Collateral Assets - Ondo Perps

Each eligible Ondo tokenized stock is accepted as collateral on Ondo Perps. For readability, the interface displays the value of the user’s 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 The underlying tokens remain unchanged and are returned as the same tokenized stock amount when withdrawn, subject to changes in the total collateral amount caused by user trading.

Asset used to fund	Displayed in UI	Asset returned on withdrawal
USDC	USDC	USDC
SPYon	SPY equivalent	SPYon
QQQon	QQQ equivalent	QQQon
NVDAon	NVDA equivalent	NVDAon
GOOGLon	GOOGL equivalent	GOOGLon
TSLAon	TSLA equivalent	TSLAon
MUon	MU equivalent	MUon
SNDKon	SNDK equivalent	SNDKon
DRAMon	DRAM equivalent	DRAMon
SPCXon	SPCX equivalent	SPCXon
CRCLon	CRCL equivalent	CRCLon
SLVon	SLV equivalent	SLVon
GLDon	GLD equivalent	GLDon

SPY, QQQ, and the other symbols shown above are balance labels in the interface, not separate assets or perpetual markets. Perpetual market symbols carry a .P suffix (for example, AAPL-USD.P); Spot markets use pairs such as TSLA/USDC. A Spot purchase is of the corresponding GM token.

Ondo Private Markets Notes are spot assets and are not eligible as Perps collateral. Funding a Spot account with a note or buying one does not provide margin for perpetual positions. See Private Markets.

How funding and withdrawals are reflected

When funding: the interface calculates the displayed equivalent quantity by multiplying the funded token quantity by the applied S value. Funding 10 SPYon at S = 1.02 displays 10.20 SPY equivalent. The underlying asset remains SPYon. When withdrawing: the requested displayed equivalent quantity is used to calculate the corresponding quantity of the underlying tokenized stock. The token quantity sent is the requested displayed quantity divided by the applied S value, rounded down to the supported token precision. Withdrawing 10.20 SPY equivalent at S = 1.02 sends 10 SPYon to the user’s external wallet, subject to applicable withdrawal requirements. The underlying tokenized stock remains the asset held by the user. The interface displays an equivalent balance under the corresponding asset symbol using the asset’s applied S value. The displayed quantity can differ from the token quantity and can change as the S value changes. This is a display calculation; it does not convert the tokenized stock into shares or create a separate asset.

Spot trading and the Spot balance are described on Spot trading and Balances.

​How funding and withdrawals are reflected

How funding and withdrawals are reflected