A private swap can still leave public source and destination transactions, including wallet addresses, assets, amounts, timestamps, fees, contracts, approvals, and transaction identifiers.
The source side
The funding wallet’s chain records the deposit or contract call and gas payment. Earlier wallet history and balances are not removed by using a new route.
The destination side
The receiving chain records delivery and every later spend. A fresh address has less prior history but its receipt and future activity remain visible.
The relationship between sides
Private routing may reduce a direct relationship, while timing, amount, provider infrastructure, gas funding, or later consolidation can still supply association signals.
The honest conclusion
Private should be read as exposure reduction, not invisibility. Users should evaluate which facts matter to their legitimate privacy goals.
How to read the evidence
Explorer presentation is only one view of chain data. Nodes and indexing services can expose receipts, logs, traces, instructions, token-balance changes, and historical state even when the default interface shows an undecoded call. Separate “not labeled here” from “not publicly recorded.” That distinction is essential when evaluating whether a route reduces linkage or merely looks unfamiliar in one explorer.