Odaily: According to Paragon monitoring, 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 stated that the launch plan announced by Papertrade on October 1 had included a phase for opening PAPER transfers, so PAPER was launched in the form of a pre-listing perpetual contract, originally planned to convert to a standard perpetual contract once a spot market appeared. However, Papertrade has now stated that 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 the oracle price over the 1 hour before suspension, using the same 1-hour averaging window as the Hyperliquid validator-led HyperCore perpetual contract delisting. All open orders have been canceled, remaining margin has been released, realized PnL has been credited to account balances, and traders do not need to take any action. If the PAPER transfer plan changes, Paragon will evaluate whether to resume trading.
