NEAR Protocol announced on Oct. 22 that it has introduced cross margin support for its Hyperliquid-powered perpetuals trading platform, allowing traders to use a single shared perpetual balance as collateral across multiple positions instead of maintaining separate margin for each holding.
The update is described as bringing confidential trading to users. NEAR says each participant receives a dedicated account on Hyperliquid, with confidential deposits and withdrawals to and from that account. The project’s launch message notes: “Positions now share your perps balance as margin instead of each holding its own,” and adds that other observers “cannot tell they’re yours,” though NEAR does not provide a third-party assessment of whether all activity can be shielded from linkage.
The trading interface is available at perps.near.com. NEAR’s product page advertises more than 50 perpetual markets with leverage of up to 40 times, while excluding U.S. persons and other restricted jurisdictions. It also warns that leveraged trading carries substantial risk of loss. For funding, NEAR Intents converts supported assets into the required margin currency, and users can start with assets held across connected networks while signing funding and settlement transactions on their devices.
Hyperliquid’s documentation distinguishes cross margin from isolated margin. With cross margin, collateral is shared among eligible positions, and unrealized profits from cross-margin trades can become available as initial margin for new trades. Isolated margin keeps collateral assigned to an individual position. Hyperliquid applies account-level liquidation rules: when account equity falls below required maintenance margin, the system attempts to close positions through the order book, with a backstop process involving the liquidator vault if equity falls below two-thirds of maintenance margin. A mark price, combining external market information with Hyperliquid trading data, is used for liquidations and unrealized profit and loss. Funding payments are exchanged hourly between long and short holders without exchange fees.
NEAR did not disclose trading volume, user counts, or total collateral committed to the new cross-margin feature. The launch builds on NEAR’s existing relationship with Hyperliquid, including spot trading of NEAR against USDC that became available in September.
