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Each eligible Ondo tokenized stock is accepted as collateral on Ondo Perps. For readability, the interface displays the value of your funded Ondo Stock as an equivalent balance under the corresponding asset symbol tradable on Ondo Perps, using a reference price. The displayed balance is a UI representation; it does not convert the tokenized stock into a separate asset. The underlying tokens remain unchanged and are returned as the same tokenized stock amount when withdrawn, subject to changes in the total collateral amount caused by user trading. SPY, QQQ, and the other symbols shown above are balance labels in the interface, not separate assets or perpetual markets. Ondo Perps market symbols carry a .P suffix (for example, AAPL-USD.P), which distinguishes market symbols from collateral balance labels.

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How funding and withdrawals are reflected

When funding: send an eligible Ondo tokenized stock to your funding address. The interface reflects it as an equivalent balance under the corresponding asset symbol using the applicable reference price. The haircut affects only the collateral value eligible to contribute to margin; it does not reduce the quantity of tokenized stock available for withdrawal. When withdrawing: request a withdrawal against the displayed equivalent balance. The corresponding underlying tokenized stock is sent to your wallet. The displayed balance is a reference representation only and does not change the underlying tokenized stock.
Any future spot functionality will be documented separately.