Ondo Perps is now open to all eligible traders, offering up to 20x leverage on the equities, indices, and commodities that global investors most want to trade. For the first time on a permissionless perps platform, tokenized stocks and ETFs can be posted as collateral alongside stablecoins. The design draws on what we learned building Ondo Global Markets. Rather than requiring market makers to pre-fund large pools of tokenized assets, we built Ondo Global Markets around a just-in-time liquidity model that connects directly to the depth already sitting in the underlying markets. Ondo Perps extends that same lesson to derivatives. Market makers can quote based on real market depth and hedge by posting the tokenized stock itself as collateral. One pool of capital doing what used to take two. During private beta, nearly $2 billion in volume traded through the platform, showcasing how much appetite there is for equity perps built on real market liquidity. Tokenized securities put real-world assets within reach of anyone with an internet connection. Ondo Perps is how you trade them. The collateral model that connects the two is the foundation for what comes next.
