Paradex Reports Service Outage, Cancels Open Orders

Update Jan 19, 1:44 pm UTC: This article has been updated to add information from Paradex’s Telegram channel.

Crypto derivatives exchange Paradex reported a platform-wide service outage on Monday, leaving its trading interface and supporting infrastructure unavailable as the team investigates the issue. 

According to its public status page, the disruption affected multiple business services, including its user interface, cloud and API services, blockchain components, bridge, block explorer and remote procedure call proxy. 

Paradex said was working through a rollback and recovery process, but did not provide a cause for the outage or a timeline for full restoration. 

As part of the recovery effort, Paradex said it would force-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 had not received a response by publication.

Paradex operates as a decentralized perpetual futures exchange, which allows users to trade leveraged crypto derivatives without giving custody of funds to a centralized intermediary. 

It has grown into a significant venue for onchain derivatives trading. Data from DefiLlama shows that the exchange ranks eighth in 30-day trading volume across the space, with more than $37 billion in reported trading activity during the past month. 

Related: Decentralized exchange volumes soar on memecoin trading rush: CoinGecko

Paradex warns users of fake support accounts

During the outage, Paradex posted an official warning against fake support accounts impersonating its team. The DEX advised traders to rely only on its official communication channels. 

Paradex reiterated that it will never ask users for private keys and said that unsolicited messages claiming to offer support should be treated as scams. 

At the time of writing, Paradex had not disclosed the cause of the outage and said updates would be shared via its official status page and verified accounts. 

Community members went on X to respond to the outage, with one X user urging the platform to share an official post about the exchange being down.

Another user expressed concern over the duration of the outage, citing the presence of open leveraged positions on the platform.

In a Telegram post, Clement Ho, Paradex’s director of engineering, said that the team has identified the issue and will be rolling back their chain’s state to block 1604710. 

In an update posted at 10:14 am UTC, the Paradex team said recovery efforts were ongoing and confirmed that all the user funds remained safe. 

In a subsequent update at 1:24 pm UTC, Paradex said its platform and vault withdrawals had been re-enabled as part of its post-incident recovery procedures. However, the exchange noted that Gigavault deposits and withdrawals would remain temporarily paused for up to 24 hours.