NEAR's confidential perpetuals cover 50+ Hyperliquid markets

NEAR Protocol has launched perpetual futures trading on near.com with positions private by default, using Hyperliquid as the execution venue for more than 50 markets at up to 40x leverage. The privacy layer masks the asset, size, entry time and direction of every position, while the underlying trades still execute on Hyperliquid's side of the arrangement.

NEAR Intents acts as the cross-chain router for the product, letting users fund trades from assets on more than 35 blockchains rather than only tokens on NEAR. The pipeline behind it hit $70 million in total value locked on Sept. 15, NEAR confirmed in a project statement two days before the launch coverage.

How the privacy layer works

NEAR Intents routes each trade through a private shard built into the chain, which keeps position data off the public ledger. The mask covers four fields: the asset traded, the position size, the entry time, and the direction. Traders keep custody of their funds throughout, so the privacy is in the routing layer rather than in any escrow.

Cross-chain collateral, Hyperliquid execution

The interface accepts collateral from more than 35 blockchains, with NEAR Intents acting as the router between them. Hyperliquid handles the underlying derivatives execution on its side of the arrangement, exposing more than 50 markets with leverage up to 40x; the position stays hidden, while the trade itself still routes through Hyperliquid for execution. Hyperliquid has done roughly $240 billion in perpetual trading volume over the last 30 days.

The $70 million pipeline

The Confidential Intents pipeline behind the perps product hit $70 million in total value locked, a milestone NEAR confirmed in a project statement on Sept. 15. USDC is wired into the same pipeline for stablecoin payments between automated agents, alongside the perpetuals flow. The pipeline also supports selective disclosure of position data, framed as a tool for regulatory compliance, though no mechanism for who can decrypt or under what conditions has been named in public materials.

Geography and a parallel U.S. track

The product is geo-restricted and is not available in the United States or Canada. Separately, Payward, the parent of Kraken, has announced plans to bring Hyperliquid-based on-chain perpetual futures to U.S. customers through CFTC-regulated Bitnomial Exchange and Bitnomial Clearinghouse, a regulated path that does not depend on NEAR's privacy layer.

What to watch next

The product is live on near.com as of Sept. 18 launch coverage, with $70 million in TVL on the underlying pipeline. Neither the launch date nor the 'over 50 markets' count has been published by NEAR or Hyperliquid themselves. A live market count from Hyperliquid and a confirmed launch date from NEAR would close the gaps.