NEAR Adds Cross Margin to Hyperliquid Perps, Tying Positions to One Balance

NEAR Protocol announced Thursday, Oct. 22, a cross-margin option for its Hyperliquid-powered perps interface, letting multiple positions draw from one balance and tying their liquidation exposure together.

The previous setup kept margin separate by position, while the new mode pools it at the account level. Available funds or unrealized gains in one position can help support another, while a losing position can reduce the balance available to the rest. Hyperliquid compares account equity, including unrealized profit and loss, with the maintenance margin required to keep positions open. Another position's gains, losses or funding payments can therefore change the displayed liquidation estimate for a cross position. Isolated margin confines collateral to one position and does not use the same shared pool.

If account equity falls below maintenance margin, Hyperliquid first tries to close positions through its order book. If that fails and equity drops below two-thirds of the maintenance requirement, a backstop process hands the cross positions and their cross margin to a liquidator. The account's pooled collateral and open cross positions are considered together in this check.

NEAR describes the service as confidential. Each user gets a dedicated Hyperliquid account, and NEAR says deposits and withdrawals to and from that account are confidential. NEAR also says, “Nobody can trace your position back to you.” The company has also added confidential XRP swaps and payments to its platform.

That privacy claim sits alongside public market records. Hyperliquid's perpetual order books operate onchain, where orders, cancellations, trades and liquidations are visible. These records show account activity but do not by themselves identify who controls an account. NEAR's product description does not specify which parties in the interface and trading route can connect an account to a user or see its combined risk.

The service lists more than 50 markets and leverage of up to 40x, with the maximum varying by asset. It bars U.S. persons and people in other restricted jurisdictions.