{
  "schemaVersion": 1,
  "id": "paradex",
  "version": "1.0.0",
  "name": "Paradex",
  "reviewedAt": "2026-10-14",
  "reviewIntervalDays": 14,
  "reviewer": "Decentralised News editorial research",
  "evidenceType": "provider_documentation",
  "liveTested": false,
  "summary": "Paradex classifies orders as Retail or Pro by submission method. That affects fees and execution conditions, while the reviewed collateral guide requires USDC for perpetual trading.",
  "scope": "Provider-documentation review focused on perpetual trading. Not an exhaustive product inventory, live execution test, security audit or individual eligibility assessment.",
  "decisionTitle": "The order route changes the trading conditions.",
  "decisionContext": "Do not treat Retail as a permanent identity. Check how each order is submitted, its resulting classification and the margin actually available.",
  "sources": [
    {
      "id": "orders",
      "name": "Paradex Retail and Pro orders",
      "url": "https://docs.paradex.trade/trading/trader-profiles",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "fees",
      "name": "Paradex trading fees",
      "url": "https://docs.paradex.trade/trading/trading-fees",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "collateral",
      "name": "Paradex non-USDC balances and collateral",
      "url": "https://docs.paradex.trade/trading/spot-trading/non-usdc-balances-collateral",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "risk",
      "name": "Paradex risk checks",
      "url": "https://docs.paradex.trade/risk/paradex-risk-checks",
      "reviewedAt": "2026-10-14"
    }
  ],
  "networks": [
    {
      "id": "paradex",
      "name": "Paradex perpetual trading (review scope)",
      "collaterals": [],
      "collateralNote": "USDC required for perps in the reviewed collateral guide; non-USDC balances are not free collateral."
    }
  ],
  "claims": [
    {
      "id": "classification",
      "question": "What makes an order Retail or Pro?",
      "label": "Provider-reported",
      "finding": "The guide classifies UI and interactive-JWT API submissions as Retail. Standard API submissions default to Pro; exceeding Retail limits changes treatment.",
      "consequence": "An automated route can change fee and execution conditions. Inspect the order classification, not an assumed permanent user category.",
      "sourceIds": [
        "orders"
      ]
    },
    {
      "id": "fees",
      "question": "Does every order receive zero trading fees?",
      "label": "Provider-reported",
      "finding": "The fee page lists zero Retail maker/taker trading fees and a separate Pro schedule. Pro perps/spot maker fees and volume-based taker fees apply.",
      "consequence": "A retail headline is not an API cost estimate. Confirm classification and discounts; no all-in cost is calculated here.",
      "sourceIds": [
        "fees"
      ]
    },
    {
      "id": "execution",
      "question": "What trade-off accompanies Retail treatment?",
      "label": "Provider-reported",
      "finding": "Retail orders have documented speed bumps and lower rate limits, with access to Retail Price Improvement liquidity and queue benefits. Pro orders follow different conditions.",
      "consequence": "Configuration differences do not establish which route fills better. DN has not performed comparable execution tests.",
      "sourceIds": [
        "orders"
      ]
    },
    {
      "id": "collateral",
      "question": "Does total account value equal usable perp collateral?",
      "label": "Provider-reported",
      "finding": "The collateral guide says non-USDC balances contribute to total account value but not free collateral, and USDC is required for perpetual markets.",
      "consequence": "Do not count a non-USDC spot holding as available perp margin. The guide describes broader collateral support as future work.",
      "sourceIds": [
        "collateral"
      ]
    },
    {
      "id": "withdrawals",
      "question": "Can the whole displayed balance always be withdrawn?",
      "label": "Provider-reported",
      "finding": "Risk checks constrain withdrawable USDC by free collateral and the account USDC balance. Margin-health checks govern liquidation eligibility.",
      "consequence": "Account value, free collateral and withdrawable funds are distinct. A displayed balance does not guarantee an immediate withdrawal of that amount.",
      "sourceIds": [
        "risk"
      ]
    },
    {
      "id": "access",
      "question": "Has DN independently checked access and permissions?",
      "label": "Unknown",
      "finding": "This review does not establish individual eligibility, API permission safety or live withdrawal and stop-loss reliability.",
      "consequence": "Check current terms and access controls separately. Provider documentation is not an independent safety endorsement.",
      "sourceIds": []
    }
  ],
  "illustration": null,
  "unknowns": [
    "Current executable quotes and all-in holding costs",
    "Independent fill, stop-loss and withdrawal reliability",
    "Live signing permissions and revocation behaviour",
    "Individual eligibility and current regional restrictions"
  ],
  "history": [
    {
      "date": "2026-10-14",
      "type": "DN publication",
      "detail": "Initial documentation brief. Account-specific conditions and evidence limits are preserved in this version."
    }
  ],
  "reviewTriggers": [
    "Changed official product, fee or margin documentation",
    "A substantiated correction",
    "The 14-day editorial review deadline"
  ],
  "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This brief contains no trading CTA or payout-based ranking. A documentation review does not establish current operational status or user eligibility."
}