The decentralized perpetual contracts exchange Paradex confirmed a rollback to block 1,604,710 following an outage. As a result of the incident, the platform's main services were down for about eight hours.
According to the team, the issue arose during database maintenance. Due to a glitch, the price of Bitcoin on the platform briefly dropped to zero, leading to the forced liquidation of "thousands of positions," users reported on social media.
As part of the recovery process, developers canceled all open orders except for TPSL format. All accounts will be restored to the last correct state prior to the maintenance.
Source: Paradex.
“The process of returning funds is ongoing. We confirm that user assets are safe. Due to the complexity of the recovery process, we cannot currently provide a completion date. Further updates will be published as they become available,” Paradex stated.
According to DeFiLlama, the exchange ranks eighth in the perp-DEX segment with a 30-day trading volume of $37.3 billion.
Leading the pack is Hyperliquid with a corresponding volume of $141.4 billion. The top three also includes Aster ($118.4 billion) and Lighter, which saw a drop in volume after its airdrop ($115.8 billion).
Paradex operates on the Ethereum network's appchain Starknet. The platform began utilizing this technology even before the launch of the L2 project SN Stack for creating customized protocols for specific applications in January 2025.
In 2018, Paradex, registered in Singapore, was acquired by the largest American crypto company, Coinbase. The latter announced certain changes to the exchange's technology, which was then based on the 0x protocol.
Recall that in November 2025, amid the boom in perp-DEX, BitMEX co-founder Arthur Hayes predicted that soon the stock prices of U.S. companies would be determined in this DeFi segment rather than on Nasdaq.