This article examines the relationship of material text (text of the document) and paratext in light of fourteenth to sixteenth century evidence. Despite the wealth of interest generated by paratexts and paratextuality in recent years, especially in the fields of literary studies, book history, and translation studies, theoretical approaches to paratexts and paratextuality remain scarce. The paratextual status of an element is typically determined by its function, in combination with its distance from the material text: elements within the codex which do not share space with the text are part of the paratext. Less studied, however, is the gray area of elements which are located within the codex and share the space with the text. We examine this border between text and paratext through an analysis of late medieval and early modern initials, typeface, script and notes. While the form and function of the element are a good starting point, we propose that gauging the optionality of the element, in relation to the abstract text of the work and the material text of the document, is a better indicator of its paratextual status. Optionality should therefore be taken into consideration as evidence of a type of contemporary paratextual understanding.