Here "smallest" refers to the area. An upper bound would be a circle with diameter $p/2$ and area $p^2/16$. A lower bound would be the envelope of all isoperimetric ellipses centered at origin with their long axis along x-axis. Its parametric function is derived here but I don't think it's trivial to find its area. And a square won't fit into this shape.
EDIT: "fit into" allows translation, rotation, and mirroring
