NEAR Protocol's token price rose more than 80% over several days, climbing from approximately $2.34 to $3.60. The price movement coincided with the launch of a confidential perpetual futures trading product, which pushed NEAR's market cap from roughly $3.2 billion to $4.46 billion. Trading volume surged over 120% in 24 hours, exceeding $1.24 billion.
The new product integrates NEAR's Confidential Intents privacy layer with Hyperliquid's execution engine. It offers up to 40x leverage across more than 50 markets while keeping ownership and funding details private from public ledgers.
How the System Works
Orders are placed on Hyperliquid's public order book to provide market liquidity and price discovery. However, details about depositors, deposit amounts, and holdings are routed through a private shard on NEAR and remain invisible to the broader blockchain.
Deposits flow through NEAR Intents, which facilitates funding from assets across more than 35 blockchains using automatic swaps for margin. This allows traders to fund leveraged positions across different blockchains without accessing centralized exchanges or exposing their full wallet portfolios.
The product launched on or around September 17, 2026. Total value locked in Confidential Intents reached $70 million, triggering activation of NEAR's @3.33 incentive program, a rewards mechanism designed to accelerate adoption once the TVL threshold was reached.
Prior to the launch, Hyperliquid processed around $240 billion in perpetual volume over the preceding month.
Market Response and Availability
The $70 million TVL milestone and 120% volume surge suggest broad market participation beyond a small number of large traders. The market cap expansion represents approximately $1.26 billion in new value.
The product is not available in the United States or certain other jurisdictions.
Confidential Intents was first introduced at NEARCON earlier in 2026, with access expanding throughout the year before the Hyperliquid integration.
