Paradex vs Ethereal: Full Comparison 2026
Detailed comparison of Paradex and Ethereal perpetual DEXs including trading fees, 24h volume, open interest, supported chains, and airdrop opportunities. Find out which perp exchange is better for your trading needs.
Quick Verdict
Paradex comes out ahead in this comparison with 3 advantages vs 0 for Ethereal. It has higher trading volume, more open interest, and lower trading fees. Trading $100K monthly on Paradex saves ~$30 in fees.
Higher Volume
Paradex
Lower Fees
Paradex
More OI
Paradex
Active Airdrop
Neither
Side-by-Side Comparison
Real-time metrics from DefiLlama. Green indicates the better value.
| Metric | Paradex | Ethereal |
|---|---|---|
| 24h Volume | $1.80B | $80M |
| Open Interest | $836M | $45M |
| Maker Fee | 0% | 0% |
| Taker Fee | 0% | 0.03% |
| Blockchain | Starknet | Ethena |
| Airdrop Status | PointsLive | PointsLive |
| Order Type | CLOB | CLOB |
Paradex Pros & Cons
Ethereal Pros & Cons
Trading Cost Comparison
Estimated taker fees for different trade sizes (excluding slippage and funding)
| Trade Size | Paradex | Ethereal | Savings |
|---|---|---|---|
| $1,000 | $0.00 | $0.30 | $0.30 on Paradex |
| $10,000 | $0.00 | $3.00 | $3.00 on Paradex |
| $50,000 | $0.00 | $15.00 | $15.00 on Paradex |
| $100,000 | $0.00 | $30.00 | $30.00 on Paradex |
Paradex vs Ethereal: Detailed Analysis
Volume & Liquidity
Paradex leads in 24-hour trading volume with $1.80B, compared to $80M for Ethereal. Higher volume typically means better liquidity, tighter bid-ask spreads, and less slippage on trades. For active traders executing multiple trades daily, this difference can significantly impact overall costs.
Fee Structure
Paradex charges 0% maker / 0% taker fees, while Ethereal charges 0% maker / 0.03% taker fees. For a trader with $100,000 monthly volume, using Paradex would save approximately $30 per month in trading fees alone.
Open Interest
Paradex has $836M in open interest, versus $45M for Ethereal. Open interest represents the total value of outstanding derivative contracts that haven't been settled. Higher OI generally indicates more active trading and can provide insights into market sentiment.
Airdrop Opportunities
Neither platform currently has an active airdrop. Paradex: PointsLive. Ethereal: PointsLive. Check our airdrops page for the latest updates.
Paradex vs Ethereal FAQ
Conclusion: Which Should You Choose?
Based on the data, Paradex appears to be the stronger choice overall with advantages in trading volume, open interest, lower fees. However, the best choice depends on your specific needs:
- • For lowest fees: Choose Paradex
- • For best liquidity: Choose Paradex
- • For airdrop farming: Neither has an active airdrop
- • For large orders: Choose Paradex for deeper liquidity
Related Perp Comparisons
Learn more about Paradex or Ethereal
Compare all perp fees · View perp airdrops · Track open interest