{
  "schemaVersion": 1,
  "id": "paradex",
  "version": "1.1.0",
  "name": "Paradex",
  "reviewedAt": "2026-10-22",
  "reviewIntervalDays": 14,
  "reviewer": "Decentralised News editorial research",
  "evidenceType": "provider_documentation",
  "liveTested": false,
  "summary": "Paradex still classifies orders by submission method rather than permanent user type. Current docs make the trade-offs explicit: Retail orders have 300 ms order/cancel speed bumps, much lower rate limits, zero fees across Perps/Spot/Options, RPI access and queue priority, while Pro orders use the API fee schedule and no speed bump.",
  "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": "2026-10-22"
    },
    {
      "id": "fees",
      "name": "Paradex trading fees",
      "url": "https://docs.paradex.trade/trading/trading-fees",
      "reviewedAt": "2026-10-22"
    },
    {
      "id": "collateral",
      "name": "Paradex non-USDC balances and collateral",
      "url": "https://docs.paradex.trade/trading/spot-trading/non-usdc-balances-collateral",
      "reviewedAt": "2026-10-22"
    },
    {
      "id": "risk",
      "name": "Paradex risk checks",
      "url": "https://docs.paradex.trade/risk/paradex-risk-checks",
      "reviewedAt": "2026-10-22"
    }
  ],
  "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": "Orders remain classified by how they are submitted. Web UI and interactive-JWT API orders are Retail; standard API orders default to Pro. Exceeding Retail limits automatically switches the account to Pro-order behavior and removes RPI access.",
      "consequence": "Treat order classification as route-dependent and potentially dynamic. Automation can change fee, queue and execution conditions without a separate user-profile change.",
      "sourceIds": [
        "orders"
      ]
    },
    {
      "id": "fees",
      "question": "Does every order receive zero trading fees?",
      "label": "Provider-reported",
      "finding": "Retail maker and taker fees are currently 0% across Perps, Spot and Options. Pro Perps/Spot maker orders have a flat 0.003% fee; Pro taker fees use a 14-day combined-volume schedule starting at 0.045% and can be reduced by documented discounts, with a 0.0175% floor.",
      "consequence": "A zero-fee Retail headline is not an API cost estimate. Confirm the actual order class, product, 14-day tier and discounts before estimating trading cost.",
      "sourceIds": [
        "fees"
      ]
    },
    {
      "id": "execution",
      "question": "What trade-off accompanies Retail treatment?",
      "label": "Provider-reported",
      "finding": "Retail orders have documented 300 ms order-submission and cancellation speed bumps, 3 orders/sec, 30/min, 300/hr and 1,000/24h limits, plus RPI access and queue priority. Pro orders have no speed bump and substantially higher API limits.",
      "consequence": "These configuration differences do not establish realised fill quality. DN has not measured latency, queue advantage or slippage for either route.",
      "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": "Current risk checks evaluate account health every five seconds. Withdrawable USDC is capped by both free collateral and the account's USDC balance, with liquidation triggered when margin ratio exceeds 100%.",
      "consequence": "Account value, free collateral and withdrawable USDC remain distinct. The documented formula does not establish observed withdrawal speed or liquidation outcomes.",
      "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": "2026-10-22",
      "type": "DN evidence review",
      "detail": "Re-opened the four cited Paradex documentation pages. Core Retail/Pro, USDC-collateral and withdrawal conclusions remain supported; this version adds current speed-bump, rate-limit and fee-tier details. No live execution, permission, withdrawal or eligibility test was performed."
    },
    {
      "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."
}