Frontier research and development on market structures.
Contracted by, and collaborating with, fintechs, market participants and frontier labs at the intersection of finance, cryptography and verifiable programming.
How the lab works
We research the frontier of our field, under contract and on our own account. The research often becomes contracted development, and software we own and license.
- Research
- Independent and contracted. A question answered with data, a model, a proof or a paper.
- Development
- Contracted. The system the research points to, designed, built and tested.
- Licensing
- Code licences on the intellectual property our research produces.
Research
All researchMarket microstructure
How orders, fees and latency shape prices on order books and automated markets.
Hyperliquid
The Hyperliquid L1 as a system: HyperCore, HyperEVM, and CoreWriter between them.
Intents and MEV
Intent-based trading and transaction ordering on Ethereum.
Mechanism design
Exchange mechanisms designed around how an asset actually settles.
Verification and provable computation
Formal verification of EVM contracts in Lean, and languages for provable programs.
Selected work
All workResearch: independent and contracted
Hyperliquid L1 research
Research and development
Prime: programmable self-custody on Hyperliquid
Contracted research and development
HOT, a hybrid order-type AMM
Collaborative research with Nethermind
Formal verification of EVM contracts
Early development partner for Starknet
Cairo v0
Independent research
Intent-based trading and MEV
IP licensing
Designing a marketplace for liquid staking
Work with us
Write to usIf you work at the frontier of markets and distributed network design, we are a frontier lab that researches the problem and ships the solution.
Software licence
Building a yield product?
License our stack for redeemable-asset marketplaces. It runs the market for stHYPE.
The liquid staking marketplaceContracted development
Need a custom trading setup?
See how Prime makes self-custody on Hyperliquid programmable. We scope and build custom systems the same way.
How Prime worksInfrastructure licence
Are you a market maker?
Market-making firms have licensed our HOT AMM infrastructure and traded over $200 million on-chain through it.
The HOT AMMResearch collaboration
A research lab looking for a product team?
We join before the problem is fully understood, and stay to ship the solution.
Our work with Nethermind and Starknet
To start, write to paragonltd.uk@gmail.com with what you are building.