NEAR's token jumped more than 80% in a matter of days, rising from roughly $2.34 to $3.60, after the protocol launched confidential perpetual futures trading built on Hyperliquid's execution engine. Trading volume spiked 120% and total value locked in the new product reached $70 million, triggering NEAR's incentive program.
NEAR Protocol's price ripped from about $2.34 to $3.60, a move of more than 80%, as its new confidential perpetual futures product went live. The surge pushed NEAR's market cap from approximately $3.2 billion to $4.46 billion. Meanwhile, 24-hour trading volume spiked over 120% to exceed $1.24 billion.
A first-of-its-kind integration
The catalyst was a first-of-its-kind integration between NEAR's Confidential Intents privacy layer and Hyperliquid's perpetual futures execution engine, offering up to 40x leverage across more than 50 markets while keeping ownership and funding details hidden from public ledgers. Orders still land on Hyperliquid's public order book, so the market keeps its liquidity and price discovery. However, the details of who deposited what, from where, and how much they hold get routed through a private shard on NEAR, 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. As a result, a trader holding Solana-based assets can fund a leveraged ETH position without touching a centralized exchange or revealing their wallet's full portfolio.
Capital flowing in fast
The product launched on or around September 17, 2026, and the market response was immediate. Total value locked in Confidential Intents surged to $70 million, which triggered the activation of NEAR's @3.33 incentive program, a rewards mechanism designed to accelerate adoption once the TVL threshold was hit. For context, Hyperliquid processed around $240 billion in perpetual volume in the month preceding the launch.
By outsourcing execution to Hyperliquid, NEAR gets access to deep order books without having to bootstrap its own derivatives exchange from scratch. That said, the product is not available in the US or certain other jurisdictions.
What the numbers suggest
The 120% volume surge past $1.24 billion points to broad market participation rather than a handful of large wallets moving the price. Meanwhile, the market cap expansion from $3.2 billion to $4.46 billion represents roughly $1.26 billion in new value. Confidential Intents was first introduced at NEARCON earlier in 2026, with access expanding throughout the year before the Hyperliquid integration brought the pieces together.
Source: Crypto Briefing
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