 0x protocol.
Back in November 2025, amid the perp-DEX boom, BitMEX co-founder Arthur Hayes predicted that soon the stock prices of US companies would be determined in this DeFi segment, rather than on Nasdaq.