Paragon launches Power Perps on Hyperliquid, a new derivatives product offering options-like convexity on perpetual contracts.
DeFi & Yields ·
Paragon has launched Power Perps on Hyperliquid, a derivatives product designed to deliver options-like convexity within perpetual contracts. The new instrument extends the platform's derivatives offering beyond standard perpetual futures, enabling traders to achieve payoff profiles similar to options while trading on Hyperliquid's on-chain order book.
Hyperliquid operates as a fully on-chain perpetual futures DEX built on its own low-latency Layer 1 blockchain, running consensus through HyperBFT to achieve block times in the millisecond range. This architecture allows the platform to maintain a central limit order book on-chain—a feat typically infeasible on general-purpose blockchains due to speed and cost constraints. The platform has grown to support over $10B in open interest since launching perpetuals in 2023 and spot markets in 2024.
The mechanics of how Power Perps function within Hyperliquid's existing infrastructure—such as whether they leverage the protocol-owned HLP vault as counterparty or employ alternative liquidity mechanisms—remain unspecified in available reports. Similarly, details on leverage parameters, funding rates, and trader risk exposure for this new product class have not yet been disclosed.