It is shown that for all positive values of $p$, $q$, and $r$ with $\frac{1}{q} = \frac{1}{p} + \frac{1}{r}$, the operator norm of the dyadic paraproduct of the form \[ π_g(f) := \sum_{R \in \Dtwo} g_R \avr{f}{R} h_R, \] from the bi-parameter dyadic Hardy space $\dyprodhp$ to $\dotdyprodhq$ is comparable to $\dotdyprodhrn{g}$. We also prove that for all $0 < p < \infty$, there holds \[ \dyprodbmon{g} \simeq \|π_g\|_{\dyprodhp \to \dotdyprodhp}. \] Similar results are obtained for bi-parameter Fourier paraproducts of the same form.