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. 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 interface, while Hyperliquid supplies the underlying perpetual markets. Pooling collateral can make an account more flexible, but a loss in one cross-margin position can consume funds supporting another. A person assessing the risk needs to know which positions share the pool and what information about that pool is visible to outsiders.

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