Private Markets is a category of spot markets on Ondo Perps where eligible users can buy and sell supported Ondo Private Markets Notes. Each note is a tokenized debt obligation of PM Issuer Co (BVI) Limited, designed to provide economic exposure to the performance of a specified private company.
For what you own, eligibility, redemption and risks, read Private Markets concepts and terms.
Notes are unsecured obligations of the Issuer, not shares in the Reference Company. They provide no shareholder rights and are not eligible as collateral for perpetual positions on Ondo Perps. Notes are not shares, nor do the notes grant any shareholder or participation rights in any Reference Company. Notes are not associated with any Reference Company unless expressly stated in such Note’s offering documents.
OPAIPon
OPAIPon is the Ondo Private Markets Note listed on Ondo Perps in the Private Markets category. You can buy and sell OPAIPon as a fully funded spot asset, fund an Ondo Perps Spot account with supported notes and withdraw available notes to your wallet. The interface shows your note holdings as a displayed Spot balance. OPAIPon has its own trading fees and is not eligible as Perps collateral.
Trading mechanics
A buy purchases the note. A sell uses notes you hold; it does not open a short position. Orders may fill partly or not at all, depending on available liquidity.
Prices and liquidity
Buyers and sellers set prices on the spot order book. There is no public stock-market price or consensus benchmark price for the note, nor is there a publicly available price for the Reference Company while it remains private.
The trading price can differ significantly from the company’s latest private valuation and from the note’s eventual redemption payout. Liquidity may be limited, spreads may be wide, and trading availability does not guarantee that you can sell when you want to. Liquidity and pricing are entirely dependent on market participants.
Trading is not tied to U.S. stock-market hours.
Fees
Private Markets has its own trading fees. Do not assume that the fee rates for perpetual markets or other spot markets apply. Introductory fees apply. Fees are subject to change and may differ for future listings.
See the Private Markets trading fee schedule.
Trading fees are separate from any tax withholding or settlement fees deducted from an eventual redemption payout by the Issuer.
Holding notes and Perps collateral
Your Private Markets holdings are spot assets. They do not contribute margin, increase your perpetual buying power or back your perpetual positions.
Funding an Ondo Perps Spot Account with a note or buying one does not make it eligible as Perps collateral. See Balances and Collateral Assets for the distinction between spot holdings and eligible collateral.
Funding and withdrawals
You can fund an Ondo Perps Spot Account with supported notes and withdraw available notes through the normal funding and withdrawal flows. Check the supported asset and network before funding or requesting a withdrawal.
A note withdrawal sends the token to your external wallet. It does not sell the note, redeem it with the Issuer or deliver shares in the Reference Company. Open orders, pending withdrawals, platform restrictions and the Issuer’s transfer controls can affect availability.
Holding or receiving a note remains subject to the product’s eligibility and transfer restrictions. See Funding Ondo Perps and Withdrawals for general wallet funding and withdrawal mechanics.
Selling and redemption are different
Selling on Ondo Perps is a secondary-market trade at the available market price. Redemption is the Issuer’s separate process following a Qualifying Liquidity Event, with a payout calculated under the note’s Token Terms.
Holding notes on Ondo Perps does not automatically complete the Issuer’s claim requirements. Eligible holders must make a valid claim within the applicable claim window. Review the note’s Token Terms for redemption and claim requirements.
Eligibility and governing terms
Ondo Private Markets is available to qualifying non-U.S. persons only and is subject to other jurisdictional restrictions. You must meet both the platform’s access requirements and the note’s eligibility requirements.
For more information about the underlying note, visit Ondo Private Markets. Review the note’s Offering Documents, Token Terms and Risk Factors for its full legal and economic terms.
This page is provided for informational purposes only and does not constitute investment advice, an offer or a solicitation. Each note is governed by its own Offering Documents, Token Terms and Risk Factors. In the event of any conflict, the Token Terms control. 
