NEAR Protocol has launched confidential perpetual futures trading through its existing Hyperliquid integration, making position ownership private by default. The update went live on September 17 and extends NEAR's privacy-focused infrastructure into leveraged derivatives trading.

The feature is built on NEAR's Confidential Intents system, which separates a trader's public account from the funding and trading activity tied to a position. As a result, outside observers find it significantly harder to link a specific wallet to a leveraged trade. The update addresses a familiar constraint of public blockchains: transparent ledgers leave trading footprints visible to anyone.

How the Confidential Perps System Works

The privacy layer does not render the underlying perpetual markets invisible. Hyperliquid continues to supply the trading engine and liquidity, while NEAR handles confidential routing and cross-chain funding.

Through the NEAR interface, traders can access more than 50 perpetual markets with leverage of up to 40x. Funding can originate from more than 35 supported blockchains, with NEAR Intents handling the conversion into trading collateral.

Key features include:

• Position ownership hidden by default
• Confidential funding routes
• Access to Hyperliquid's existing perpetual markets
• Cross-chain deposits without manually moving assets between wallets
• Up to 40x leverage across supported markets

Privacy Expansion Comes as TVL Passes $70 Million

The launch follows a milestone for NEAR's broader confidential infrastructure: Confidential Intents surpassed $70 million in total value locked on September 17, triggering the first snapshot under NEAR's incentive program. That milestone provides a baseline for tracking how much liquidity flows into NEAR's confidential stack as the perps rollout progresses.

The rollout also arrives as traders increasingly focus on privacy in onchain markets. Public blockchain records can expose wallet relationships, collateral movements and trading activity, and NEAR's approach aims to obscure those links while retaining access to established market liquidity. For leveraged traders, that transparency can extend to how close a position sits to liquidation.

The distinction is important: the system hides the connection between a trader and a position rather than removing the position itself from Hyperliquid's trading environment.

Market data showed heightened activity around the announcement, with NEAR experiencing a sharp rise in trading volume and token price. Perpetual futures remain a leveraged product, however, meaning losses can also increase rapidly when traders use leverage.