PAPER Briefly Tops $0.035 Before Pulling Back to $0.02743

The Hyperliquid HIP-3 listing is the more durable signal here than the intraday spike and retrace, since a perpetual market with up to 3x leverage gives traders a way to express two-way views on a token that previously lacked that venue. That cuts both ways: leverage can deepen liquidity and price discovery, but it also invites sharper moves in a thin asset. Whether the perp attracts sustained open interest rather than a brief burst of speculative flow is the open question.