OpenAI filed its IPO application in June. More than four months have passed, and it’s still not listed. During this window, those seeking exposure to OpenAI have had to rely either on VC circles or traditional secondary platforms like Forge and EquityZen—with minimum entry thresholds starting at six figures and long lock-up periods. @OndoPerps has launched two products tied to OpenAI: First, OPAIPon— OpenAI Private Market Note: a spot note with the OPAIPon/USDC trading pair, available 24/7. At launch, its market cap was approximately $19 million. Then on October 21, the OPENAI perpetual futures contract went live: Up to 3x leverage, independently priced, with hourly funding rates. The two products have similar names but are fundamentally different. OPAIPon is a note—a senior unsecured debt instrument issued by a BVI entity, with final payout tied to OpenAI’s per-share value in a liquidity event. It requires full upfront capital, carries no leverage, and incurs no funding rate. Note: This is not equity. It grants no voting rights or shareholder privileges. You hold a debt instrument, not a stock. OPENAI perpetual is purely synthetic: It trades only the price movement of the contract, with no ownership of the underlying note. 3x leverage, 16.67% maintenance margin, cross-margin mode— A loss in one position can drain margin from other positions. // Previously, Ondo focused on assets with existing public market prices— government bonds, equities, ETFs. Now it has directly entered the pre-IPO space. The boundary of RWA has shifted from “moving public market assets on-chain” to “pricing private market assets on-chain.” I support this direction. Private company cycles are growing longer—OpenAI is not an exception. Great companies are delaying IPOs, while demand for exposure is rising. Traditional channels are expensive and slow. Moving to on-chain markets enables 24/7 access and reduces friction—logically sound. I’ll give it a try—but some small but critical details need clarification first: Liquidity is still too thin. The underlying asset itself lacks liquidity; as a newly launched perpetual, slippage and funding rate volatility will likely be significantly higher than in mature markets. Entering now resembles betting on early-stage price discovery mispricing rather than making a strategic allocation. Another easily overlooked point: Cross-margining. The OPENAI position shares the same margin pool as your other positions. This is manageable in mature markets—but in a low-liquidity new contract, liquidation risk is amplified. Be mindful of this—trade within your means. // For now, I’m treating these two products as observational windows. I’ll monitor: - OPAIPon’s market cap movements - Order book depth - OPENAI perpetual’s funding rate trends Running a few weeks of data will be far more meaningful than idle speculation. If you’re considering participation, first understand exactly what you’re buying: A note is not a stock; a perpetual is not a holding; leverage is an amplifier. Always refer to official details from @OndoPerps. #ONDO @Ondo