Hi everyone,
I wanted to share Nox, a take on what a private-by-design Hyperliquid could look like: same self-custody and serious on-chain perps UX, but with size, direction, and liquidation threshold as FHE ciphertext on Zama FHEVM so the book isn’t readable from the chain by default.
Hyperliquid showed that on-chain perpetuals can feel like a pro terminal and still be non-custodial and multi-asset. Nox starts from that bar and asks: what if the structural leak, a totally public book every bot can read weren’t there?.
What ships today
-
Your money and your markets don’t read like an open diary. Margin sits in an on-chain vault that’s encrypted, not a normal “everyone can see my balance” account. You get Bitcoin and Ethereum perps on Sepolia using live Chainlink prices, with one shared pool of margin across both — closer to how a serious venue behaves than a hacked-together demo.
-
The parts traders care about most stay hidden on-chain. How big you’re trading, which way you’re leaning, and where you’d get liquidated aren’t published the way they are on typical on-chain perps — so the chain isn’t a free lunch for bots that hunt liquidations off a public leaderboard.
-
The protocol still “does the job” — liquidations, closes, and funding — without turning your book into a billboard. Liquidations and closing are built so the sensitive story stays protected for as long as possible, and only small, necessary outcomes (like “yes, liquidate” or “here’s the final payout”) show up when money actually has to move. Funding — the mechanism that balances longs and shorts over time — also doesn’t require exposing the whole positioning picture to the world.
-
It’s meant to run, not only to screenshot. A keeper keeps prices in sync with the oracle, can push liquidations through, and finishes settlements so you’re not dependent on a one-off manual trick. Automated tests in the repo back up the core flows (deposits, trading, liquidations, funding, multiple markets).
-
The app shows what “private perps” actually mean in practice. Positions can be represented as tokens you could move (while sensitive details stay protected in the contract), and unrealized P&L can stay hidden until you choose to reveal it — so users can see privacy, not just hear a slogan about it.
Live Demo: /nox-perp.vercel.app/
(Optional institutional piece: there’s also an encrypted compliance oracle path for gating openPosition with FHE.and on an encrypted approval bit )
If you try it and hit friction (relayer, gas, UX), I’d love notes from others building on FHEVM.
Thanks for reading.