NEAR Protocol integrates cross-margin trading on Hyperliquid

The new feature allows users to draw collateral from a collective perps balance rather than assigning specific assets to individual trades. This shift enables unrealized profits from one position to function as initial margin for others, increasing capital efficiency for active traders. While the platform advertises access to over 50 markets with leverage reaching 40x, it restricts participation for U.S. persons and users in other flagged jurisdictions.

Privacy remains a central pillar of the integration. According to the project, the system assigns a dedicated account to each user, facilitating confidential funding flows. NEAR Intents handles the conversion of assets into the required margin currency, with settlement transactions signed directly on user devices. Despite these claims, the platform has not provided independent verification regarding the complete anonymity of order execution or position records on the underlying Hyperliquid infrastructure.

Liquidation protocols operate at the account level. If total equity drops below maintenance requirements, Hyperliquid first attempts to close positions via the order book. If these measures fail, a backstop process triggers, transferring cross-margin positions and collateral to a liquidator vault. The platform utilizes a mark price—derived from a blend of external market data and internal exchange activity—to determine margin status and trigger stop-loss or liquidation events. Hourly funding payments between long and short holders further influence account balances, though the exchange reports that it collects no fees on these specific transfers.