Paragon suspends PAPER trading and completes settlement at a settlement price of $0.026296.

BlockBeats news, October 20 - HIP-3 market deployer Paragon announced that PAPER has suspended trading and completed settlement, with all open positions settled at $0.026296. The suspension time was 06:31:15 Beijing time.

Paragon explained that Papertrade's launch plan announced on October 1 included a phase for open transfer of PAPER, so PAPER was launched as a pre-market perpetual contract, expected to convert to a standard perpetual contract once the spot market appeared. However, Papertrade has now stated it does not intend to open PAPER transfers, meaning the market has lost the future spot price basis for price convergence. Paragon therefore suspended trading immediately after the announcement, setting a unified settlement cutoff point for all open positions.

The settlement price uses the time-weighted average of oracle prices over the 1 hour prior to suspension, the same 1-hour averaging window used for Hyperliquid validator-led HyperCore perpetual contract delistings. All pending orders have been canceled, remaining margin has been released, realized PnL has been credited to account balances, and traders need take no action. If the PAPER transfer plan changes, Paragon will evaluate whether to resume trading.