Crypto: Crypto Derivatives Exchange Paradex Reports Outage, Cancels Open...

The decentralized perpetuals exchange said multiple core services were affected as it worked through a rollback and recovery process.

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

Source: CoinTelegraph