Key Highlights
- Ondo Finance introduces Ondo Perps, pioneering the use of tokenized equities as collateral for perpetual futures contracts
- International traders gain access to 20x leverage on equities, ETFs, and commodities around the clock
- Platform features prominent assets including Apple, Tesla, Nvidia, Micron, precious metals, and energy commodities
- Ondo Global Markets has surpassed $1 billion in total value locked following its September 2025 debut
- Initial participants eligible for $150,000 USDC incentive program during launch week
Ondo Finance has unveiled a groundbreaking perpetual futures trading platform that marks a historic first: enabling traders to leverage tokenized equities as collateral. Known as Ondo Perps, this innovative service has entered its pre-alpha phase for international users beyond U.S. borders.
The platform operates continuously, providing round-the-clock access every single day. Participants from approved jurisdictions can engage with the platform at their convenience, free from conventional trading session limitations.
Ondo Perps facilitates perpetual futures trading across American equities, exchange-traded funds, and commodity markets. The asset roster encompasses Apple, Tesla, Nvidia, Micron, S&P 500 exposure through SPCX, QQQ, along with gold and silver contracts.
Participants can leverage their tokenized equity portfolios directly for margin requirements. This innovation eliminates the necessity of maintaining separate cash positions across multiple trading venues.
The service provides leverage capabilities reaching 20x. This functionality allows participants to control positions valued at twenty times their initial collateral deposit.
Platform Mechanics and Infrastructure
Ondo Perps draws its market liquidity from established financial institutions. According to Ondo, this approach delivers pricing spreads and order book depth rivaling traditional derivatives marketplaces.
The platform processes order execution, margin adjustments, and position liquidations instantaneously. Ondo maintains that transaction speeds rival leading centralized cryptocurrency exchanges while preserving decentralized architecture.
Beyond tokenized securities and ETFs, the platform accommodates stablecoins for collateral purposes. This flexibility allows traders to customize their margin composition according to preference.
Ian De Bode, serving as President of Ondo Finance, characterized the platform as representing “the first time a permissionless equity perps platform has been built with the infrastructure required to unlock liquidity, speed, and capital efficiency comparable to traditional derivatives markets.”
Market Expansion and Development
Ondo Global Markets, providing the tokenized equity backbone for this platform, has experienced approximately 5% weekly growth since its September 2025 introduction. The infrastructure currently manages over $1 billion in total value locked.
Shortly before this platform debut, Ondo incorporated tokenized representations of BlackRock’s iShares Core S&P 500 ETF alongside Micron equity shares. These additions followed a custodial structure specified by the SEC during January.
Previously, Ondo extended on-chain access to more than 100 American stocks and ETFs for investors across Asia-Pacific territories, European nations, African countries, and Latin American regions.
Ondo Perps remains unavailable to individuals residing in the United States, Panama, or additional restricted territories. Ondo Global Panama Inc. manages platform operations.
As part of its user acquisition strategy, Ondo has allocated $150,000 in USDC rewards tied to trading volume generated throughout the inaugural week.
This launch positions Ondo Perps as a direct competitor to established crypto derivatives providers including Ostium and Hyperliquid.
Historically, tokenized equities have primarily served as static on-chain investment vehicles. Ondo’s innovation transforms them into dynamic collateral instruments within an operational derivatives ecosystem.
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