NEAR Price Jumps 22% Amid Hyperliquid-Powered Confidential Perpetuals Launch

NEAR Protocol (NEAR) rallied on Thursday, rising by 22% to $2.98 as traders responded to the launch of confidential perpetual trading powered by Hyperliquid. During the rally, the trading volume surged 120.4% to $1.24 billion, and the market cap rose to about $3.9 billion.

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NEAR Brings Private Hyperliquid-Backed Perpetual Trading 

According to a report, NEAR has made perpetual positions confidential by default on the platform. Users can now open leveraged trades without making the trades public on the blockchain.

The setup uses NEAR Intents, with a private shard that shields transaction details from the public ledger. Traders remain in control of their funds, while information such as position size, entry levels, and trading activity can stay hidden from outside observers.

Funding is not limited to assets held on NEAR. The interface supports over 35 blockchains, and NEAR Intents acts as the router between network chains. This eliminates some of the middle steps in which users would have to transfer assets or cash across different wallets.

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Hyperliquid Handles the Underlying Perpetual Trades

Hyperliquid provides the perpetual futures market behind the product. According to data, the decentralized derivatives platform has seen perpetual trading volume of approximately $240 billion in the last 30 days.

Under the arrangement, NEAR supplies the privacy and cross-chain layer, while Hyperliquid handles the underlying derivatives execution. The product is supported by over 50 markets, and leverage up to 40x is available in the NEAR interface.

Hyperliquid is attracting interest beyond the NEAR rollout. Payward, Kraken’s parent company, announced its intention to launch on-chain perpetual futures based on Hyperliquid for U.S. customers via a mechanism that includes CFTC-regulated Bitnomial Exchange and Bitnomial Clearinghouse.

What’s Next for NEAR Price?

Following the token’s time below the $3 mark, the recent announcement has been the catalyst for a rally amid a bearish crypto market brought on by the Clarity Act failing to pass. Should the rally proceed, the NEAR token would need to reclaim $3.5 and maintain the current momentum.

Earlier in the week, interest in NEAR’s confidential trading system had been ramping up. On September 15, the project released a statement stating that the total value locked (TVL) was now $70 million.

However, perpetual futures are still a high-risk product due to the fact that leverage can magnify gains or losses. Other factors that could affect access include local rules, and in some jurisdictions, derivative trading on decentralized platforms may be limited.