Paragon has suspended PAPER trading and completed settlement at a price of $0.026296.

HIP-3 market deployer Paragon announced that PAPER trading has been suspended and fully settled, with all open positions cleared at a settlement price of $0.026296. The suspension occurred at 06:31:15 Beijing Time. Paragon explained that Papertrade’s October 1 launch plan originally included an open transfer phase for PAPER, which led to PAPER launching as a pre-market perpetual contract, with plans to convert to a standard perpetual after the spot market went live. However, Papertrade has now stated it will not proceed with PAPER’s open transfer, leaving the market without a spot price foundation required for price convergence. In response, Paragon immediately halted trading after the announcement, setting a unified settlement cutoff for all open positions. The settlement price uses the time-weighted average of the oracle price from the one-hour period immediately before the suspension, applying the same 1-hour average window used for the delisting of HyperCore perpetual contracts led by Hyperliquid validators. All pending orders have been canceled, remaining margin has been released, and realized profits and losses have been credited to traders’ account balances, requiring no action from users. Paragon added that it will assess resuming PAPER trading if Papertrade revises its transfer plans.