What Is Ondo Perps | A Stock Perps DEX Where You Can Use Tokenized Equities as Collateral

Ondo Perps is a stock perpetual (perpetual futures) DEX built by RWA heavyweight Ondo Finance, where you can trade perps tied to US stocks like NVDA and TSLA—as well as ETFs, indices, and gold/crude oil—on-chain, 24/7, with up to 20x leverage. Its biggest highlight is a "prime-brokerage-style" design that lets you use the tokenized equities or US Treasury tokens you already hold directly as margin, without selling them.

👉 Visit the official Ondo Perps site

Ondo Perps is an exchange that delivers perpetual futures tied to US stocks, ETFs, indices, and commodities, fully on-chain from order to settlement. Pinning down who built it and what stage it is at in a table before you read on keeps your evaluation from drifting.

Ondo Perps was announced at the Ondo Summit on February 3, 2026, went through a test launch in March, officially launched on June 9, and the next day, on the 10th, its official X account announced that "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 tokenized US Treasuries and roughly $600 million in TVL on its stock/ETF platform, claims about a 60% share in the tokenized-equities 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—confuse the two and your entire evaluation goes off the rails. As of this writing (June 2026), no dedicated Ondo Perps token or confirmed airdrop has been announced[3].

What most sets Ondo Perps apart from a general-purpose perps DEX is that you can use not just stablecoins but tokenized securities themselves (OUSG and tokenized blue-chip stocks, etc.) as collateral. When collateral is limited to cash-equivalent assets, someone who wants to hold a stock long has to first sell it to raise cash, then use that as margin to re-establish exposure—a two-step hassle. Ondo Perps tackles this with a cross-collateral design where you "keep your tokenized Apple stock without selling it, use it directly as margin, and open a long/short on an Nvidia perp"[4]. Ondo Finance itself calls this an "on-chain prime brokerage" concept, aiming to connect holding securities and margin trading in a single account.

The reason this is technically hard is that you have to mark tokenized securities to market 24/7 while making them function as margin, and safely handle liquidation when prices move. The reason most general-purpose perp DEXs cannot do it is the heavy cost of carrying a full set of RWA tokenization infrastructure, oracles, and liquidation design—indeed, third parties have noted that even Hyperliquid's portfolio margin is currently limited to HYPE and BTC collateral[5]. Ondo holds this foundation by connecting to its parent's tokenized US Treasury/equity infrastructure (OUSG, etc.), and this is the core of its positioning: "opening up exposure to high-growth stocks like NVDA to global users who cannot reach US securities brokers" (US residents cannot use it)[4]. The fact that a company that owns the RWA itself has repurposed it directly into the collateral layer for perps is a strength ordinary DEXs find hard to imitate.

On the other hand, 24/7 trading, up to 20x leverage (10x/20x depending on the asset), cross-margin, multi-asset support, and low fees of 3.5bps taker / 1.5bps maker are basically standard equipment on today's perps DEXs and are not Ondo-specific strengths[6]. The supported assets also span more than 20 names across stocks, ETFs, indices, and commodities, but the right way to read it is to separate out that the substance of the differentiation lies not in the number of assets but in "what you collateralize them with."

From an airdrop perspective, whether or not you untangle two confusions here completely changes how you read the expected value. One is "ONDO (existing)" vs. "the dedicated Ondo Perps token (unannounced)," and the other is "Ondo Perps-specific initiatives" vs. "ecosystem-wide Ondo initiatives."

ONDO is the governance token of the Ondo Finance parent and is separate from Ondo Perps rewards[3]. What is actually live on the Ondo Perps side is not a confirmed token airdrop but a USDC reward every Wednesday (100,000 USDC total in the first week, distributed pro rata to trading activity)[7]. The addition of an Ondo Points page hints at future points conversion, but distribution of a dedicated token is not promised, and at this point it remains speculative expectation.

Separately, a points/raffle program on the Ondo Foundation side is also running (snapshot April 1, 2026; application and claim deadline July 11, 2026; tiered distribution of 50–500 USDC for holding 100+ points, plus a raffle with a total prize pool on the order of $100,000)[7], but this is an ecosystem-wide campaign and not exclusive to Ondo Perps. Reading it as "if you use Ondo Perps you'll qualify for this raffle" is a mistake; if you participate, you need to think of the two separately.

👉 Check the trading screen in the Ondo Perps app

Ondo Perps' position snaps into focus the moment you line it up against general-purpose crypto perp DEXs. The table below uses figures from the official API, CoinGecko aggregates, and official announcements (volume is highly volatile, so it is shown as a range with references).

The difference in scale is large: whereas Hyperliquid is a massive crypto-perp venue with ~$6.7B in 24h[9], Ondo Perps is still a small, early-stage market at ~$70M in 24h per CoinGecko aggregates[8]. That said, the two are less competitors than a division of turf—what Ondo targets is not crypto perps but a different market: "opening stock perps collateralized by tokenized equities to global users who cannot reach physical securities brokers." Even if it is small in scale, it sits in a spot that does not overlap with others on the single point of being a stock perp where you can use securities themselves as collateral.

👉 Check Ondo Perps' latest supported assets and volume

As an editorial team that actually uses crypto, here are our ratings by evaluation axis.

We see Ondo Perps as a case where "the parent's underlying strength and the soundness of the design are real, but the airdrop payoff is not yet promised." What we are watching is the straightforward 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 latecomers find hard to copy. On the other hand, the immediate EV from an airdrop perspective lands at "medium" because three things stack up: no dedicated token has been announced and rewards stop at weekly USDC, it is invite-only so not everyone can touch it right away, and volume for Perps alone is still small. For non-US trader segments who can take the confirmed USDC rewards while watching for future points conversion at low effort, it is worth touching; but for those who come only for a guaranteed distribution, the current entrance is thin, and even if you act, the realistic move is to start small with surplus funds and always check the latest official announcements yourself.

The risks that bite hardest on your decision are three: "the absence of a guaranteed airdrop," "liquidation in leveraged stock perps," and "being shut out by regional restrictions." First, no dedicated token has been announced, and the only thing confirmed right now is the weekly USDC reward[7]. The premises that "if you touch it you'll get a dedicated airdrop" or "you'll qualify for the Foundation's raffle" do not hold—and since the latter is not exclusive to Ondo Perps, filling this gap with expectation will lead your judgment astray.

Next, leveraged trading. A perp at up to 20x can see its margin maintenance ratio plunge if the stock price moves against you, with a danger of being liquidated sooner than expected. Especially because of the design that lets you use tokenized securities as collateral, if a drop in the collateral stock itself and an adverse move in your position happen at the same time, the losses compound and liquidation rushes in all at once. Since the order book can be thin in an emerging market, slippage during sudden moves can also swell, so the realistic approach is to first verify book depth and fill depth with a small amount at low leverage before increasing funds.

Finally, regional restrictions. For regulatory reasons, Ondo Perps is unavailable to US residents and some restricted regions, and is offered to non-US users[10]. Since availability from Japan and the status of invite-code distribution can change, be sure to check the official eligible regions and terms of use yourself before participating. Circumventing via VPN or similar carries the risk of terms violations and frozen funds, and is not recommended.

Q. When is the Ondo Perps airdrop?

A. No date has been announced; what you can actually receive right now is only the USDC reward distributed every Wednesday (allocated pro rata to trading activity two days after each week ends). Since the distribution date and conditions are first-party information on the official X account (@OndoPerps) and the Ondo Points page, rather than banking on a dedicated token, the realistic move is to keep your eligibility for rewards through weekly trading while following the announcements.

Q. Are Ondo Perps and the ONDO token related?

A. Even under the same Ondo brand, buying up ONDO will not increase your Ondo Perps rewards or airdrop allocation. This is where beginners often stumble: if you take it that ONDO is the parent DAO's voting rights while Ondo Perps-side rewards are tied to trading activity, you avoid mixing up which token to buy with "the action to take (trading)."

Q. What does it mean that you can use tokenized equities as collateral?

A. It means you can open stock perps using the tokenized stocks you hold or tokenized US Treasuries like OUSG directly as margin, without selling them. While this saves the two-step hassle of cashing out, you do need to watch that the price movement of the collateral asset itself and the P&L of your position both take effect at the same time.

Q. Can I use it from Japan?

A. Ondo Perps is unavailable to US residents and some restricted regions, and is offered to non-US users. Since eligible regions and invite-code distribution can change, be sure to check the latest terms of use on the official site before participating.

Q. How much are the trading fees?

A. 3.5bps (0.035%) taker / 1.5bps (0.015%) maker. Maximum leverage splits into 10x or 20x depending on the asset.

Because it is an early-access model, if you want to try it, proceed in the following order. Invite codes are distributed in multiple waves over time, so registering early is advantageous; US residents and restricted regions are excluded.

1. Register your email on the waitlist at the official Ondo Perps 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 SIWE signature)
3. Deposit supported collateral such as USDC (if using tokenized securities as collateral, prepare OUSG, etc.; watch out for liquidation risk in leveraged trading)
4. Trade perps on NVDA/TSLA/AAPL, gold/silver/crude oil, S&P 500/Nasdaq, etc. with a small amount at low leverage, and qualify for the Wednesday USDC rewards
5. Watch for the next points/incentive announcement on the official X account (@OndoPerps)

👉 Register for the Ondo Perps waitlist

Always check the latest figures and supported regions in official first-party 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

Ondo Perps, made possible precisely because Ondo Finance owns the RWA itself, uses a design that "opens stock perps while keeping securities as collateral" as its weapon to open high-growth-stock exposure to a global audience that physical securities brokers cannot reach. While the underlying strength of the design is not something latecomers can easily imitate, the substance of rewards is still weekly USDC, no dedicated token has been announced, the market is small, and regional restrictions follow it around—how you weigh this asymmetry is the dividing line on whether to touch it now.

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