> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ondoperps.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Overview

Ondo Tokenized Stock Collateral lets you use your tokenized equities as margin for perpetual futures trading on Ondo Perps, without selling them.

Instead of converting your tokenized equities into USDC to trade, you can deposit them directly into your account as collateral. The exchange values your deposited assets in real time and credits them toward your available margin, so you can open leveraged positions while keeping your equity exposure.

Your deposited assets and USDC balance live in a single unified account. There is no separate spot wallet. Collateral is part of your margin account.

**Supported assets at launch:** QQQon and SPYon, (Ethereum-based Ondo Stocks tokens).

## **Benefits of Tokenized Stock Collateral**

* **Capital efficiency:** Put your idle tokenized equities to work as margin instead of leaving them sitting idle in your wallet.
* **Maintain equity exposure:** Trade perps without selling your equity positions. Your deposited tokens stay in your account unless converted through Auto-Exchange or liquidation.
* **Access leverage:** Your tokenized equities contribute to your available margin, giving you the ability to open leveraged perpetual positions.
* **Real-time portfolio visibility:** See your total account equity, per-asset margin contribution, and overall margin health updated continuously as prices move.

## **How It Works**

Deposit a supported tokenized equity and the exchange credits it toward your margin at a discount to its market value, called the haircut. Your credited margin works exactly like USDC for opening and maintaining positions. Per-asset collateral caps apply; see [Funding Your Account](/funding-your-account) for current haircuts and caps, and [Collateral Value](/collateral-value) for how credited margin is calculated.

Your tokens are not sold when you trade. They stay in your account at their live market value, so your account equity moves with the market. This matters when you have open positions: a drop in your collateral's value reduces your margin just like a trading loss, even if your positions are profitable.

Upon deposit, your tokenized equity assets are transferred to and held by the exchange. You retain beneficial ownership and may withdraw subject to margin health requirements. The exchange has the right to convert deposited assets to USDC in the event of Auto-Exchange or liquidation.