NEAR Goes Incognito: Hyperliquid-Powered Perps Pull a 22% Disappearing Act 🎭

NEAR Protocol ($NEAR) climbed roughly 22% on Thursday to $2.98 as traders responded to the launch of confidential perpetual trading powered by Hyperliquid. During the rally, 24-hour trading volume surged 120.4% to $1.24 billion, lifting the token's market capitalization to about $3.9 billion.

The new product makes perpetual positions confidential by default on the platform, allowing users to open leveraged trades without exposing those trades on the public blockchain. The setup uses NEAR Intents, with a private shard that shields transaction details from the public ledger. Information such as position size, entry levels, and trading activity can stay hidden from outside observers, while users retain control of their funds.

Funding is not limited to assets held on NEAR. The interface supports deposits from more than 35 blockchains, with NEAR Intents acting as the router between networks. The arrangement eliminates some of the intermediate steps typically required to transfer assets or cash across different wallets.

Hyperliquid provides the perpetual futures market behind the product. The decentralized derivatives platform recorded perpetual trading volume of approximately $240 billion over the prior 30 days. Under the integration, NEAR supplies the privacy and cross-chain layer, while Hyperliquid handles the underlying derivatives execution.