Maintenance Modes
Paradex System Modes
Paradex can operate under different system modes during maintenance or recovery events. Each mode defines what actions are allowed on the platform.
CANCEL_ONLY
- Users can access the API/UI and monitor balances and positions
- Existing orders can be cancelled
- New orders cannot be created
- Liquidations are paused
- TP/SL orders cannot be triggered
POST_ONLY
- Users can cancel existing orders.
- Users can only place Post-Only / RPI orders. All other orders are rejected
- Liquidations are paused
- TP/SL orders cannot be triggered
OK
- Platform is fully operational
Maintenance Price Bands
During CANCEL_ONLY and POST_ONLY modes, special price protection bands around an External Fair Price are enforced to ensure fair price discovery and maintain market stability during system recovery.
External Fair Price
The External Fair Price is used as a robust reference price during CANCEL_ONLY and POST_ONLY modes.
It is derived from spot oracle price and basis data from different exchanges:
Formula
Where External Basis Rate is the Median of:
- Binance basis
- OKX basis
- Bybit basis
- Hyperliquid basis
- Paradex basis EMA with a 1h half-life
Price protection
- Orders priced more that 5 bps more aggressive than the External Fair Price are automatically cancelled.
- This applies to both:
- Resting orders on the book
- New incoming orders
Example
- BTC External Fair Price = $100,000
- Maintenance price band = ±5 bps
This results in:
- Upper band: $100,050
- Lower band: $99,950
Accepted Incoming Orders
Only Post-Only and RPI orders within the price band are accepted:
- Buy orders with limit price ≤ $100,050
- Sell orders with limit price ≥ $99,950
Auto-Cancelled Resting Orders
The following resting orders are automatically cancelled:
- Buy orders with limit price > $100,050
- Sell orders with limit price < $99,950