For AI agents: a documentation index is available at the root level at /llms.txt and /llms-full.txt. Append /llms.txt to any URL for a page-level index, or .md for the markdown version of any page.
Developer InformationAPI Reference
Developer InformationAPI Reference
  • Getting Started
    • Paradigm Overview
    • Onboarding
    • High-Level Notes
    • Authentication
    • Rate-Limits
    • Errors
    • Allowlisting URL`s
    • Security
  • Unified Markets
    • Summary
    • RFQ - Request For Quotes
    • OBv1
  • Delta-1 Spreads
    • Summary
    • High-Level Workflows
    • API Flows
  • What`s Changed
    • Auto-Populated Delta Hedge Quantity
    • Changes to Leg Level Validation
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On this page
  • Strategy Created
  • Strategy Settled
  • Strategy Expired
  • End to End Trade
  • User’s Order State
  • User’s Trade State
Delta-1 Spreads

API Flows

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Auto-populated Delta Hedge Quantity

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Strategy Created

Paradigm creates Strategies, comprised of one or more Instruments.

  1. Subscribed to strategy_state.{venue}.{kind} WS Channel.
  2. Receives WS messages with state == ACTIVE.

Strategy Settled

Upon a Strategy Instrument’s expiration, the underlying venue settles the contract.

  1. Subscribed to strategy_state.{venue}.{kind} WS Channel.
  2. Receives WS messages with state == SETTLED.

Strategy Expired

Paradigm may choose to expire a Strategy from being available to trade.

  1. Subscribed to strategy_state.{venue}.{kind} WS Channel.
  2. Receives WS messages with state == EXPIRED.

End to End Trade

For a Trade to occur, two Orders must cross upon a Strategy’s Order Book.

From the WS Channel orders.{venue}.{kind}.{strategy_id}, the state key indicates if the Order has reached finality. If state == OPEN, then the Order still has available amount which can be actioned by the creator or another user. If state == CLOSED, the Order no longer has any actions available by the creator or another user. If state == CLOSED, the Order will be either canceled, pending clearing & settlement on the underlying venue or has already reached finality at clearing.

You should closely follow the values from the following keys amount, pending_fill_amount, filled_amount, canceled_amount.

User’s Order State

  1. Subscribed to orders.{venue}.{kind}.{strategy_id} WS Channel.
  2. Taker submits a crossing Order and receives WS message with state == OPEN.
  3. If the Order is consumed in entirety, the user(s) receives a message with state == CLOSED.

User’s Trade State

  1. Subscribed to trades.{venue}.{kind}.{strategy_id} WS Channel.
  2. An executed Trade reaches finality after clearing & settlement on the underlying exchange. Receives a WS Message with state == FILLED for successfully cleared trades, state == REJECTED for unsuccessful trade clearing.