Ondo Perps Launches: Trade U.S. Stocks, Gold, and Oil Using Tokenized Assets as Collateral

Author: Shenchao TechFlow

Trading U.S. stocks on-chain is no longer unusual.

Eight months ago, Ondo Finance, in collaboration with the Ondo Foundation, launched Ondo Global Markets, enabling more investors to hold U.S. stocks on-chain without restrictions of time, geography, or cost.

According to data from RWA.xyz, the total on-chain value of tokenized stocks has now surpassed $1.44 billion, representing over 110% growth since the beginning of the year. Among this, Ondo Global Markets, the first platform for tokenized stocks and ETFs to reach $1 billion in TVL, holds approximately 70% of the market share.

Behind the numbers is genuine user enthusiasm for tokenized U.S. stocks, and Ondo’s undisputed leadership in this space.

But this is only the first half of the “play U.S. stocks on-chain” story.

Ondo Global Markets allows everyone to buy U.S. stocks like buying cryptocurrencies, but there is still a gap between buying and using them.

To be considered a truly mature financial asset, it must have the capabilities of collateralization, leverage, short selling, and hedging.

This is an area that many have tried to enter, yet remains empty:

For a long time, the focus of on-chain derivatives markets has almost always revolved around crypto-native assets;

Meanwhile, integrating real-world assets into on-chain contract markets will face significant challenges in terms of liquidity access, improving capital efficiency, and implementing more effective risk management under complex logic such as leveraged liquidations.

These are not issues that can be solved simply by listing a few US stock perpetual trading pairs.

What the market lacks is a comprehensive underlying infrastructure to better integrate tokenized real-world assets into on-chain derivatives markets.

On June 9, 2026, eight months after the launch of Ondo Global Markets, the perpetual contracts trading platform Ondo Perps, focused on stocks, ETFs, and commodities, officially launched its public beta:

Supports eligible users to use tokenized real-world assets as collateral directly, inheriting the real liquidity of traditional markets, with up to 20x leverage and 7x24 round-the-clock trading…

From "being able to buy" to "being able to play," the second half of the story of "playing with U.S. stocks on-chain" is being written by Ondo Perps.

Entering the Ondo Perps interface, you're greeted with a sense of familiarity.

Whether it’s the K-line chart on the left or the order book on the right, this UI interface and interaction logic require almost no additional learning curve for users with experience in contract trading.

First, let's see what you can trade.

In the top-left corner, you can select assets. Ondo Perps currently supports 24/7 trading across 7 perpetual contract markets:

• US stocks: NVDA, TSLA, AAPL, MSFT, GOOGL, AMZN, META, NFLX, AMD, INTC, ORCL, PLTR, COIN, HOOD, MSTR, CRCL
• Commodities: XAU (Gold), XAG (Silver), WTI (Crude Oil)
• Indices: US 500, US 100
• ETF: Roundhill Memory ETF (DRAM)

The product selection logic is very clear: assets with high liquidity, high visibility, and clear demand from global investors are prioritized for support.

After selecting a market, information such as the current price, 24-hour price change, 24-hour trading volume, and funding rate is displayed at the top.

Taking NVDA as an example, the current Ondo Perps trading price is 207.79, while the Mark Price is 207.77, indicating a very small spread.

Let’s take another look at how to trade.

Look to the top-right order section, where you’ll first see the Long or Short buttons, allowing users to take directional positions on U.S. stocks, indices, and commodities, with leverage up to 20x currently supported.

Regarding order types, Ondo Perps currently offers market orders, limit orders, and TWAP.

Market orders execute at the current best market price, while limit orders execute at the price specified by the user—both are basic functionality. For users who have already established positions, Ondo Perps also supports take-profit and stop-loss orders; when the mark price reaches a user-defined level, the system automatically triggers a position close to manage profit targets and downside risk.

Notably, TWAP orders: they split a large order into multiple smaller orders and execute them gradually within a set time window to minimize the market impact of a single large trade. Ondo Perps’ TWAP further refines execution parameters: it supports execution periods of up to 7 days, imposes a maximum slippage protection of 3 bps per sub-order, and allows each account to run up to 20 active TWAP orders simultaneously.

In traditional financial markets, TWAP orders are commonly used by institutional traders to manage large positions; by supporting TWAP, Ondo Perps extends its audience beyond retail traders to include institutional professional traders requiring sophisticated execution.

At the same time, transaction costs are also a key focus.

In terms of fees, Ondo Perps has a maker fee of 1.5 bps (0.015%) and a taker fee of 3.5 bps (0.035%), which are relatively low compared to other contract platforms, making them more favorable for high-frequency traders and institutional users.

After submitting an order, users can view their current position, unrealized PnL, margin usage, funding rate, and liquidation price in the position panel.

Please note that Ondo Perps is provided by Ondo Global Panama Inc. using technology developed by Ondo Finance Inc. This service is not available in the United States, Panama, or other jurisdictions where trading is prohibited.

A quick look at the product page shows that Ondo Perps has already established a foundational framework for trading perpetual contracts on stocks, indices, and commodities.

But on derivative platforms, what always matters is capital efficiency and liquidity.

At this point, you'll see that Ondo Perps' advantage lies not in individual components, but in synergy.

As a leader in RWA, Ondo launched Ondo Perps eight months after introducing Ondo Global Markets, demonstrating market foresight, functional innovation, and product delivery capabilities that may be even stronger than we imagined.

Eight months ago, Ondo already laid the groundwork for the launch of Ondo Perps.

Rather than simply and directly adding popular assets like NVDA, TSLA, US500, gold, and oil into the Perps market, Ondo Perps aims to fundamentally transform the role of these assets within the on-chain financial system.

The underlying design of Ondo Perps revolves around this core principle.

Collateral Reconstruction: Tokenized Stocks from "Exposure" to "Asset"

When users make their first deposit on Ondo Perps, they will immediately notice:

In addition to USDC, Ondo Perps supports pre-alpha users in using tokenized stocks from Ondo Global Markets as collateral, although currently only SPYon and QQQon are accepted as collateral and access is limited to eligible users; the platform states that more users will soon be able to use this feature.

This is the key differentiator of Ondo Perps from other perpetual futures platforms.

Reconstructing the collateral logic is a necessary step for Ondo.

For a long time, the on-chain derivatives market has heavily relied on stablecoins as margin, requiring users to first convert their tokenized stocks into stablecoins before participating in derivatives trading—a process that is not only less efficient but also leaves various assets in silos without direct connectivity.

Ondo Perps supports tokenized stocks as direct collateral, marking the critical transition of tokenized stocks from being "on-chain" to being "usable." This not only enhances capital efficiency but also upgrades tokenized stocks from simple holding to active participation in derivative markets: the spot position remains intact, the exposure is preserved, and the asset can simultaneously serve as margin to support long or short positions.

This further breaks down asset boundaries: previously, assets such as stablecoins, stocks, and gold belonged to separate systems, but in Ondo Perps, they can interact within the same account, opening opportunities for more innovative strategies and products.

Cross-asset margin: Maximize capital efficiency

On most DeFi derivatives platforms, margin is typically isolated, meaning each position independently ties up capital, resulting in very limited capital efficiency.

Cross-asset portfolio margining is another core feature of Ondo Perps: all assets within an account are treated as a single margin pool, including USDC and tokenized stocks, with the system calculating risk and available margin based on the overall portfolio.

We can find a parallel to this model in traditional financial markets: the Prime Brokerage system. Wall Street does not allocate funds individually for each trade; instead, the entire balance sheet is managed centrally by the prime broker, with margin requirements dynamically allocated based on portfolio risk, resulting in far higher capital efficiency than the isolated margin model used by retail traders.

This model immediately improves capital efficiency: the same assets can support larger positions, or the same position requires less margin, freeing up more capital for other uses.

Liquidity advantage: Inherited from traditional markets

Due to limited on-chain scale, assets such as stocks, indices, and commodities face significant challenges in achieving sufficient liquidity on-chain over the long term.

In many previous attempts, most platforms tried to inject liquidity by stacking capital on-chain, but this was insufficient compared to the scale of traditional financial markets, leading to a situation of low liquidity, high slippage, and wide spreads.

Learning from past lessons, Ondo Perps takes the opposite approach by inheriting liquidity from traditional markets.

Returning to the issuance layer, Ondo Global Market employs a "real-time atomic minting and burning" model: when users request to buy, the platform purchases actual stocks and mints tokens; when users sell, the tokens are immediately burned and the underlying stocks are sold. This directly connects Ondo Global Market to the trillions-of-dollars traditional financial markets.

Ondo Perps supports tokenized stocks from Ondo Global Market as collateral, further creating a positive liquidity attraction loop: higher capital efficiency enhances appeal to market makers and institutional users, driving overall platform liquidity growth.

High-performance execution: Balancing speed and fairness

Ondo Perps is a decentralized off-chain exchange.

A single sentence from the official documentation points to the two core trade-offs in contract trading:

• On-chain perpetual contract platform: transparent but with latency, unable to support high-frequency perpetual trading
• Centralized perpetual contract exchange: Efficient but opaque, with front-running risks and lack of verifiable trust.

How can you have both fish and bear paws? Ondo Perps solves this with a trusted execution environment (TEE) based on Intel SGX.

TEE is essentially a hardware-level encrypted isolated region within the CPU chip, called an enclave; code and data running inside the enclave, including Ondo itself, cannot be accessed or modified without approval from an independent attestation network.

Ondo Perps places core operations such as order matching, margin calculation, and liquidation triggering inside an enclave: on one hand, off-chain execution achieves speeds comparable to CEXs; on the other hand, since the enclave is inaccessible once entered, trade history is only disclosed after orders are fully processed, preventing any possibility of "backroom manipulation."

Meanwhile, user deposits are not stored within the enclave; each user has a permanent on-chain address associated with their assets: when users wish to use these assets on the platform, the assets are transferred to the platform’s wallet; when users no longer wish to use these assets on the platform, they can request a withdrawal, and the assets will be returned to their own wallet. All transfers are transparent on-chain, similar to user-managed blockchain wallets, where no one except the user themselves can control their assets.

Of course, TEE ensures execution—who oversees and supervises the TEE?

To this end, Ondo Perps introduces a decentralized attestation network responsible for verifying the absence of unauthorized code changes within the enclave, while any modifications to the TEE require review and approval by a majority of independent verifiers.

Risk control mechanism: Multiple "brakes" in extreme scenarios

After addressing the question of "How fast are funds transferred?", risk control mechanisms focus on "Whether the system can withstand extreme conditions."

Real-world assets + full-collateral margin, Ondo Perps face more complex risks than standard Perps.

The first line of defense in risk management is to avoid triggering liquidation whenever possible.

Ondo Perps continuously monitors margin in real time, providing users with reliable data to assess account safety, while the funding rate dynamically adjusts the long-short ratio; when the contract price deviates from the mark price, the funding mechanism incentivizes traders to bring the price back to a reasonable range.

In addition, Ondo Perps uses an external oracle aggregator for the mark price, making it extremely costly to manipulate prices and further ensuring the platform’s price reliability. When tokenized stocks are used as collateral, a discount is applied, providing an additional safety buffer for the system.

After completing the necessary preparatory steps, if liquidation is unavoidable, Ondo Perps follows a five-layer liquidation process:

• Cancel all open orders and release all margin.
• Standard liquidation: Close position with a limit IOC order at the bankruptcy price
• Third-party clearing: An external third-party clearer takes over the position at market price.
• Insurance fund coverage: Covers the shortfall to prevent systemic cascading effects (the insurance fund is funded by a 1.5% fee charged on forced liquidations).
• ADL (Automatic Deleveraging): Automatically reduces the profitable positions of counterparties to maintain overall system stability.

The five layers of braking mechanisms are designed to progressively reduce account risk.

We can clearly understand the differences between Ondo Perps and traditional financial contract platforms as well as crypto contract platforms through a table.

Across the entire tokenized stocks sector, Ondo Perps is undoubtedly a unique presence.

Tokenized stocks can be used as margin in the futures market, a core innovation of Ondo Perps.

In this high capital efficiency, high liquidity derivatives trading system, the asset issuance layer and the derivatives trading layer must be integrated: the issuance layer determines the minting and redemption logic of the tokens, while the derivatives layer determines the margin calculation and liquidation rules; the two are closely linked so the system can clearly determine “how much this token is worth and under what conditions liquidation is triggered.”

Ondo, with its two products—Ondo Global Market and Ondo Perps—is the only player that possesses both the “issuance layer” and the “derivatives layer.” In other words, Ondo is the only one with the capability to make this happen.

More importantly, these two layers are not statically layered but structurally reinforce each other.

The larger the Global Markets, the more users hold tokenized stocks on-chain, and the greater the potential user base and collateral size for Ondo Perps. Currently, Ondo Global Markets has accumulated over $1 billion in TVL and tens of thousands of users.

Conversely, the more actively Ondo Perps are traded, the stronger the use cases for tokenized stocks, which in turn drives demand for minting and holding by Ondo Global Markets.

Although Ondo Perps is still in its early stages, and its liquidity and performance in liquidation and risk management under a multi-asset, cross-market model remain to be observed, once the asset layer and trading layer grow together—once the positive flywheel between Ondo Global Markets and Ondo Perps begins to turn—it will create a barrier that competitors will find difficult to replicate in the short term.

In addition, Ondo’s long-term expertise in the RWA space, including product experience from Ondo Global Markets, as well as Ondo’s accumulated strengths in market-making resources and institutional trust, will naturally transfer to Ondo Perps, becoming a significant competitive advantage for Ondo Perps in the long term.

At the Ondo Summit in February 2026, the Ondo team introduced Ondo Perps as a significant step in expanding from RWA tokenization to a full-stack on-chain capital market.

Ondo Global Markets solves the "on-chain" problem, enabling global investors to hold authentic U.S. stock assets on-chain without restrictions of time, geography, or cost;

Ondo Perps solves the "availability" issue, enabling these on-chain assets to truly enter the financial system, allowing for collateralization, leverage, shorting, and hedging.

From "on-chain" to "usable," the two critical steps under a full-stack mindset are now clearly visible.

In the upcoming expansion of the "full-stack on-chain capital markets," where will Ondo choose to establish itself?

The most obvious is the market "scaling" for Ondo Perps:

Ondo Perps currently supports 22 perpetual contract markets and three major assets as collateral, while Ondo Global Markets already supports over 260 tokenized stocks and ETFs—this gap itself is a roadmap. To further drive market growth, Ondo Perps will expand its range of tradable assets and support additional collateral types in the future.

In addition, tokenized stocks as collateral are currently only available to whitelisted users. As this feature gradually opens up, professional traders, market makers, and institutions will progressively enter, and their participation will directly drive a significant increase in liquidity depth and trading volume.

But when Ondo Perps, as the first perpetual contracts platform to use tokenized stocks as margin, grants tokenized stocks full financial attributes, the possibilities for derivatives extend far beyond this.

Starting with perpetual contracts, are more options, structured products, and cross-asset portfolio strategies from Ondo on the way?

The second half of the story of "Trading U.S. Stocks On-Chain" may be even more exciting than the first half.