NEAR Protocol introduces cross-margin for Hyperliquid-powered perpetuals

NEAR Protocol has launched a cross-margin option for its Hyperliquid-powered perpetuals interface. This update allows multiple positions to draw from a single shared balance at the account level, rather than keeping margin separate by individual position. Under this mode, unrealized gains in one position can support others, but losses in one position can reduce the collateral available for the entire pool.

Hyperliquid manages liquidations by comparing total account equity, including unrealized profit and loss, against maintenance margin requirements. If account equity falls below the maintenance threshold, the system attempts to close positions via the order book. If equity drops below two-thirds of the required maintenance margin, a backstop process transfers the positions to a liquidator.

NEAR claims the service offers confidentiality, stating that deposits and withdrawals to dedicated Hyperliquid accounts are private and that positions cannot be traced back to users. However, while NEAR emphasizes privacy, Hyperliquid’s perpetual order books operate on-chain, meaning orders, cancellations, trades, and liquidations remain visible on the blockchain, even if they do not directly identify the account holder.