NEAR Protocol Introduces Default Privacy for Perpetual Futures Trading

NEAR Protocol has recently updated its trading interfaces to make perpetual futures (perps) positions private by default. As of September 17, all trades executed through NEAR will now route deposits via a confidential shard, effectively concealing the ownership and origins of deposits from public view.

This new feature, termed Confidential Intents, utilizes a trusted execution environment (TEE) bridge to dissociate a trader’s public account from their trading actions. While the confidentiality layer obscures who is trading and the source of their capital, it does not conceal the trades themselves, which remain visible on Hyperliquid’s order book.

Integration with Hyperliquid

NEAR's perpetual futures infrastructure is built on the Hyperliquid engine, which was integrated on June 9. This collaboration allows deposits from over 35 different chains and access to more than 50 trading markets, offering leverage up to 40x. In the month leading up to mid-September, Hyperliquid processed approximately $240 billion in perps volume.

Market Reaction and Future Implications

The announcement of the confidentiality feature positively impacted NEAR’s token price, which surged between 21% and 45% shortly after the update, and trading volume increased by about 120% within 24 hours. This launch coincided with the total value locked in Confidential Intents surpassing $70 million, marking a significant milestone for the protocol.

By adopting a default confidentiality model, NEAR aims to encourage broader adoption of privacy tools in the crypto space, moving beyond the traditional opt-in approach that often limits usage to a niche audience.