paragram vs wordplay

paragram and wordplay both are nouns.

Word	Noun	Adjective	Verb	Adverb
paragram	Yes	No	No	No
wordplay	Yes	No	No	No

As nouns, wordplay is a hypernym of paragram; that is, wordplay is a word with a broader meaning than paragram:

paragram: a pun made by changing the letters of a word, especially the initial letter.
wordplay: a humorous play on words

Other hypernyms of paragram include paronomasia, pun, punning.

paragram (noun)	wordplay (noun)
a pun made by changing the letters of a word, especially the initial letter.	a humorous play on words