NEAR Protocol's native token has climbed more than 80% over the past week, with traders responding to the rollout of confidential perpetual futures, accelerating activity through NEAR Intents, and a fresh milestone for the network's privacy infrastructure.

NEAR traded near $4.17 in the early hours of September 21, roughly 17% higher over 24 hours and 81% higher over seven days. Daily trading volume approached $2 billion — more than double the previous day's level — while market capitalization rose to approximately $5.45 billion.

The rally gained pace after near.com made Hyperliquid perpetuals confidential by default on September 17, extending privacy features previously limited to swaps and cross-chain transfers into leveraged trading. With leveraged trading now under the same confidential treatment as the platform's other flows, funding activity across the linked networks is separated from the accounts that actually hold positions on Hyperliquid.

Hyperliquid Positions Get Confidential Funding

The perpetual interface on near.com offers access to more than 50 Hyperliquid markets with leverage of up to 40x. Underlying positions and orders remain visible on Hyperliquid itself, but the privacy layer obscures the connection between a trader's funding activity and the dedicated account holding the position. The structure treats privacy as a funding-layer feature: execution and liquidity stay on Hyperliquid's existing public infrastructure, while the link between the wallets supplying collateral and the accounts doing the trading is kept out of view.

NEAR Intents manages the cross-chain funding route, automatically converting supported assets into the margin currency required for each trade. The system currently links more than 30 blockchains and over 100 assets, allowing users to fund positions without manually bridging collateral between networks.

The Hyperliquid integration first launched in June, with confidential trading designated as a later phase of the rollout. The September update layered privacy on top of the existing setup rather than replacing Hyperliquid's public execution and liquidity infrastructure.

Confidential TVL Crosses $70 Million

The perpetuals launch coincided with Confidential Intents surpassing $70 million in total value locked, triggering the first snapshot under NEAR's NEAR@3.33 incentive program. The milestone unlocked allocations tied to 333,333 NEAR for eligible users, though redemption is linked to separate price conditions under the program rather than an immediate, unrestricted token distribution. Because payouts hinge on both usage milestones and price-linked conditions, subsequent snapshots and redemptions offer a concrete way to track how the program unfolds.

Privacy adoption on the network had been building ahead of the perpetuals rollout. NEAR reported in May that nearly half of swap volume on near.com was already using confidential execution, and NEAR Intents has since processed more than $29 billion in cumulative cross-chain volume across 35 chains. The May swap-volume figure stands as the pre-perpetuals baseline for confidential usage, giving the new leveraged-trading option a clear reference point as adoption data accumulates.

NEAR's latest advance has carried the token from roughly $2.30 on September 13 to above $4 on September 21. During the most recent session, its 24-hour range spanned approximately $3.43 to $4.34, with trading volume near $2 billion. Alongside price, the metrics published around the rollout — confidential TVL, cumulative NEAR Intents volume, and the confidential share of near.com trading — are the running indicators most directly tied to the privacy push.