Ondo Finance Launches Ondo Perps: 24/7 Leveraged Trading on Tokenized Stocks with Real-World Asset Collateral

What Ondo Perps actually offers

Perpetual futures are a well-known instrument in crypto markets — derivative contracts with no expiry date that track the price of an underlying asset through a funding rate mechanism. Ondo is now pointing that same structure at traditional financial assets .

At launch, the platform supports:

• U.S. equities: Major stocks including Apple (AAPL), Nvidia (NVDA), Tesla (TSLA), Amazon (AMZN), Meta (META), Microsoft (MSFT), and others .
• Exchange-traded funds: Tokenized versions of widely held ETFs .
• Commodities: Gold, silver, and oil are all available for leveraged trading .

Leverage runs up to 20x on all positions, and because the platform operates on-chain, trading is available 24/7 with no dependence on traditional market hours . The only hard geographic restriction is that Ondo Perps is entirely unavailable to users in the United States, a limitation stemming from U.S. securities laws that prohibit retail perpetual futures on equities .

The collateral breakthrough

The real difference between Ondo Perps and every other on-chain derivatives venue comes down to what traders can post as margin. Existing perpetuals platforms — whether centralized or decentralized — require stablecoins like USDC or USDT to open and maintain positions. Ondo Perps breaks with that model entirely by accepting tokenized securities as collateral .

In practice, that means a trader who already holds tokenized Apple shares through Ondo's Global Markets product can use those same shares to back a leveraged long or short position on Nvidia perpetuals — without selling the Apple position first. The original asset remains in the portfolio, continues to track its spot price, and simultaneously serves as margin . This capital efficiency is the platform's core pitch.

The system also supports cross-collateralization: a basket of different tokenized securities can collectively back a single perpetual position, giving traders more flexibility in how they allocate margin . By eliminating the forced conversion into stablecoins, Ondo aims to keep more capital deployed inside the ecosystem rather than sitting idle in stablecoin balances waiting for a trade .

Ondo Finance CEO Ian De Bode has described the move as part of a broader strategy to build an on-chain prime brokerage, where tokenized spot holdings, lending, and leveraged derivatives all operate inside the same capital-efficient infrastructure .

How we got here

Ondo announced Ondo Perps at its February 2026 New York summit, alongside several other product launches aimed at expanding on-chain access to traditional financial markets . An early access program opened on March 27, 2026, initially offering perpetual futures on 16 stocks (AAPL, AMD, AMZN, COIN, CRCL, GOOGL, HOOD, INTC, META, MSFT, MSTR, NFLX, NVDA, ORCL, PLTR, TSLA) and the three commodities .

The full June 9 launch takes the platform out of early access and into general availability — though again, only for users outside the United States . The platform is not registered with the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), and it blocks access from U.S. persons and sanctioned jurisdictions .

Why this matters for RWA markets

Tokenized real-world assets have grown from a niche experiment into a serious on-chain vertical, but they have faced a persistent liquidity problem: once assets are tokenized, there hasn't been much to do with them besides hold or trade spot. Ondo Perps creates a new utility layer where tokenized securities become productive collateral that can generate leveraged exposure across markets .

The move also aligns with broader regulatory tailwinds. The CFTC has recently shown a greater willingness to engage with crypto-native derivatives structures, and Ondo has indicated that evolving U.S. regulatory clarity influenced its decision to push ahead with RWA perpetuals now . Still, the U.S. user ban underscores how fragmented the regulatory landscape remains for tokenized equity derivatives.

For global traders, the launch represents something genuinely new: the ability to run a 24/7 leveraged book on U.S. equities using their own tokenized holdings as collateral, without ever touching a traditional brokerage or converting to stablecoins first. Whether the market is ready for that kind of capital efficiency — and whether Ondo Perps can attract sufficient liquidity to make the spreads work — will become clear once the platform opens its doors on June 9.