Paragon suspended PAPER trading and settled all open positions at $0.026296. According to Odaily, the suspension took effect at 06:31:15 (UTC+8), and all outstanding orders were canceled.

Papertrade’s October 1 launch plan included a phase in which PAPER would be transferable. The token was therefore launched as a pre-market perpetual contract, with plans to convert it into a standard perpetual contract once a spot market became available. Papertrade has since said it does not intend to enable PAPER transfers, leaving the market without a spot price for price convergence.

Paragon halted trading after the announcement and set a common settlement cutoff for open positions. The settlement price was based on the time-weighted average of oracle prices during the hour before the halt, using the same one-hour window applied to validator-led delistings of HyperCore perpetual contracts on Hyperliquid. Remaining margin was released, and realized profits and losses were credited to account balances; traders did not need to take action. Paragon said it will assess whether to resume trading if the PAPER transfer plan changes.