A distributed leadless implantable system is provided that comprises first and second leadless implantable medical devices (LIMD) configured to be implanted entirely within first and second chambers of the heart. Each of the first and second LIMDs comprises a housing having a proximal end configured to engage local tissue of interest in a local chamber, electrodes located along the housing and cardiac sensing circuitry configured to detect intrinsic and paced cardiac events occurring in a near field associated with the local chamber.