Ondo Finance has launched Ondo Perps, a perpetual futures platform that gives non-U.S. investors access to leveraged exposure across equities, ETFs and commodities. The platform supports up to 20x leverage and is designed to bring traditional market exposure into on-chain derivatives infrastructure.
The launch introduces tokenized securities as margin collateral, marking a notable shift in how real-world assets can be used in decentralized trading environments. Ondo Perps is built by Ondo Finance but operated by Ondo Global Panama Inc., with access restricted to users outside the United States and other prohibited jurisdictions.
Tokenized Stocks Become Productive Margin Collateral
Ondo Perps allows users to trade 24/7 exposure to assets such as AAPL, NVDA, TSLA, QQQ, gold and silver. The structure gives global users synthetic access to major traditional financial markets through a crypto-native perpetuals format.
The platform’s core distinction is its collateral model. Rather than relying only on stablecoins, Ondo Perps allows certain tokenized stocks and ETFs to be posted as productive collateral backing leveraged positions.
That mechanism draws on Ondo Global Markets’ tokenized securities infrastructure, which provides the underlying asset layer for the platform. By using tokenized equities as margin, Ondo is attempting to make real-world assets more composable across on-chain trading systems.
Private Beta Volume Reached Nearly $2 Billion
Ian De Bode, President of Ondo Finance, said Ondo Perps recorded nearly $2 billion in volume during its private beta. The figure points to early demand for the platform, although public post-launch volume and adoption metrics have not yet been disclosed.
The launch follows growth in Ondo Global Markets, which has reported more than $1 billion in total value locked since its inception in late 2025. That context places Ondo Perps within a broader RWA shift from passive tokenized ownership toward active financial utility.
For global investors, the platform is positioned around capital efficiency and expanded market access. Tokenized stocks can serve not only as exposure to traditional assets, but also as collateral for additional trading strategies.
Still, Ondo Perps remains unavailable to U.S. and Panamanian residents, and its long-term trajectory will depend on liquidity durability, user adoption and regulatory response to cross-border equity-linked derivatives. The broader test is whether tokenized securities can evolve from held assets into reliable margin infrastructure for on-chain markets.