The Codex — A Derivatives Trader's Education Library

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PARAGON's structured education library for crypto derivatives — mechanics, risk, funding, and market structure.

Last updated: 2026-02-27 · Editorial policy · Methodology

Market Mechanics

• What Is a Liquidation Heatmap?
• Open Interest vs Volume Explained
• How to Read an Order Book
• How Liquidation Cascades Work
• Mark Price vs Last Price: Avoiding Unfair Liquidations in Crypto
• Market Profile Trading

Funding & Carry

• Funding Rates Explained
• What Is Basis Trading?
• What Is Funding Rate Arbitrage?
• Perpetual vs Quarterly Futures
• Contango vs Backwardation in Crypto Futures

Risk & Position Sizing

• How to Size a Crypto Futures Position
• Risk Management for Crypto Traders
• Kelly Criterion Position Sizing

Volatility & Options

• What Is Implied Volatility in Crypto?
• What Is Gamma in Options?
• Iron Condor Strategy Explained

Strategy & Edge

• What Causes a Short Squeeze in Crypto?
• How Leverage Works in Crypto Futures
• Cross Margin vs Isolated Margin: How to Choose the Right Mode
• Mean Reversion vs Trend Following
• How to Backtest a Trading Strategy
• Regime Detection in Trading
• How to Use ATR for Stop-Loss Placement

Market Participants

• How Market Makers Work in Crypto
• Smart Money vs Retail Flow
• Behavioral Biases in Trading
• Intermarket Analysis for Crypto