Paragon Halts PAPER Trading and Completes Settlement at $0.026296

Odaily Planet Daily reports that Paragon has announced the suspension of PAPER trading and completed settlement, with all open positions settled at $0.026296. Trading was halted at 06:31:15 Beijing Time. Paragon noted that Papertrade’s initial launch plan, announced on October 1, included a PAPER transfer phase; therefore, PAPER was introduced as a perpetual contract prior to spot market availability, with the original intention of transitioning to a standard perpetual contract once the spot market launched. However, Papertrade has now indicated it does not intend to open PAPER transfers, meaning the market has lost its future spot price foundation for price convergence. As a result, Paragon immediately halted trading following the announcement to establish a unified settlement point for all open positions. The settlement price was determined using the time-weighted average of the oracle price over the one hour prior to suspension, matching the one-hour averaging window used by Hyperliquid validators for the delisting of HyperCore perpetuals. All open orders have been canceled, remaining margin has been released, realized PnL has been credited to account balances, and no action is required from traders. Should Papertrade’s plans for PAPER transfers change, Paragon will reassess whether to resume trading.