Paragon suspends PAPER trading and settles at 0.026296 USD

Article

⚡️Paragon suspends PAPER trading and completes settlement, with the settlement price at 0.026296 USD BlockBeats reports that October 20，HIP-3 Paragon, the market deployer, posted that PAPER has suspended trading and completed settlement, with all open positions settled at 0.026296 USD. Trading was suspended at Beijing time 06: 31: 15.

Paragon explained that Papertrade's launch plan announced on October 1 had included a PAPER transfer-enablement phase; therefore,PAPER was launched as a pre-launch perpetual contract and was expected to convert into a standard perpetual contract once a spot market emerged. However, Papertrade has now stated that it does not intend to enable PAPER transfers, meaning this market has lost the spot-price basis required for future price convergence. Paragon therefore suspended trading immediately following the announcement and set a uniform settlement cutoff for all open positions.

The settlement price uses the time-weighted average of oracle prices over the 1 hours preceding the trading suspension, the same 1-hour averaging window used for delisting HyperCore perpetual contracts led by Hyperliquid validators. All pending orders have been canceled, remaining margin has been released, and realized PnL has been credited to account balances; no action is required from traders. If the PAPER transfer plan changes, Paragon will assess whether to resume trading.

Original link https://m.theblockbeats.info/flash/372648

Key points

BlockBeats reports that Paragon posted that PAPER has suspended trading and completed settlement.
All open positions were settled at 0.026296 USD, and trading was suspended at Beijing time 06: 31: 15。
Paragon says Papertrade has stated that it does not intend to enable PAPER transfers, so this market has lost the spot-price basis required for future price convergence.
The settlement price uses the time-weighted average of oracle prices over the 1 hours preceding the trading suspension.
All pending orders have been canceled, remaining margin has been released, and realized PnL has been credited to account balances; no action is required from traders.
Paragon stated that if the PAPER transfer plan changes, it will assess whether to resume trading.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

PAPER was originally traded as a pre-launch perpetual contract and was expected to reference a spot price in the future. Because Papertrade stated that it does not intend to enable PAPER transfers, Paragon determined that the market lacked a future spot-price basis and therefore halted trading, uniformly settling open positions using the time-weighted average of oracle prices over the 1 hours preceding the trading suspension.

Why it matters to readers

This action closed PAPER open exposure in the Paragon market and directly affected pending orders, margin, realized PnL, and account balances.

If you participated in PAPER trading, you should verify the settlement price, account balance, and realized PnL; the original text states that no additional action is required.

Risks and unknowns

The information was relayed by BlockBeats from a Paragon announcement; the original text does not provide the full Paragon announcement.
Whether Papertrade will change its PAPER transfer plan remains uncertain.
Whether Paragon will resume PAPER trading in the future remains uncertain.
The original text only states “October 20” and does not specify the year.

Paragon suspends PAPER trading and settles at 0.026296 USD

Article

AI-assisted interpretation

Why it matters to readers

Risks and unknowns

Related Developments

Related concepts

Keep following

Security Center