Ondo Perps has launched in public beta, giving non-U.S. users up to 20x leveraged exposure to stocks, ETFs, and commodities on-chain.
Author: Akshat Thakur
9th June 2026 – Ondo Perps went live in public beta on Monday, June 9. The first wave of waitlisted traders can now open leveraged positions on tokenized stock, ETF, and commodity perpetuals.
High Signal Summary For A Quick Glance
Levi
@Levi_Researcher
@OndoPerps equity perps szn lets see the volume
Ondo Perps Public Beta is live. Starting today, the first wave of Public Beta users can trade equity perps on the platform. The deepest liquidity in the market, available to select traders. The waitlist is growing. Claim your spot now: https://t.co/TGIuHER1eT https://t.co/5utogOKKWx
06:17 PM·Jun 9, 2026
Tomasi
@T1969TWT
@OndoPerps which brokerage are you using ? and what block chain rails are you using as a settlement layer ?
Ondo Perps Public Beta is live. Starting today, the first wave of Public Beta users can trade equity perps on the platform. The deepest liquidity in the market, available to select traders. The waitlist is growing. Claim your spot now: https://t.co/TGIuHER1eT https://t.co/5utogOKKWx
06:04 PM·Jun 9, 2026
Shraban 白鬼
@shraban67
@OndoPerps Seems like another banger perpdex?
Ondo Perps Public Beta is live. Starting today, the first wave of Public Beta users can trade equity perps on the platform. The deepest liquidity in the market, available to select traders. The waitlist is growing. Claim your spot now: https://t.co/TGIuHER1eT https://t.co/5utogOKKWx
05:57 PM·Jun 9, 2026
Steady attention without excessive speculation.
The launch landed at roughly 17:46 UTC. For now, access stays limited to select traders from the waitlist. Still, it marks the first open test of the platform, according to the official announcement.
Ondo Perps gives traders 24/7 leveraged exposure to U.S. stocks, ETFs, and commodities. So a user can go long or short on names like Apple, Tesla, and Nvidia at any hour.
Leverage runs up to 20x. Fees sit at 3.5 basis points for takers and 1.5 basis points for makers, according to the official blog.
At launch, the venue lists more than 22 trading pairs. These include AAPL-USD.P, TSLA-USD.P, NVDA-USD.P, the US500 index, and WTI crude. Notably, WTI ranks as the most active pair so far.
Importantly, the platform stays open only to non-U.S. users. U.S. persons cannot trade on it.
The collateral model sets the venue apart from rival perp exchanges. Instead of posting stablecoins, traders can pledge tokenized real-world assets as margin.
Those assets come from Ondo Global Markets. As a result, a trader can post tokenized stocks or tokenized Treasuries and keep earning yield on them.
In short, you trade leverage while your collateral still pays dividends or interest. This capital efficiency forms the core pitch.
Settlement happens on-chain through decentralized oracles for price feeds. Meanwhile, the underlying securities stay in regulated custody and back the tokens 1:1.
An equity perp is a perpetual futures contract on a stock or ETF. So it lets a trader bet on Tesla’s price without any expiry date.
Funding rates keep the perp price near the real stock price. Because longs and shorts swap periodic payments, the contract stays anchored to the underlying.
This structure also sidesteps U.S. retail equity-derivatives rules. Since the platform serves non-U.S. users and uses tokenized assets, it avoids that direct exposure.
The beta already lists more than 22 such pairs. So traders can run perps on single stocks, an index, and crude oil from one account.
Other venues already offer equity perps. BitMEX, for example, lists leveraged contracts on major stocks.
Yet Ondo leans on a different edge. Instead of crypto-only collateral, it accepts tokenized stocks and Treasuries as margin.
As a result, the team frames the product as RWA-native rather than purely crypto-collateralized. That pitch could appeal to holders who want yield and leverage at once.
Access stays gated for now. Only waitlisted, non-U.S. traders can use the platform during the first wave.
The company has not disclosed how many users joined this wave. It also has not detailed any KYC steps beyond the waitlist.
So the rollout still reads as an early test, not a full launch. Later waves should widen access over time.
Ondo Finance built the platform as its derivatives arm. The parent firm runs OUSG for tokenized Treasuries and USDY, plus Ondo Global Markets for tokenized equities.
Ondo first unveiled the product on February 3, 2026, when the waitlist opened. Then, on June 2, CEO Ian De Bode said the launch would arrive “within the next few weeks.”
De Bode now leads the company. Founder Nathan Allman, a former Goldman Sachs digital assets executive, passed away in May 2026.
Timeline of Ondo Finance’s RWA Expansion and Ondo Perps Launch
Ondo Finance is established with a focus on bringing traditional financial assets on-chain. The company’s early vision centers on tokenized U.S. Treasuries and institutional-grade real-world asset infrastructure.
Ondo introduces OUSG, a tokenized short-term U.S. Treasury product that provides blockchain-based access to government bond exposure. The launch becomes one of the earliest large-scale institutional RWA offerings in crypto.
Ondo expands its product suite with USDY, a yield-bearing stablecoin backed by U.S. Treasuries. The product broadens Ondo’s reach beyond institutional treasury products into yield-focused on-chain finance.
Ondo transitions from being primarily a Treasury-tokenization platform into a broader real-world asset ecosystem. During this period the company builds institutional partnerships and prepares infrastructure for tokenized securities and equities.
Following its CoinList launch and lock-up period, the ONDO governance token becomes freely transferable. The token features a fixed supply of 10 billion units with significant allocation dedicated to ecosystem growth and development.
Ondo enters the tokenized-equities sector through Ondo Global Markets, initially launching on Ethereum with more than 100 tokenized U.S. stocks and ETFs available to non-U.S. investors.
Ondo Global Markets expands beyond Ethereum, launching support for Solana and BNB Chain. The platform rapidly scales its catalog of tokenized securities while increasing accessibility across multiple blockchain ecosystems.
Ondo surpasses $1 billion TVL, becomes the first tokenized-stock platform to reach the milestone in under eight months, captures more than 70% market share among tokenized equity issuers, and records over $18 billion in cumulative trading volume.
At the Ondo Summit, the company introduces Ondo Perps, a perpetual futures platform focused on equities, ETFs, and commodities. A public waitlist opens immediately, while access remains restricted to future beta participants.
David Wells is appointed CEO of Ondo Perps, tasked with overseeing development, regulatory strategy, and the platform’s global expansion.
Selected users gain early access to Ondo Perps through a limited beta rollout. Testing focuses on leveraged trading mechanics, collateral systems, liquidity infrastructure, and tokenized-asset integration.
The first wave of waitlisted users receives access to Ondo Perps. Traders can now gain leveraged exposure to tokenized U.S. stocks, ETFs, and commodities with up to 20x leverage, using tokenized real-world assets as collateral. Access remains restricted to users outside the United States.
Alongside the Perps rollout, Ondo continues building Ondo Chain, a dedicated Layer-1 blockchain designed to serve as future settlement infrastructure for tokenized real-world assets and institutional financial products.
No firm date has been announced for a complete public rollout. Ondo Perps remains in public beta, with broader access expected after the current testing phase. Future expansion is expected to be closely tied to the eventual launch of Ondo Chain and the continued growth of Ondo’s RWA ecosystem.
The announcement called Ondo Perps “the deepest liquidity in the market.” Still, the early beta figures look modest.
So far, the platform shows about $47.9 million in 24-hour volume and roughly $6.4 million in open interest. By comparison, mature perp venues clear far more.
Meanwhile, the ONDO token trades near $0.36, with a market cap around $1.73 billion. Its 24-hour volume swung between roughly $166 million and $415 million around the launch.
For context, Ondo Finance holds about $3.67 billion in total value locked across chains, according to its own data. Ethereum accounts for $1.895 billion of that total.
The beta points to a wider trend. Tokenized real-world assets could move from passive holdings into active trading collateral.
Some traders, though, note the gap between the “live” framing and the “select traders” gating. The full public rollout date also stays unconfirmed.
Going forward, watch for the tradable-asset list to grow and for volume to climb. So far the team has not named its oracle providers or a mainnet timeline. Interested non-U.S. users can join the waitlist for later waves.
This article is not financial advice. Leverage trading carries high risk, so readers should do their own research before trading perps.
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