From studies I have on the following subject.
Paradise & Captivity Captive
http://www.gracegod.com/Study Books/Corinthians - Devine order Established1 - Copy.pdf
First. Paradise is in the third heaven, whence Jesus “led a multitude of captives,” when He ascended on high - (Eph. 4:8);
http://www.gracegod.com/Study Books/Ephesians - Exaltation of the Sons of God.pdf
BASIS FOR VARIOUS GIFTS
"But unto each one of us was the grace given according to the measure of the Gift of Christ" - 4:7 Revised Version. The grace, or favor, mentioned here is provisional. It "was ... given. The measure of this favor is "the Gift of Christ," or God's Anointed One. The Greek word for "gift" is "dorea," which literally means "a free gift, an undeserved gift." It refers directly to Jesus here. He is the "unspeakable Gift" of II Corinthians 9:15, and "the heavenly Gift" of Hebrews 6:4. God gave His Son freely. There was no merit in man that demanded such a Gift. There was no cause in him, except his unspeakable need, which called down this unspeakable Gift. Now in Christ - God's great Gift - each of us has been granted great grace, in measure comparing with the greatness of Christ. This is the apostle's meaning in I Corinthians 1:4, 5 R.V. He thanks God "for the grace of God which was given you in Christ Jesus; that in everything ye were enriched in Him." Here, in Ephesians 4:7, is indicated the measure of that enrichment. There is no lack, therefore, to those who trust in Jesus and make runs on the bank of Heaven.
The next verse is based upon the fact expressed in verse seven.
"Wherefore He saith, When He ascended up on high, He led captivity captive, and gave gifts unto men" - 4:8. In this verse, reference is had to Judges 5:12. The Lord aroused Barak to deliver Israel from captivity to the Canaanites. Psalm 68:18 is especially referred to, which will have its fullest fulfillment when Jesus will reveal Himself to Israel. But Paul gives it another application also. Who does he see in captivity? The phrase, "the lower parts of the earth" (Ephesians 4:9), intimates that it is some company below. "Abraham's bosom," where the spirit of poor Lazarus was kept, was in the same place. Jesus called it "paradise" (Luke 23:43), whence He took the thief who believed on Him. Doubtless many, who did not accept Noah's
message in time to enter the ark, afterward believed it as the rain was falling. To them Jesus went in His own Spirit, while His body was in the grave, and announced the victory which He had just accomplished on the Cross for them and for all who believe. Of course, all the other believing spirits in "the lower parts of the earth" heard His glad message. Did He not then loosen those prisoners by making them His captives, so that He could take them up to Heaven with Him? That is exactly what He did. "He led captivity captive." This is rendered variously, and every rendering is interesting. The margin says, "He led a multitude of captives," which was emphatically true; for the spirits of the saved were there from Adam to Christ. Another version says, "He captivated a captivity."
Now, contrast Luke's location of paradise (Luke 23:43) with that of Paul - II Corinthians 12:2, 4. He declares that paradise is now in "the third Heaven," and that he "knew a man in Christ ... caught up" there. Furthermore, in II Corinthians 5:8, he shows that those who are "absent from the body" now are "present with the Lord." For that reason, he had "a desire to depart, and to be with Christ; which is far better" than to continue on earth, tempted and tried, beaten and bruised. See Philippians 1:23. What became of those saints, whose bodies arose from the grave and went into Jerusalem on the day of Christ's resurrection? - Matthew 27:52, 53. They are, no doubt, "the spirits of just men made perfect" (Hebrews 12:23); for Jesus' resurrection was His perfection. Compare Luke 13:32 with Philippians 3:12. Now, if Paul does not mean by Ephesians 4:8 that Jesus emptied the prison house of the believing dead and took their spirits to Heaven, why does he set Christ's ascension over against His descent "into the lower parts of the earth"? Why does he put the significant question of verse nine? Certainly His body went not only into the grave, but His spirit went into the lower parts of the earth. Jesus' own words confirm this. He said, "
For as Jonas was three days and three nights in the whale's belly; so shall the Son of Man be three days and three nights in the heart of the earth" - Matthew 12:40. "The heart of the earth" and "the lower parts of the earth" are the same identical locality. I Peter 3:18-20 confirms this thought - Christ was "put to death in the flesh, but quickened by the Spirit; by which also He went and preached unto the spirits in prison."