Paragon Launches Power Perps, Starting With HYPE-Squared Market

According to ChainCatcher, Hyperliquid HIP-3 market deployer Paragon has launched Power Perps, with its first product, HYPE-squared, tracking the square of HYPE’s price. The perpetual contracts have no strike price or expiry date and track an underlying asset’s price raised to a power. Paragon says a doubling in the underlying price would make a squared index four times its starting value, while a cubed index would rise eightfold. The design draws on Power Perpetuals proposed by Dan Robinson, Dave White and Andrew Leone, and on Opyn’s Squeeth, which brought ETH-squared perpetual convexity to Uniswap v3. Paragon said Hyperliquid’s order book, spot and linear perpetual markets, and portfolio margin allow market makers to hedge Power Perps exposure. Paragon has previously launched perpetual markets on Hyperliquid tracking Bitcoin dominance, TOTAL2 and OTHERS.