Paragon launches Power Perps on Hyperliquid, bringing options-like convexity to perpetual contracts

Paragon is launching Power Perps on Hyperliquid, starting with HYPE², perpetual contracts that track an asset's price raised to a power. If the underlying doubles, a squared index reaches 4× and a cubed index 8× its starting value, giving options-like convexity with no strikes or expiry. The firm cites Opyn's Squeeth as precedent but argues Hyperliquid's order book, hedging markets and portfolio margin make perpetuals the better form factor. Combinations of power and linear perps can approximate straddles, risk reversals and covered calls. Launch includes ready-made directional and yield strategies.

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