NEAR’s private perps now share margin. Who can see the risk?

The new cross-margin option lets positions draw on one balance. NEAR describes a confidential route into a dedicated Hyperliquid account, while the exchange still has to price and liquidate the trades. Summary NEAR announced cross margin for its Hyperliquid-powered perpetuals on October 22, allowing eligible positions to use a shared perps balance. The trading page advertises more than 50 markets and leverage up to 40 times, but excludes U.S. persons and other restricted users. NEAR says each user receives a dedicated Hyperliquid trading account and that deposits and withdrawals to it are confidential; it does not publish an independent privacy audit for the full trade path. Hyperliquid’s rules liquidate cross positions against account equity and maintenance requirements, with a backstop available below two thirds of required maintenance margin. The launch announcement supplied no trading volume, user total or amount of collateral posted through the new margin mode. NEAR’s perpetuals interface now lets multiple positions use a common margin balance. The October 22 launch report describes a familiar derivatives feature with an unusual privacy claim: traders enter through NEAR’s inte...