Crypto derivatives exchange Paradex reported a platform-wide outage on Monday, with its trading interface and support infrastructure unavailable while its team investigates the issue.
According to the publication status page, the disruption affected multiple business services, including user interfaces, cloud and API services, blockchain components, bridges, block explorers, and remote procedure call proxies.
Paradex said it is working on a rollback and recovery process, but did not disclose the cause of the failure or a timeline for a full recovery.
As part of its recovery efforts, Paradex announced that it will forcefully cancel all open orders except Take Profit and Stop Loss (TPSL) orders. The exchange said it would provide further updates as the investigation continues.
Cointelegraph reached out to Paradex’s official X account for comment, but did not receive a response in time for publication.
Paradex’s official status page. Source: Paradex Status
Paradex operates as a decentralized perpetual futures exchange, allowing users to trade leveraged cryptocurrency derivatives without handing over control of their funds to a centralized intermediary.
It has grown into an important venue for on-chain derivatives trading. The exchange ranks No. 8 globally in terms of 30-day trading volume, with trading activity reported in excess of $37 billion last month, according to DefiLlama data.
Related: Trading volume on decentralized exchanges surges due to meme coin trading rush: CoinGecko
Paradex warns users of fake support accounts
During the outage, Paradex posted an official warning against fake support accounts impersonating the team. The DEX advised traders to rely solely on the DEX’s official communication channels.
Paradex reiterated that it never asks users for their private keys and said unsolicited messages claiming to provide support should be treated as scams.
sauce: paradox
As of this writing, Paradex has not disclosed the cause of the outage, saying that updates will be shared through its official status page and verified accounts.
Community members responded to the outage on X, with one X user urging the platform to share an official post about the exchange being down.
Another user expressed concern about the duration of the outage, citing the presence of open leveraged positions on the platform.
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