There's a danger in this paper, I'll be bound! (5)

I believe the answer is:

peril

I'm a little stuck... Click here to teach me more about this clue!

'there's a danger' is the definition.
(peril is a kind of danger)

'this paper i'll be bound' is the wordplay.
'PERIL' is hidden within the letters.
However, I am unsure how this is indicated.

'in' acts as a link.

Can you help me to learn more?

(Other definitions for peril that I've seen before include "Danger, jeopardy" , "Danger of serious kind" , "Danger, hazard" , "Quest" , "Great danger" .)

I've seen this clue in The Irish News.

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