NEAR Protocol enables cross-margin trading on 50 Hyperliquid perpetual markets with leverage up to 40x

On October 25, 2026, NEAR Protocol, a Layer 1 blockchain regulated within the European Union, announced the activation of cross-margin trading on 50 perpetual markets of the Hyperliquid platform, with leverage of up to 40x. This initiative, intended to expand access to decentralized derivative products, comes amid increased competition between protocols to capture institutional and retail trading volumes. Context NEAR Protocol, launched in 2020, has established itself as one of the most dynamic Layer 1 blockchains in the sector, with a market capitalization of $5.88 billion and a daily volume of $116.97 million, according to CryptoScore Pro data as of October 25, 2026. The protocol benefits from regulatory recognition in Europe thanks to its registration under the MiCA regulation, which facilitates its adoption by institutional players. Hyperliquid, a platform specializing in decentralized perpetual contracts, positions itself as a direct competitor to giants like dYdX or GMX, betting on infrastructures optimized for speed and liquidity. The announcement comes in a rapidly expanding crypto derivatives market, where trading volumes for leveraged products have increased by 35% year-on-year, according to estimates from the firm Kaiko. NEAR, which boasts a quality score of 94.4 out of 100 (CryptoScore Pro), seeks to capitalize on this trend by attracting traders in search of sophisticated tools. However, the lack of technical details on liquidation mechanisms or risk management leaves uncertainties regarding the robustness of the offering. The Facts The announcement, published as a guest contribution on CoinMarketCap and relayed by DiarioBitcoin, specifies that NEAR Protocol will activate cross-margin trading on 50 Hyperliquid perpetual markets, with a maximum leverage of 40x. Here are the confirmed key elements: Deployment is planned for late October 2026, although the exact date has not been communicated. The 40x leverage represents a significant increase compared to industry standards, where platforms generally offer levels between 10x and 25x. NEAR Protocol has obtained four level 1 security audits, conducted by Trail of Bits, strengthening the credibility of its infrastructure. According to CryptoScore Pro data as of October 25, 2026, the NEAR token shows a valuation of 5.88 billion dollars, with a daily volume of 116.97 million dollars and a total value locked (TVL) of 207.76 million dollars. Development activity for the protocol remains strong, with 79 commits on GitHub over the last four weeks and nine software updates (releases) over the last 90 days. However, several crucial pieces of information remain undisclosed: The eligible assets for collateral in cross-margin trading have not been specified. No details have been provided regarding liquidation mechanisms, margin thresholds, or applicable fees. The list of the 50 affected perpetual markets has not been published. The conditions for capital sharing between different open positions under cross-margin remain vague. The announcement, attributed to CryptoTicker ENG, is presented as a "guest post" on CoinMarketCap, without a full article body. DiarioBitcoin emphasizes that this lack of technical details prevents any independent verification of the operational modalities. Understanding Key Concepts Cross-margin vs isolated margin Margin trading allows investors to borrow funds to amplify their positions, using a portion of their capital as collateral (margin). In the case of isolated margin , each position is independent: the collateral allocated to one operation cannot be used to cover the losses of another. Conversely, cross margin pools all available funds in the account to cover all open positions. For example, if a trader holds 1,000 dollars in their account and opens two positions of 500 dollars each under cross margin, a loss on one can be offset by the unused funds of the other. This approach optimizes capital utilization but exposes the trader to a risk of total liquidation in the event of an unfavorable market movement. Perpetual contracts Perpetual contracts are derivative products that allow speculating on the price of an asset (such as Bitcoin or Ethereum) without an expiration date. Unlike traditional futures contracts, they use a funding rate mechanism to keep their price aligned with that of the underlying asset. For example, if the price of the Bitcoin perpetual contract exceeds its spot price, traders in long positions pay a funding rate to traders in short positions, encouraging the latter to enter the market and restore balance. These instruments are popular due to their flexibility, but their complexity makes them reserved for experienced traders. Leverage Leverage allows a trader to multiply their exposure to an asset without tying up an equivalent amount of capital. With 40x leverage, an investor can control a 40,000 dollar position with only 1,000 dollars of margin. If the asset price increases by 1%, the gain on the position will be 40%, but a 1% decrease will result in a 40% loss. This mechanism amplifies both profits and losses and can lead to rapid liquidations in the event of volatility. For example, a 2.5% drop in the price of the underlying asset would be enough to liquidate a position opened with 40x leverage, if the liquidation threshold is set at 2.5%. Total Value Locked (TVL) The TVL (Total Value Locked) measures the sum of assets deposited in decentralized finance (DeFi) protocols, serving as collateral for loans, exchanges, or derivatives. A high TVL, such as the $207.76 million recorded by NEAR, indicates significant adoption of the platform, but does not necessarily reflect its profitability or liquidity. For example, part of these funds may be locked in staking or farming strategies, limiting their availability for trading. Analysis: what is at stake The activation of cross-margin trading on 50 Hyperliquid perpetual markets, with a maximum leverage of 40x, introduces complex economic…