Paragon is testing Power Perps on Hyperliquid whose index is based on the square of HYPE’s price, offering convex exposure without a strike price or expiry date. The first market, HYPE², turns a 20% increase in HYPE into a gain of roughly 44%, before funding fees. Positions are settled through hourly funding and concentrated in a single order book, allowing market makers to hedge their exposure using Hyperliquid’s spot and linear perpetual markets. A 2× long position on HYPE² would be liquidated after HYPE fell by about 22.5%, excluding funding fees. As of mid-November 2026, the rollout remained experimental, while a HYPE³ market was described as coming soon or imminent.
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