Supported Markets
Ondo Perps lists two kinds of market. Perpetual markets are USD-settled contracts denoted by the.P suffix, for example SPY-USD.P. Spot markets include Ondo Global Markets tokens, such as SPYon in SPY/USDC, and supported Ondo Private Markets Notes in the Private Markets category. For Global Markets tokens, the Spot symbol identifies the market and the interface shows an equivalent balance under the corresponding asset symbol. This is a display representation only; the underlying tokenized stock remains the asset you hold and is returned to your wallet when withdrawn, subject to applicable withdrawal requirements. For Private Markets mechanics, see Private Markets.
Perpetual markets also include pre-IPO contracts for private companies ahead of a potential public listing.
Markets ordinarily support trading 24 hours a day, 7 days a week, including when the underlying market is closed. Individual markets can pause for corporate actions or other trading restrictions. For Global Markets pricing outside of U.S. market hours, see Weekend and extended hours trading.
Default maximum position size on perpetual markets is $1,000,000 per market, per account.
Equity Perpetuals
Index Perpetuals
Commodity Perpetuals
ETF Perpetuals
Pre-IPO Perpetuals
Pre-IPO perpetuals provide long and short exposure to a private company’s market-implied value before public trading. See Pre-IPO Markets for contract terms and IPO treatment.
OPENAI uses cross margin and settles in USDC. Its fixed reference share count is 1,000,000,000.
The seed price is the initial reference for price discovery. The discovery band is measured around the current reference price and can move as price discovery progresses. OPENAI’s open-interest cap is 5,937.5 contract units, equivalent to $9.5 million at the seed price; its dollar value changes with the market price. This market-wide cap is separate from any per-account position limit.
Reset counts apply separately to upward and downward moves. Ondo Perps may change discovery bands and reset allowances as market conditions change.
See Pre-IPO Markets for pricing mechanics and Pre-IPO Market Specifications for detailed contract parameters.
Spot markets
Minimum order quantities and price increments vary by market. See Spot trading for order requirements.
Spot markets are fully funded and do not offer leverage. The markets available to a given customer can differ. See Spot trading.
Private Markets
Private Markets notes trade as fully funded spot assets in their own category.
OPAIPon has its own trading fees and supports funding and withdrawals through the normal flows, subject to supported assets, networks and applicable restrictions. Private Markets trading is available 24/7, subject to platform maintenance, risk controls and any pause by the Issuer. See Private Markets for exchange mechanics and Private Markets concepts and terms for eligibility, redemption and risks.