Ondo Finance rolled out Ondo Perps for Pre-Alpha users this week. The platform delivers up to 20x leverage across 24 equity, commodity, and index markets. Notably, it accepts tokenized stocks as collateral for the first time in any perp venue. Ondo Finance built the underlying technology through its Ondo Global Markets platform. As a result, the launch fuses tokenized equity ownership with derivatives execution in one venue. Additionally, the rollout includes a trader rewards pool worth up to $3 million.
Ondo Perps is live.
— Ondo Perps (@OndoPerps) July 7, 2026
Up to 20x leverage on equity perps is here, with tokenized stocks as collateral & up to $3 million in rewards.
Ondo technology first revolutionized tokenized stocks & now powers perps markets for:
✅ Oil
✅ Intel
✅ Gold
✅ AMD
✅ Meta
✅ Tesla
✅ Silver
✅… pic.twitter.com/Oxfo7ni9JR
Tokenized Stocks Now Qualify as Margin
The signature feature is capital efficiency for holders of real-world assets. Traders can post tokenized shares as collateral instead of stablecoins. For instance, a holder of tokenized Tesla can open a leveraged Nvidia position without selling. Meanwhile, the underlying collateral continues tracking the stock’s total return, including dividends. Previous RWA perp venues forced users to park cash in stablecoins first. In contrast, Ondo Perps unlocks idle equity positions for active trading. This design mirrors the prime brokerage model long used by traditional institutional desks.
The 24-Market Menu Spans Equities, Commodities, and Indices
Ondo Perps launched with a diverse book of RWA markets. The full lineup covers three categories.
- Single-Name Equities: Apple, Nvidia, Tesla, Meta, Amazon, Microsoft, Alphabet, Netflix, Oracle, Intel, AMD, Micron, Palantir, Coinbase, Robinhood, Strategy, Circle, and SpaceX. This lineup targets the most-traded U.S. names, plus rare pre-IPO exposure to SpaceX.
- Broad Indices: US 100 (Nasdaq) and US 500 (S&P 500) give traders macro directional access.
- Commodities: Gold, Silver, Oil, and DRAM cover metals, energy, and a memory-chip market proxy.
Every market runs 24/7/365 with no expiry and no closing bell. Furthermore, none of the assets carry the settlement lag typical of traditional futures venues.
The Ondo Global Markets Engine Underneath
Ondo Perps sits on top of a tokenized equity book Ondo has been building for months. Ondo Global Markets crossed $1 billion in TVL on May 11, 2026. Additionally, cumulative trading volume passed $18 billion. The platform now offers more than 260 tokenized U.S. stocks and ETFs. Its tokens run across Solana, Ethereum, and BNB Chain. Ondo currently holds more than 70% of the tokenized equities market, according to RWA.xyz data. Furthermore, a U.S.-registered broker-dealer holds the underlying security for each token, so the tokens track total return with dividends.
Access, Rewards, and Geographic Limits
Ondo Perps operates from Panama and follows non-U.S. distribution rules. Users in the U.S., Panama, and other prohibited jurisdictions cannot access the platform. However, billions of eligible users globally can trade through the venue. Pre-Alpha access opens alongside a rewards pool worth up to $3 million. Additionally, the Ondo Foundation continues running active USDC reward campaigns for community members. Public beta trading volume already crossed $1.5 billion during earlier rollouts. Meanwhile, CoinGecko lists 24 trading pairs on Ondo Perps with roughly $78 million in daily volume.
Competitive Positioning in the Perps Landscape
Ondo Perps enters a market currently dominated by crypto-native perp venues. Hyperliquid, dYdX, and centralized exchanges lead in raw volume today. However, Ondo’s angle differs by focusing entirely on real-world assets. Crypto perps compete on liquidity depth for BTC and ETH pairs. In contrast, Ondo targets equity and commodity exposure paired with tokenized collateral. Ondo executive Ian De Bode expects the tokenized equity market to reach $2.5 to $3 billion by year-end. Meanwhile, the ONDO token surged 17% on June 3, 2026 as the market priced in the launch. As a result, the perps venue positions Ondo at the intersection of RWA issuance and derivatives distribution.
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