Leveraged traders in stock-index perpetual futures can lose positions overnight even if the underlying shares later rise as expected. MarketVector has licensed its US semiconductor index to Paragon for a perpetual futures contract on Hyperliquid. The product uses an extended-hours index calculated with Pyth price data. Thin overnight trading in underlying shares can limit hedging and allow derivative prices to diverge from reference prices. Paragon's contract-specific methodology, liquidation parameters and historical trading data are needed to assess the semiconductor contract's divergence and safeguards.