NEAR Price Gains Momentum as Hyperliquid Launches Spot Trading
NEAR price momentum has strengthened after NEAR Protocol launched spot trading on Hyperliquid. The new NEAR/USDC market gives traders direct access to the token alongside Hyperliquid’s existing NEAR perpetual contract. NEAR traded near $4.33 on Sept. 23, close to its 52-week high of $4.46, after rising from about $3.05 on Sept. 17.
Hyperliquid data showed NEAR perpetual open interest of roughly $344.2 million and 24-hour volume near $269.1 million. Funding was positive at 0.0017% per hour, indicating that long traders were paying short traders to maintain positions. The combination of high open interest and positive funding increases liquidation risk if the NEAR price reverses, while stronger spot volume would provide evidence of more sustainable demand.
The listing adds liquidity, hedging options and direct ownership access for Hyperliquid users. However, NEAR’s spot listing will take several days to appear on the platform’s Strict List under the usual deployment process.
The move follows broader NEAR ecosystem growth. Confidential Intents’ total value locked exceeded $70 million, while its cross-chain infrastructure supports transactions across more than 30 blockchains. NEAR also partnered with Ondo Finance to provide access to 20 tokenized stocks and exchange-traded products. In the short term, the listing is a potential bullish catalyst, but traders should monitor spot volume, open interest, funding and liquidation levels.
Bullish
The news is moderately bullish for NEAR because a Hyperliquid spot listing expands market access, improves liquidity and creates a direct venue for non-leveraged demand. Similar listings on major exchanges often produce short-term price and volume increases as traders react to improved accessibility and market-making opportunities.
The immediate catalyst is supported by strong market activity. NEAR perpetual open interest of about $344 million and positive funding show substantial long exposure and bullish positioning. If spot volume rises alongside price, the rally would appear healthier because demand would be less dependent on leveraged derivatives. The listing also allows traders to hedge spot and perpetual positions on the same platform.
However, the bullish signal is not risk-free. Positive funding means long traders are paying to stay positioned, and high open interest can amplify liquidations during a sharp reversal. NEAR’s rapid rise from roughly $3.05 to above $4 also increases the chance of profit-taking. If spot participation remains weak while open interest and funding stay elevated, the market could become vulnerable to a long squeeze.
In the short term, traders may focus on NEAR/USDC volume, price acceptance above $4, funding changes and liquidation data. Over the longer term, Confidential Intents activity, cross-chain adoption and the Ondo Finance integration could provide fundamental support. Overall, the listing improves NEAR’s trading structure and supports a bullish classification, but it does not by itself guarantee that the rally will continue.