Following the Binance hack, approximately $590 million worth of BTC options were traded on the Paradigm platform.

Within approximately eight hours of the Binance hack, the notional trading volume of BTC options on the Paradigm platform reached approximately $590 million, accounting for about half of the total notional trading volume of Deribit BTC options during the same period. The funds flowed primarily into put options. The first transaction occurred about 15 minutes after funds flowed out of the Binance wallet, with a buyer purchasing 250 put options expiring on October 31st with a strike price of $78,000. During the most active hour, two separate transactions of 1,000 put options each expiring in mid-November with a strike price of $74,000 were executed, with a notional value of approximately $155 million. Paradigm noted that the buying was concentrated at the $74,000 to $78,000 strike price, mainly for hedging against short-term pullbacks.