On-chain perpetual markets just got a credibility upgrade. Paragon, a platform building perpetual trading infrastructure on Hyperliquid, has selected Susquehanna Crypto as its inaugural institutional liquidity partner, a move that signals growing appetite from traditional trading heavyweights for DeFi-native market structure.
The announcement, made on July 15, also revealed that UFO Holdings, a venture firm founded by early employees of Kalshi along with traders and quants, has come in as an investor.
Why Susquehanna matters here
Susquehanna is recognized as one of the leading global proprietary trading operations in the digital asset space, with a well-established reputation for providing liquidity across multiple venues and asset classes.
For Paragon, which operates on-chain perpetual markets powered by Hyperliquid, having Susquehanna as the first institutional liquidity provider addresses one of the most persistent criticisms of decentralized perpetual platforms: thin order books. Perpetual contracts, by design, need to trade around the clock. That “always-on” requirement means liquidity can’t dry up at 2 AM without consequences. Slippage widens, funding rates get erratic, and traders leave.
