Ondo Perps: A New Era for On-Chain U.S. Stock Derivatives
On July 7, 2026, Ondo Finance officially launched its perpetual futures platform, Ondo Perps. This innovative platform is designed to provide non-U.S. traders with the opportunity to trade tokenized U.S. stocks, ETFs, and commodities with leverage of up to 20x, available 24/7.The launch of Ondo Perps marks a significant step forward for the on-chain derivatives market in the realm of RWA (real-world assets).
Features and Benefits of Ondo Perps
The core features of Ondo Perps include:
- Broad Asset Coverage: Users can trade popular tokenized U.S. stocks such as Apple (AAPL), NVIDIA (NVDA), and Tesla (TSLA), as well as ETFs like QQQ and commodities such as gold and crude oil.
- High Capital Efficiency: Traders can use tokenized stocks and stablecoins as margin. More innovatively, Ondo Perps also supports the use of interest-bearing RWA products—such as Ondo’s tokenized U.S. Treasury bonds (OUSG) and the interest-bearing stablecoin alternative USDY—as collateral, thereby significantly improving capital utilization efficiency.
- Global Accessibility: The platform is primarily aimed at non-U.S. traders, designed to break down the geographical barriers of traditional financial markets and provide broader opportunities for participation.
Ondo Network: The Evolution of Infrastructure
Shortly after the launch of Ondo Perps, Ondo Finance further introduced the Ondo Network on July 27, 2026. The network is designed as an execution layer dedicated to serving open financial markets, aiming to combine the high-speed trading experience of centralized exchanges with the transparency and security of on-chain settlement.Ondo Perps is the first application on the Ondo Network, embodying Ondo’s strategic infrastructure vision.
Previously, Ondo Global Markets had successfully introduced over 430 tokenized U.S. stocks and ETFs to Uniswap (on Ethereum and the BNB Chain), enabling non-U.S. investors to conveniently buy, transfer, and sell these tokenized assets via Web3 wallets such as MetaMask.
Ondo Finance’s Position and Market Impact in the RWA Sector
Ondo Finance has become one of the leaders in the tokenized RWA space.As of June 2026, assets under management in the Ondo ecosystem had grown to approximately $3.5 billion, with total tokenized assets under management reaching approximately $3.6 billion. In the tokenized equity market, Ondo Global Markets holds over 70% market share, with cumulative trading volume exceeding $18 billion.
The overall tokenized RWA market also demonstrated strong growth in 2026. As of June 2026, the total market value of tokenized RWAs had exceeded $43 billion, representing an increase of approximately 37% over a six-month period.There is a widespread consensus that the narratives surrounding RWAs and tokenization are gaining momentum, and Ondo’s innovative products are viewed as a key bridge connecting traditional finance with decentralized finance, with the potential to bring trillions of dollars in value from the traditional securities market onto the blockchain.
On the regulatory front, in late May 2026, the U.S. Commodity Futures Trading Commission (CFTC) approved the first regulated perpetual futures contract on the Kalshi platform. Ondo views this development as a significant milestone for the perpetual futures market, one that may streamline the path for the future launch of such products in the United States.
The ONDO Token and Future Outlook
As an integral part of the Ondo Finance ecosystem, the ONDO token primarily serves a governance function.As of July 2, 2026, the price of the ONDO token was approximately $0.33. Although Ondo holds a significant position in the RWA sector, the economic design of the ONDO token and how it captures value from protocol revenues remain a focus of industry attention.
The launch of Ondo Perps, along with Ondo Finance’s continued innovation in the RWA space, has undoubtedly opened up new possibilities for the cryptocurrency market and driven the deep integration of traditional financial assets with blockchain technology.However, the RWA derivatives market is still in its early stages of development, and its long-term potential will depend on the evolution of the regulatory environment, market acceptance, and Ondo’s ability to sustain its competitive advantage.
