NEAR Surges 80% Following Launch of Confidential Perpetual Futures

NEAR Protocol experienced a sharp rally, with its token price moving from approximately $2.34 to $3.60 over a few days. This move of more than 80% coincided with the release of a new privacy-focused perpetual futures product.

The launch, which occurred on or around September 17, 2026, utilizes an integration between NEAR’s Confidential Intents privacy layer and Hyperliquid’s execution engine. The product allows for up to 40x leverage across more than 50 markets while keeping user ownership and funding details off public ledgers.

Market activity saw a notable increase, with 24-hour trading volume jumping over 120% to exceed $1.24 billion. The protocol’s market cap expanded from roughly $3.2 billion to $4.46 billion during this period.

Total value locked in Confidential Intents reached $70 million, triggering the activation of the @3.33 incentive program. This rewards mechanism was designed to boost adoption once the TVL threshold was met.

The system functions by routing order details through a private shard on NEAR, while still utilizing Hyperliquid’s public order book for liquidity and price discovery. NEAR Intents facilitates funding from assets across more than 35 blockchains, allowing traders to use assets from other chains like Solana for margin without using a centralized exchange.

The product is currently unavailable in the US and certain other jurisdictions. The integration allows NEAR to leverage Hyperliquid’s existing order books, which processed approximately $240 billion in perpetual volume in the month prior to the launch.

Confidential Intents was initially introduced at NEARCON earlier in 2026, with access expanding throughout the year leading up to the Hyperliquid integration.