What Is Ondo Perps | A Guide to the Stock Perps DEX That Lets You Use Tokenized Stocks as Collateral

Ondo Perps is a stock perpetual (perpetual futures) DEX built by RWA heavyweight Ondo Finance — a project that lets you trade perps tracking US stocks like NVDA and TSLA, plus ETFs, indices, and gold/oil, on-chain 24/7 with up to 20x leverage. Its biggest highlight is a "prime brokerage–style" design that lets you post tokenized stocks or US Treasury tokens you already hold directly as margin without selling them. We'll give our honest verdict on whether it's worth using — and the reasoning behind it — in the editorial view section later on.

👉 Visit the Ondo Perps official site

Ondo Perps is an exchange that delivers perpetual futures tracking US stocks, ETFs, indices, and commodities entirely on-chain, from order to settlement. Let's first capture the big picture in a table to establish a starting point for reading who built it and what stage it's currently at.

Ondo Perps was announced at the Ondo Summit on February 3, 2026, went through a test launch in March (a limited offering of AAPL/NVDA/TSLA and others), officially launched on June 9, 2026, and the next day Ondo Finance announced on its official X account that the "public beta is now live" [1]. It is built by Ondo Finance, a leading name in RWA (real-world asset tokenization), which holds over $2 billion in TVL in tokenized US Treasuries and roughly $600 million across its tokenized stock/ETF platform, claims around a 60% share in the tokenized stock space, and lists JPMorgan and Mastercard among its partners [2]. One thing to watch is that the ONDO token and Ondo Perps are separate things — conflating them throws off the entire assessment that follows. As of the time of writing (June 2026), no Ondo Perps–specific token or confirmed airdrop has been announced [3].

What sets Ondo Perps most apart from a general-purpose perps DEX is that it lets you use not just stablecoins but tokenized securities themselves — such as OUSG or tokenized blue-chip stocks — as collateral. When collateral is limited to cash-like assets such as USDC, someone who wants to hold a stock long has to sell it for cash first and then re-establish exposure by posting that cash as margin — a redundant two-step process. Ondo Perps sets out to solve this with a cross-collateral design where you "post tokenized Apple stock as margin without selling it and open a long/short on the Nvidia perp" [4]. Ondo Finance itself calls this its "on-chain prime brokerage" concept, and the aim is to connect holding securities and margin trading within a single account.

What makes this technically hard is the need to mark tokenized securities to market 24/7 so they function as margin, and to safely handle liquidation when prices move. Many general-purpose perp DEXs can't do this because the cost of carrying a full stack of RWA tokenization infrastructure, oracles, and liquidation design is heavy — in fact, third parties have noted that Hyperliquid's portfolio margin is also currently limited to HYPE and BTC collateral [5]. Ondo has this foundation by connecting to its parent project's tokenized US Treasury/stock infrastructure (OUSG, etc.), and this is the core of its positioning: "opening up exposure to high-growth stocks like NVDA to global users who can't access US securities brokers" (US residents cannot use it) [4]. What's genuinely interesting is that a company that owns the RWA itself has repurposed those assets directly into the collateral layer for perps — a strength that's hard for an ordinary DEX to imitate.

On the other hand, features like 24/7 trading, up to 20x leverage (10x/20x depending on the asset), cross-margin, multi-asset support across stocks/ETFs/indices/commodities, and low fees of 3.5bps taker / 1.5bps maker are nearly standard on today's perps DEXs and aren't strengths unique to Ondo [6]. The supported assets — based on a live pull from the official API (June 18, 2026) — also span more than 20 instruments, including stocks like AAPL/NVDA/TSLA/META/MSFT, ETFs like QQQ/SPY, the US100/US500 indices, and gold/silver/oil commodities, but the correct read is that the substance of its differentiation lies in "what you collateralize them with" rather than the number of instruments itself. Behind the collateral layer that underpins this differentiation, risk naturally coexists — we'll dig into those real-loss scenarios in the risk section later. Next, let's sort out the reality of the token and the airdrop.

The first thing to disentangle here is a double conflation: "ONDO (existing)" versus "an Ondo Perps–specific token (unannounced)," and "Ondo Perps–specific programs" versus "ecosystem-wide Ondo programs." From an airdrop perspective, whether you can make this distinction completely changes how you read the expected value.

ONDO is strictly the governance token of the Ondo Finance parent company, and it is separate from both yield-type investment products and Ondo Perps' rewards [3]. What is actually running on the Ondo Perps side is not a confirmed token airdrop but a USDC reward handed to traders every Wednesday (100,000 USDC in total for the first week, allocated proportionally to trading activity) [7]. An Ondo Points page has also been added, hinting at future points, but distribution of a dedicated token has not been promised and at this point remains a speculative hope.

Since it's easy to confuse, let's make it explicit: separately, there's also an Ondo Foundation–side points/raffle program running (snapshot on April 1, 2026; application and claim deadline of July 11, 2026; a tiered distribution of 50–500 USDC to wallets holding 100 or more points, plus a raffle with a total prize pool of around $100,000) [7], but this is an ecosystem-wide Ondo campaign, not specific to Ondo Perps. Reading it as "if I use Ondo Perps I'll qualify for this raffle" is a mistake, so if you participate you need to consider the two separately. As material for that judgment, let's first confirm its positioning by lining it up against competitors.

👉 Check the trading screen in the Ondo Perps app

From here on is the candid assessment of our editorial team, who actually use crypto. Assigning a rating (high/medium/low) to each evaluation axis looks like this:

To be honest, we see Ondo Perps as a project where "the parent's underlying strength and the soundness of the design are real, but a payoff from the airdrop is not yet promised." What we personally pay attention to is the plain strength of a design in which a company that owns the RWA itself has repurposed those assets directly into the collateral layer for perps — a differentiation that latecomers find hard to imitate. On the other hand, the immediate EV from an airdrop perspective is, in our conclusion, medium — the result of three things stacking up: the dedicated token is unannounced and the core of rewards stays at weekly USDC, it's invite-only so not everyone can jump in right away, and the volume of Perps alone is still small. There's still appeal for those who take the confirmed USDC reward while watching for future points with low effort, but since a dedicated airdrop isn't a commitment, the realistic approach — if you do act — is to start small with spare funds and always check the latest official announcements yourself.

The risks that weigh most on decision-making for this project are three: "the absence of a committed airdrop," "liquidation on leveraged stock perps," and "being shut out by regional restrictions." First, the Ondo Perps–specific token is unannounced, and the only thing confirmed right now is the weekly USDC reward [7]. The premises that "using it will get me a dedicated airdrop" or "I'll qualify for the Ondo Foundation raffle" don't hold — and the latter is an ecosystem-wide program not specific to Ondo Perps — so filling this in with hope leads to a misjudgment.

Next is the risk of leveraged trading itself. With perps of up to 20x, when a stock price moves against you the margin maintenance ratio drops sharply, and there's a danger of being liquidated sooner than expected. Especially because Ondo Perps is designed to let you use tokenized securities as collateral, if the stock you've posted as collateral falls at the same time as the position you've opened moves against you, losses can compound and there can be moments where liquidation rushes closer. Furthermore, because it's an emerging market, if the order book is thin, slippage swells during sharp moves and you won't fill at your desired price — so the realistic approach is to first confirm the order-book depth and fill depth with small size and low leverage before adding funds.

Finally, regional restrictions. Out of regulatory caution, Ondo Perps is not available to US residents or residents of certain restricted regions, and is offered to non-US users [10]. Whether it's usable from Japan and the status of invite-code distribution can change, so before participating, always check the official eligible regions and terms of use yourself. Circumventing this with a VPN or similar carries the risk of violating the terms and having funds frozen, and is not recommended. If you intend to actually use it, the participation steps below are your starting point.

Q. When is the Ondo Perps airdrop?

A. As of June 2026, no Ondo Perps–specific token or confirmed airdrop has been announced. What's currently running is a weekly USDC reward for traders every Wednesday (100,000 USDC in total for the first week), and on top of that an Ondo Points page hints at future points. Note that distribution of a dedicated token is not a commitment.

Q. Is Ondo Perps related to the ONDO token?

A. ONDO is the governance token of the Ondo Finance parent, and it is separate from Ondo Perps' rewards or any dedicated token. Ondo Perps is a product of the Ondo ecosystem, but buying ONDO does not get you rewards, so it's important not to conflate them.

Q. What does it mean to use tokenized stocks as collateral?

A. It means you can open a stock perp position using tokenized stocks you hold (or tokenized US Treasuries such as OUSG) directly as margin, without selling them. The benefit is skipping the redundant step of cashing out, but be aware that the price movement of the collateral asset itself and the profit/loss of the position take effect at the same time.

Q. Can I use it from Japan?

A. Ondo Perps is not available to US residents or some restricted regions, and is offered to non-US users. Eligible regions and invite-code distribution can change, so before participating, be sure to check the latest terms of use on the official site.

Q. What are the trading fees?

A. They are 3.5bps (0.035%) taker / 1.5bps (0.015%) maker. The maximum leverage is split into 10x or 20x depending on the asset.

Ondo Perps is a stock perpetual DEX whose public beta was released in June 2026 by RWA heavyweight Ondo Finance — a project whose core is a prime brokerage–style design that lets you open perps on US stocks, ETFs, indices, and commodities 24/7 while using tokenized stocks or US Treasury tokens as collateral. The fact that a company owning the RWA itself has repurposed its own assets into the collateral layer works as an underlying strength that latecomers can't easily imitate.

That said, the right move is to treat "the design's underlying strength" and "a payoff from the airdrop" as separate things. The dedicated token is unannounced, the only confirmed reward right now stays at the weekly Wednesday USDC, and the Ondo Foundation–side raffle needs to be separated out as a different thing. The market is still small, and liquidation in leveraged trading and regional restrictions barring US residents come along with it. While it suits non-US traders who want to take the confirmed reward while watching for future points with low effort, the current entry point is thin for those looking for committed distribution — this, we think, is the life-size way to engage with Ondo Perps.

If you'd actually like to try Ondo Perps, because it's an early-access model, proceed in the following order. US residents and restricted regions are excluded, and since invite codes are distributed in multiple waves over time, registering early is an advantage.

1. Register your email on the waitlist at the Ondo Perps official site (invite codes are distributed over time; US residents and restricted regions are excluded)
2. Enter the early-access (invite) code you receive on the login screen at app.ondoperps.xyz (log in with an EVM wallet's SIWE signature)
3. Deposit supported collateral such as USDC (if using tokenized securities as collateral, prepare OUSG, etc.; note that leveraged trading carries liquidation risk)
4. Trade perps on NVDA/TSLA/AAPL, gold/silver/oil, S&P500/Nasdaq, and others with small size and low leverage, and become eligible for the weekly Wednesday USDC reward
5. Watch the official X account (@OndoPerps) for the next points/incentive announcement

👉 Register for the Ondo Perps waitlist

As a supplement to the article, here is a collection of primary sources and related articles. Always check the latest figures and eligible regions against official primary sources.

• 🌐 Official site: https://www.ondoperps.xyz/
• 📱 Trading app: https://app.ondoperps.xyz
• 📄 API docs: https://docs.ondoperps.xyz/api-reference/integration_guide
• 🐦 Official X: https://x.com/OndoPerps
• 🔗 Related article (Hyperliquid): /ja/projects/hyperliquid
• 🔗 Related article (Kana Labs): /ja/projects/kana-labs

Sources

1. TheStreet (2026) — https://www.thestreet.com/crypto/innovation/ondo-is-bringing-leveraged-stock-trading-on-chain

2. CoinAlertNews (2026) — https://coinalertnews.com/news/2026/02/08/ondo-on-chain-prime-brokerage-perps

3. Gate Learn (2026) — https://www.gate.com/learn/articles/ondo-chain-a-comprehensive-overview/7666

4. CoinAlertNews (2026, prime brokerage) — https://coinalertnews.com/news/2026/02/08/ondo-on-chain-prime-brokerage-perps

5. @0xasrequired (X, 2026) — https://x.com/0xasrequired/status/2061835718557614325

6. Ondo Perps official API /v1/markets (retrieved June 18, 2026) — https://api.ondoperps.xyz/v1/markets

7. airdrops.io (2026) — https://airdrops.io/ondo-perps/

8. CoinGecko (retrieved June 18, 2026) — https://www.coingecko.com/en/exchanges/ondo-perps

9. Hyperliquid official API (retrieved June 18, 2026) — https://api.hyperliquid.xyz

10. Coingabbar (2026) — https://www.coingabbar.com/en/crypto-currency-news/ondo-finance-equity-perps-public-beta-launch

👉 Check the latest info on the Ondo Perps official site