NEAR Surges 81% as Confidential Hyperliquid Trading Gains Traction

NEAR Protocol’s token has surged more than 80% over the past week as traders reacted to the rollout of confidential perpetual futures, accelerating NEAR Intents activity and a new milestone for the network’s privacy infrastructure.

NEAR traded near $4.17 early September 21, up about 17% over 24 hours and 81% over seven days. Daily trading volume approached $2 billion, more than double the previous day’s level, while market capitalization climbed to roughly $5.45 billion.

The rally accelerated after near.com made Hyperliquid perpetuals confidential by default on September 17, extending privacy features already used for swaps and cross-chain transfers into leveraged trading.

Hyperliquid Positions Get Confidential Funding

Near.com’s perpetual interface gives traders access to more than 50 Hyperliquid markets with leverage of up to 40x. The underlying positions and orders remain visible on Hyperliquid, while the privacy layer obscures the link between a trader’s funding activity and the dedicated account used for the position.

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

The Hyperliquid integration originally launched in June, with confidential trading identified as a later stage of the rollout. The September update added the privacy layer rather than replacing Hyperliquid’s public execution and liquidity infrastructure.

Confidential TVL Crosses $70 Million

The trading launch coincided with Confidential Intents surpassing $70 million in TVL, triggering the first snapshot under NEAR’s NEAR@3.33 incentive program.

The milestone unlocked allocations tied to 333,333 NEAR for eligible users. Redemption is linked to separate price conditions under the program rather than an immediate unrestricted token distribution.

Privacy usage had already been building before the perpetuals rollout. NEAR said in May that nearly half of swap volume on near.com was using confidential execution, while NEAR Intents has since processed more than $29 billion in cumulative cross-chain volume across 35 chains.

NEAR’s latest rally has taken the token from roughly $2.30 on September 13 to above $4 on September 21. Its 24-hour range reached approximately $3.43 to $4.34 during the latest session, with trading volume near $2 billion.

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