Ondo Finance has unveiled a groundbreaking perpetual futures exchange that enables the unprecedented use of tokenized equities as trading collateral. Named Ondo Perps, this innovative platform has officially opened its doors to pre-alpha participants located outside U.S. territory.
The exchange operates continuously around the clock, seven days weekly. Qualified international users can engage with the platform at their convenience, liberated from conventional market trading windows.
Ondo Perps facilitates perpetual futures contracts spanning U.S. equities, exchange-traded funds, and commodity markets. The available asset roster encompasses Apple, Tesla, Nvidia, Micron, S&P 500 exposure through SPCX, QQQ, along with gold and silver commodities.
Users can directly deploy their tokenized equity holdings as trading collateral. This innovation eliminates the necessity for maintaining separate cash deposits across multiple platforms.
Leverage capabilities extend up to 20x multipliers. This functionality enables traders to establish positions valued at twenty times their initial collateral commitment.
Ondo Perps draws its liquidity from established traditional financial market sources. According to the company, this approach delivers spreads and market depth rivaling those found on traditional derivatives platforms.
The system processes order routing, margin adjustments, and liquidation procedures instantaneously. Ondo maintains that execution velocity equals the fastest centralized cryptocurrency exchanges while preserving decentralized architecture.
Stablecoin deposits also qualify as acceptable collateral forms, supplementing tokenized securities and ETFs. Users retain flexibility in selecting their preferred margin posting method.
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.”
Ondo Global Markets, the tokenized equity infrastructure powering this platform, has maintained approximately 5% weekly growth since its September 2025 introduction. Current total value locked has climbed beyond the $1 billion threshold.
Ondo recently incorporated tokenized representations of BlackRock’s iShares Core S&P 500 ETF alongside Micron equity shares mere days prior to this platform debut. These additions followed a custodial framework the SEC delineated in January.
Previously, Ondo extended access to more than 100 U.S. stocks and ETFs via blockchain technology to investors throughout Asia-Pacific regions, Europe, Africa, and Latin America.
Ondo Perps remains unavailable to residents of the United States, Panama, and additional restricted territories. Ondo Global Panama Inc. manages platform operations.
As an incentive for inaugural participants, Ondo has allocated $150,000 in USDC rewards tied to trading volume during the opening week.
This debut positions Ondo Perps as a competitive alternative to established crypto derivatives venues including Ostium and Hyperliquid.
Tokenized equities have predominantly served as passive on-chain holdings until now. Ondo’s innovation transforms them into functional collateral within an active derivatives trading ecosystem.
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