Hybrid [Refer to profile for meaning] @Exilist_io X @OndoPerps Community Event “Tokenized stocks are no longer just held assets.” How Ondo Perps is transforming RWA into collateral. The tokenized stock market has so far focused primarily on on-chain price tracking of actual equities. While accessibility has improved, it has been difficult to use held assets for lending or derivatives trading. Ondo Perps is solving this limitation through collateral functionality. On Ondo Perps, users can trade perpetual futures 24/7 based on U.S. stocks, ETFs, indices, and commodities—including Apple, Nvidia, Tesla, QQQ, as well as gold, silver, and crude oil—with up to 20x leverage. But more significant than the range of assets is the ability to use Ondo Stocks as collateral for positions. Initially, support begins with SPYon and QQQon. [Differences from Traditional Perp DEXs] In conventional Perp DEXs, providing liquidity for stock perpetuals requires capital in two places. For example, if a market maker fills a sell order for Apple perpetuals, they must purchase actual Apple shares or similar assets to hedge against price risk. Simultaneously, they must deposit separate stablecoin collateral on the Perp DEX. This structure requires holding both exchange collateral and external hedging assets to manage the same position. Because capital is locked in two locations, market makers reduce order sizes or widen spreads to compensate for costs. Ondo Perps’ design enables tokenized stocks to serve simultaneously as both hedging assets and collateral. Market makers can use their Ondo Stocks to hedge price risk while also depositing them as margin for other perpetual positions. According to Ondo’s calculations, a $1 million market-making position that previously required ~$2 million in capital can now be operated with close to $1 million. Improved capital efficiency creates room for market makers to offer more orders at tighter spreads. [From Issuance to Utility: The Evolution of RWA] This functionality shifts the benchmark for evaluating the RWA market. Going forward, competitiveness will no longer be judged solely by how many assets have been tokenized. What matters more is how broadly issued assets are utilized—for lending collateral, derivatives margin, liquidity provision, and portfolio management. As of May 2026, Ondo Stocks offers over 260 U.S. stocks and ETFs, with a TVL of $1 billion and cumulative trading volume of $18 billion. These assets are backed by actual stocks and ETFs and are now being used not only as collateral on lending markets like Morpho and Euler but also as margin on Ondo Perps. We are no longer merely holding tokenized stocks in wallets—we are building on-chain financial accounts that connect lending, hedging, and leveraged trading around a single asset. [How to Interpret $2 Billion in Trading Volume] Ondo Perps’ official account announced that cumulative trading volume surpassed $2 billion shortly after its public launch. However, this figure should not be interpreted as volume generated solely after the public launch. It is widely known that nearly $2 billion in trading had already occurred during the prior private beta phase. Therefore, this milestone reflects not a sudden surge of $2 billion in new demand but rather strong pre-existing liquidity and trading activity secured during testing. Key metrics to monitor going forward include trading volume, open interest, active users, order book depth, and slippage—all without incentives. Only if these metrics remain stable after initial rewards end can we truly assess the product’s intrinsic competitiveness. [What to Look Forward To] Ondo Perps’ potential lies not merely in adding stock perpetuals. When Ondo Stocks supply spot assets that are then used as collateral and hedging instruments for Perps, spot and derivatives become interconnected within a single on-chain account. In the long term, this could evolve into an on-chain prime brokerage platform that consolidates management of multiple assets. If this structure operates stably, users will be able to open additional positions without converting tokenized stocks into stablecoins, while market makers can provide deeper liquidity without duplicating capital deposits.The basis for Ondo’s potential expansion from a company issuing RWAs to one operating on-chain capital markets infrastructure also stems from this interconnected structure. [Risk] As collateral efficiency increases, so does complexity in risk. First, during periods of declining stock collateral prices, losses on leveraged positions can rapidly escalate the risk of liquidation. The more aligned the direction of the collateral and the trading position, the greater the overlap of losses. Second, perpetual futures trade 24/7, but the underlying stock markets are not always open. During periods when U.S. equity markets are closed, price discovery and hedging become more difficult, potentially widening spreads, funding rates, and basis differentials. Third, Ondo Stocks are tokens that track the economic performance of underlying stocks, not the actual shares themselves. Holders do not own the original shares or have the right to receive them. Geographic restrictions may also apply; users must first verify their residency and eligibility. Finally, RWAs rely on custodians, issuers, price providers, bridges, and administrative authorities. Ondo acknowledges that its freeze and operational controls introduce a degree of centralization. While such controls benefit theft response, they represent a clear trade-off for users who prioritize censorship resistance and full permissionlessness. [Conclusion] The shift demonstrated by Ondo Perps is clear: The RWA market is moving from the stage of issuing real-world assets on-chain to the stage of leveraging those issued assets as collateral and liquidity. These are still early-stage products, and further validation is needed regarding trading volume quality, off-hours liquidity, liquidation stability, and regulatory scope. Nevertheless, the integrated structure of Ondo Stocks and Ondo Perps provides a concrete example of how tokenized equities can function within on-chain finance. When evaluating Ondo Perps in the future, priority should be given to assessing how effectively tokenized assets function as collateral—not merely the number of supported markets. #OndoPerps #RWA