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Ondo Perps is a platform for perpetual futures on equities, indices, and commodities with up to 20x leverage and 24/7 trading. The first-of-its-kind permissionless platform is designed to unlock liquidity, execution speed, and capital efficiency that rivals traditional derivatives exchanges. It is powered by Ondo Finance technology, which also powers the institutional-grade infrastructure behind the world’s largest tokenized stocks platform, Ondo Global Markets. Accessible worldwide outside the U.S., Panama and other prohibited jurisdictions. Made available by Ondo Global (Panama) Inc.

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Built for Best-In-Class Liquidity

Liquidity is structurally constrained on other RWA perp platforms due to stablecoin-only collateral. Market makers have to double-collateralize their positions when running a delta-neutral strategy, posting stablecoin as collateral on the perp venue and maintaining separate cash and inventory at traditional brokerages. Locking up capital twice across multiple venues for the same economic exposure is highly capital inefficient and introduces operational risks, resulting in market makers quoting smaller size and wider spreads to compensate for the capital costs and embedded risks. This leads to thin orderbooks with limited liquidity for all traders. Ondo Perps eliminates this constraint by supporting tokenized securities as collateral alongside stablecoins, allowing market makers for the first time to deploy a unified capital base across spot and perpetual positions and quote liquidity based on the real market depth of underlying traditional markets. For example, a market maker can quote NVDA perp positions and hedge within the same system by holding tokenized NVDAon. The result is an RWA perps venue that is substantially more capital efficient and with significantly deeper liquidity than existing platforms.

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The Trader Experience

Deep, real-market liquidity

Orderbook depth reflects actual market maker capital efficiency, not the size of a stablecoin pool. Spreads and slippage on Ondo Perps scale with the depth of the underlying market.

Tokenized stock collateral

Deposit USDC or supported Ondo tokenized equities. There is no requirement to convert holdings into stablecoins before trading.

Seamless hedging

Spot and perpetual exposure coexist on the same venue. Hedging a tokenized equity holding is as simple as opening the opposite perps position in the same underlying asset on a single venue. No more fragmented hedging across multiple venues.

24/7 markets

Positions can be opened and closed at any time, including nights, weekends, and U.S. public holidays. See Weekend Mechanics for how funding and mark prices behave when underlying markets are closed.

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Get Started

Set up your account

Connect a wallet or sign in with email and start trading in minutes.

Fund your account

Deposit USDC or tokenized stocks as collateral to back your positions.

Place your first order

Walk Walk through a market, limit, or TWAP order step by step. a market, limit, or TWAP order step by step.

Explore the markets

See every perpetual market currently available.