35+ networks, 50+ Hyperliquid markets and 40x leverage from one near.com account is distribution warfare, not just another integration. If confidential balances actually ship, NEAR gets to own the privacy/account layer while Hyperliquid keeps execution and liquidations, which is a cleaner stack than forcing traders through bridges, wallets and perp UIs one by one. Perp DEX volume keeps concentrating around the fastest venues; the next fight is who controls the collateral on-ramp before the trade even hits the book.

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