The decentralised perpetual exchange reported that several of its main services were disrupted while it worked on a rollback and recovery process.
Exchange for crypto derivatives On Monday, Paradex said that its entire platform was down, making its trading interface and supporting infrastructure unavailable while the team looked into the problem.
The company’s public status page says that the problem affected several of its business services, such as its user interface, cloud and API services, blockchain components, bridge, block explorer, and remote procedure call proxy.
Order cancellations and ongoing investigation
Paradex stated it is going through a rewind and recovery procedure, but it didn’t say what caused the outage or when everything would be back to normal.
Paradex indicated that as part of the recovery effort, it would cancel all open orders, save for take-profit and stop-loss (TPSL) orders. The exchange said it would give more information as the probe goes on.
Paradex is a decentralised perpetual futures market that lets people trade leveraged crypto derivatives without having to give their money to a centralised middleman.
It has become a major place for trading on-chain derivatives. The exchange is the eighth busiest in terms of 30-day trading volume, with more than $37 billion in reported trading activity in the last month.
Security warnings issued during downtime
During the outage, Paradex put out an explicit warning about bogus help accounts pretending to be company staff. The DEX told dealers to exclusively use its approved communication channels.
Paradex emphasised again that it will never ask users for their private keys and that messages that say they can help should be seen as frauds.
Paradex had not specified what caused the outage, but it did say that updates would be posted on its official status page and verified accounts.
People in the community went to X to talk about the outage. One X user told the platform to post an official message about the exchange being down.
Another customer was worried about how long the outage would last because there were open leveraged positions on the platform.