Paradigm vs SignalPlus
Two free crypto derivatives products that are not substitutes — one negotiates blocks with dealers, one runs the greeks on the account you already have.
Institutional RFQ and block trading for crypto derivatives, settled at your own venue.
Free crypto options terminal — vol lab, live greeks book and an automated delta hedger.
Not the same product, and the page exists to say so
Both are free at the point of use, both are aimed at crypto derivatives, and both settle into exchange accounts that remain yours. That is where the resemblance ends, and a comparison that manufactured parity here would be useless.
Paradigm is a negotiation layer for institutional blocks. You request a quote on a structure — a single option, a risk reversal, a calendar, a spot-versus-perp spread — dealers on the network price it, and when you deal it is submitted as a block to Deribit, Bybit, Bullish or Paradex on an API key you created there. Multi-leg strategies settle atomically, so there is no legging risk. Its own FAQ is unusually direct that it is not an exchange and settles and custodies nothing.
SignalPlus is an options desk in a browser tab. Connect the accounts you already have and it builds one book out of them — inventory, PnL broken down by greek across expiries and strikes, a volatility lab, scenario analysis, multi-leg tickets and an automated delta hedger.
One gets you a price for size you cannot work on-screen. The other tells you what you are already holding and hedges it. The question is which of those two problems you have.
Free, and paid for by the venue in two different ways
This is the part worth reading even if you have already chosen.
SignalPlus documents its mechanism. A partner broker identifier goes on the orders it sends to Deribit; Deribit recognises them as partner-sourced and rebates the vendor. You pay the venue what you were going to pay anyway, and a slice of it funds the terminal. The dashboard is free "with no strings attached" in the vendor's own words. The automation suite is the part with a price, and that price is not published — the page ends at an email address.
Paradigm states its own fee as zero on each of the four venue pages in its help centre, with the same sentence and the venue's name swapped in. Its money comes from the dealer side of the network rather than from the taker. The one crack in that story is its referral page, which offers 15 percent of an invitee's "Paradigm fees" for their first year as a taker — a sentence that only parses if takers pay Paradigm something. The same page still advertises a venue that is no longer a settlement venue, so it is plainly not maintained at the tempo of the rest. Believe the venue pages; ask about the referral page.
What each one costs you that is not money
Paradigm costs you eligibility and identity. US and Canadian persons are excluded by legal definition, not by geoblock. UK and EU individuals must attest to a portfolio over 500,000 euro. Onboarding collects government identification — and the August 2026 disclosure about a third-party analytics tool is the reason to weigh that rather than wave it through, even though Paradigm states its own systems and API keys were not touched.
SignalPlus costs you key custody and a model you cannot inspect. Account and trade permissions live on a server you do not control, which is the trade every hosted hedger asks for. And the volatility surface it shows you is built by a method the vendor does not document — for a product whose entire value is what the numbers say, that is the open question to put to support before sizing anything on it.
Which one, and when
Take Paradigm if your problem is size: you need a quote on a structure too large or too multi-leg to work on a screen, you are an institution or an eligible individual, and you already have an account at one of its four settlement venues.
Take SignalPlus if your problem is the book: you have options across Deribit, Bybit, OKX, Binance or Coincall and you want them in one place with greeks that update and a hedger that runs overnight. It is also the only one of the two available to most readers of this site.
Take both if you run an options desk of any size. They sit at different points of the same trade and neither replaces the other — which is why this page ends without a winner.
FAQ
Are these two actually alternatives to each other?
Only in the sense that both sit between you and a derivatives venue. Paradigm is a negotiation layer — you request a quote on a strategy, dealers price it, and the whole thing settles as a block at the venue you nominated. SignalPlus is a terminal — it assembles the accounts you already have into one book with live greeks, a volatility lab and an automated delta hedger. A desk can easily want both, and most readers need one.
Both say they are free. Who pays?
The venue, in both cases, by different routes. SignalPlus attaches a partner broker identifier to the orders it sends to Deribit, and Deribit rebates it — the vendor documents this itself. Paradigm states its own fee as zero on all four settlement venues, with its money coming from the dealer side rather than from you. One caveat on Paradigm — its referral page offers 15 percent of an invitee's "Paradigm fees", which only makes sense if takers pay a fee somewhere, and nothing reconciles that with the venue pages.
Can I use Paradigm where I live?
Not if you are a US or Canadian person — both are excluded outright by legal definition rather than by IP address, alongside the sanctions territories. UK and EU individuals face a further threshold, an attestation of a financial-instrument portfolio over 500,000 euro. For a large share of readers the comparison ends there and SignalPlus is the only one of the two available.
Which one holds something of mine?
Both, differently. Paradigm collects government identification at onboarding, and an August 2026 notice discloses that a vulnerability in Metabase, a third-party analytics tool it used, exposed a subset of end-user data including government identification numbers; the vendor states its own infrastructure and API keys were untouched. SignalPlus holds exchange API keys with account and trade permission on its servers, which is the price of a hedger that runs while you sleep.