Paradex's latest metrics paint an interesting picture. Here's the thing—even when you're offering retail traders zero fees, you can still build real revenue streams. The numbers prove it.

Look at the cumulative revenue chart. It's been steadily climbing and has now hit around $26M. This completely flips the narrative that goes "no fees equals no money."

Where's the revenue actually coming from? Not from trading commissions on retail volume. The income is being generated through other mechanisms—likely MEV capture, liquidation spreads, or other protocol-level value extraction. It's a clever model: attract users with zero fees, maintain competitiveness, and monetize through different channels.

This shows how modern DEX and trading platforms are rethinking profitability without passing costs directly to traders.