Today, we’re excited to unveil Ondo Perps.
Traders outside the U.S. can now go long or short perpetual futures in peer-to-peer transactions on the world’s most active public equities and commodities with up to 20x leverage and 24/7 access. Perps markets are live for oil (WTI), gold (XAU), silver (XAG), AAPL, AMD, AMZN, COIN, CRCL, GOOGL, HOOD, INTC, META, MSFT, MSTR, NFLX, NVDA, ORCL, PLTR, TSLA, DRAM, US100 index, and US500 index, with more to come.
Ondo Perps is the culmination of much of what we’ve been building toward at Ondo, combining the deep liquidity of traditional financial markets with the speed, leverage, and UX of crypto-native perpetual futures.
Perps have become one of crypto’s most important innovations. They unlocked always-on, globally accessible markets with seamless leverage and capital-efficient trading. But so far, crypto’s approach to RWAs, particularly stocks, ETFs, and commodities, has largely been a straightforward extension of existing crypto perp infrastructure that takes an oracle price, lists the market, and bootstraps liquidity with stablecoin collateral.
That approach helped prove demand, but also inherited major limitations.
Today, liquidity on RWA perp venues remains only a tiny fraction of the liquidity available in the underlying traditional markets. Market makers must fragment capital across multiple systems: posting stablecoins onchain while separately maintaining inventory and hedges at traditional brokerages. This introduces capital inefficiency, operational complexity, and execution risk, particularly for strategies like basis trading and delta-neutral market making.
The key to solving this problem is deep integration with tokenized securities themselves.
Note: The Ondo Perps platform is made available by Ondo Global Panama Inc. using technology developed by Ondo Finance Inc. Not available in the U.S., Panama and other prohibited jurisdictions. See ondoperps.xyz for details.
Key Features
- The Deepest Liquidity for Equity Perps: Built for best-in-class, TradFi-sourced liquidity that supports tight spreads and minimal slippage, even at size.
- CEX-Equivalent Execution Speed: Ondo Perps routes for the fastest execution speed of any perps platform, comparable to the best centralized exchanges.
- Powered by Ondo Finance Technology: Built on the same institutional-grade infrastructure powering the world's largest tokenized stocks platform, which inherits liquidity from traditional exchanges such as the NYSE and Nasdaq.
- Multi-Asset Collateral: Alongside stablecoins, 20+ Ondo tokenized stocks and ETFs will be eligible collateral, starting with SPYon and QQQon available now for Pre-Alpha users.
- Up to 20x Leverage on the World's Most In-Demand Assets: Access up to 20x leveraged long or short exposure on leading U.S. equities, indices, and commodities.
- Seamless Hedging: Spot exposure and perpetual positions coexist on the same platform, making hedging a tokenized holding as simple as opening the opposite perps position in the corresponding asset.
- 24/7/365 Market Hours: Open or close positions anytime, including overnight and on weekends.
- Advanced Trading Tools: Advanced order types, risk controls, and other advanced trading tools are being built into the platform.
- Accessible Globally: Available worldwide outside the U.S., Panama and other prohibited jurisdictions.
How Ondo Brings Real Market Liquidity to Permissionless Perps
Ondo Perps is purpose-built to address the core structural constraints that have limited the growth of equity perpetual markets.
RWA Perps Face the Same Liquidity Challenge as Tokenized Spot Markets
The core challenge facing RWA perp venues today is the same that held back tokenized equities historically: shallow, fragmented liquidity.
For tokenized stocks, market makers had to warehouse inventory directly on crypto venues, meaning trading quality was fundamentally disconnected from the much deeper liquidity available in the underlying traditional markets.
That structurally capital-inefficient model is repeated on today’s RWA perp venues, where market makers typically need to:
- Post stablecoin collateral on the perp venue
- Take offsetting long or short perp positions
- Maintain separate cash and inventory balances at traditional brokerages to hedge exposure
- Manage latency and execution risk between onchain and offchain systems
This means capital is locked up twice for the same economic exposure and fragmented across exchanges. The inefficiency compounds into a self-reinforcing negative feedback loop for liquidity:
- Lower capital efficiency leads to weaker liquidity provider economics, as traders and market makers are forced to quote smaller size and wider spreads to compensate for embedded risk and capital costs.
- This results in shallow liquidity and higher slippage, degrading execution quality and overall user experience. Poor UX and unattractive economics then deter participation, leading to fewer LPs and smaller books.
- Fewer participants further reduce liquidity, which in turn worsens pricing and capital efficiency, locking the market into a structurally constrained equilibrium with persistently thin liquidity and wide spreads.
How Ondo Solved the Liquidity Problem in Tokenized Spot Markets
We spent the last several years building infrastructure specifically designed to solve this problem through Ondo Global Markets.
Rather than requiring market makers to pre-fund large pools of tokenized assets, Ondo Global Markets introduced a just-in-time mint/redemption model that allows liquidity to be sourced dynamically from underlying traditional markets in real time. The result was dramatically improved execution quality and capital efficiency.
At the time of launch, some competing platforms saw price impacts of ~200 bps for a $200k SPY trade. Ondo Global Markets reduced that to ~2 bps by directly integrating with the liquidity already present in TradFi markets. Since launch, Ondo Global Markets has grown to more than $1 billion in TVL and continues to scale rapidly.
Extending the Ondo Global Markets’ Liquidity Model to Perpetual Futures
Ondo Perps extends this same core idea into perpetual futures. With tokenized securities integrated directly into the collateral system, market makers can quote liquidity based on the real market depth they already see in underlying traditional markets, without needing to fully pre-fund positions in stablecoins.
For example, a market maker can provide deep asks on a stock perp market knowing that, if filled, they can immediately hedge by purchasing the underlying stock using existing collateral already held within the system. As positions update, the collateral account naturally reflects the newly acquired asset, offsetting the perp exposure that was just created.
Capital previously locked in duplicate reserves becomes productive collateral, creating a unified capital base that remains fully collateralized at the system level while increasing capital velocity, improving returns, and enabling more sophisticated trading and liquidity provision strategies.
The result is a perp platform that is substantially more capital efficient and capable of supporting dramatically deeper liquidity than existing RWA perp platforms.
A New Type of Perps Trading Technology
Conceptually, Ondo Perps is the culmination of much of what we’ve been building toward at Ondo, combining:
- The leverage, composability, and continuous trading experience of perpetual futures
- The real-market liquidity model pioneered in Ondo Global Markets
- A collateral framework built around tokenized real-world assets themselves
This architecture also unlocks entirely new position types. For example, users can construct leveraged long/short portfolios directly using tokenized securities as collateral, without first needing to convert everything into stablecoins. No more shallow orderbooks, stablecoin-only collateral, or fragmented hedging across multiple platforms.
A Virtuous Cycle: Tokenized Stock Collateral Sets a Liquidity Flywheel in Motion
Ondo Perps’ design creates a self-reinforcing cycle driven by improved capital efficiency and market structure. The use of tokenized stock as collateral allows market makers and traders to hedge perp positions without posting additional collateral at a traditional brokerage, allowing capital to be deployed more productively and increasing returns for both traders and liquidity providers.
Higher returns incentivize participants to deploy more capital and quote tighter spreads, which leads to deeper liquidity and lower slippage. Improved execution quality and a simpler, more integrated experience attract greater participation, generating more organic two-sided flow from traders hedging, capturing funding, or expressing leveraged views. The cycle compounds. More efficient capital leads to better returns, which leads to deeper liquidity, improved UX, and greater adoption, ultimately creating a structurally more liquid and scalable market for equity perpetuals.
Ondo Perps Is Set to Reshape Derivatives Markets Globally
Perpetuals provide significant advantages over traditional derivatives instruments. Providing simple, continuous, linear, leveraged exposure on permissionless rails eliminates the challenges of traditional options and futures contracts. No fixed expiry, contract rolls, expiration-cycle management, brokerage onboarding, limited market hours, or fragmented liquidity across dated contracts and venues.
However, despite the structural advantages of perpetuals, they have not seen widespread adoption from traders using traditional derivatives. This is primarily due to the better liquidity, execution, and capital efficiency that traditional venues have maintained. This is Ondo Perps’ opportunity.
By harnessing the advantages of perpetuals and unlocking liquidity, speed, and capital efficiency comparable to traditional venues, Ondo Perps is positioned to address not only today’s perpetuals market, but also the broader global equity and commodity derivatives markets.
In other words, the market opportunity for Ondo Perps is measured in the hundreds of trillions.
The Future of Futures Starts Now
Ondo Perps launches at a turning point for global markets. The lines between crypto and traditional finance are disappearing, with Ondo pioneering the shift. Ondo tokenized stocks have transformed global access to spot equities and now Ondo Perps is set to redefine global derivatives markets with permissionless access and 24/7 trading on exposure to the world’s most in-demand assets. Launching as the first permissionless perps platform supporting tokenized stock collateral is just the start, with more leverage, liquidity, and markets coming soon. The future of futures starts now: perpetual, permissionless, and powered by Ondo.
Join the waitlist for Ondo Perps: app.ondoperps.xyz
