Crypto derivatives exchange Paradex reported a platform-wide service outage on Monday, leaving its trading interface and supporting infrastructure unavailable as the team investigates the issue.
According to its public status page, the disruption affected multiple business services, including its user interface, cloud and API services, blockchain components, bridge, block explorer, and remote procedure call proxy.
Paradex stated that it is working through a rollback and recovery process but did not provide a cause for the outage or a timeline for full restoration.
As part of the recovery effort, Paradex announced it would force-cancel all open orders, with the exception of take-profit and stop-loss (TPSL) orders. The exchange indicated it would provide further updates as the investigation continues.
Cointelegraph reached out to Paradex’s official X account for comments but had not received a response by publication.
About Paradex and Its Trading Volume
Paradex operates as a decentralized perpetual futures exchange, enabling users to trade leveraged crypto derivatives without relinquishing custody of their funds to a centralized intermediary.
The exchange has become a significant venue for on-chain derivatives trading. Data from DefiLlama shows that Paradex ranks eighth in 30-day trading volume across the decentralized perpetuals space, with over $37 billion in reported trading activity during the past month.
Security Warning Amidst Outage
During the outage, Paradex issued an official warning against fake support accounts that were impersonating its team. The decentralized exchange advised traders to rely solely on its official communication channels for information.
Paradex reiterated that it would never ask users for their private keys and emphasized that unsolicited messages claiming to offer support should be treated as scams.
At the time of writing, Paradex had not disclosed the cause of the outage and stated that updates would be shared via its official status page and verified accounts.
Community Reaction to the Outage
Community members took to X to respond to the outage. One X user urged the platform to share an official post confirming the exchange was down.
Another user expressed concern over the duration of the outage, specifically citing the presence of open leveraged positions on the platform.