Ondo Finance has officially launched early access to Ondo Perps, a perpetual futures platform offering up to 20x leverage on leading U.S. stocks, ETFs, and commodities. With the rollout announced on March 27, Ondo becomes the first protocol to bring capital-efficient equity investing on-chain.
The launch comes at a time when Ondo’s total locked up is approaching $3 billion. This is a direct extension of the infrastructure Ondo has been building across tokenized government bonds and equities over the past year.
What can traders access with Ondo Perps?
Eligible early access users can now trade perpetual futures on 16 U.S. stocks and three commodities.
- Stocks: AAPL, AMD, AMZN, COIN, CRCL, GOOGL, HOOD, INTC, META, MSFT, MSTR, NFLX, NVDA, ORCL, PLTR, TSLA
- Commodities: gold, silver, oil
All markets are available 24/7, allowing traders to take positions with names like $NVDA and $TSLA even outside of traditional market hours. Leverage goes up to 20x.
Early access codes will be sent to waitlisted users this week. Due to regulatory considerations, this platform is only available to users outside of the United States.
How is this different from existing cryptocriminals?
Perpetual futures are not new to cryptocurrencies. The market generated approximately $86 trillion in derivatives trading volume in 2025 alone. However, existing Perps platforms mostly stick to crypto-native assets; stable coin as the only form of collateral.
Ondo Perps takes a different approach. In addition to stablecoins, we also accept tokenized securities as collateral. This means that traders holding tokenized AAPL or GOOGL through Ondo Global Markets can use those positions as margin for leveraged trades without having to sell them first.
Ondo built the underlying technology. The Ondo Perps platform operates a trading experience on its infrastructure and draws liquidity for spot assets from traditional exchanges through Ondo Global Markets. The result is deeper liquidity and more efficient use of capital than an independent on-chain order book can provide.
Where does Ondo stand now?
The launch of this criminal enterprise comes amidst an overall aggressive growth phase for Ondo Finance.
The overall TVL for the protocol is approaching the $3 billion level, up from around $1 billion in early 2025. The funds are distributed across multiple chains, Ethereum It accounted for the largest share with approximately $1.69 billion, followed by Solana. BNB chainPlume, XRPL, Stellar, and apartment.
Ondo Global Markets, the tokenized equity and ETF division, has over $700 million in TVL and over 60% market share in the tokenized equity sector. The total value of the broader tokenized stock market itself just exceeded $1 billion.
In terms of revenue, Ondo’s 30-day protocol fees are around $4 million, and annual revenue is around $49 million, according to DefiLlama data.
The protocol also signed a major partnership with Franklin Templeton last week. Five Franklin Templeton ETFs have been tokenized on Ondo Global Markets, bringing the $1.7 trillion asset management company on-chain.
The $ONDO token trades for approximately $0.27 and has a daily volume of approximately $60 million.
What does this mean for on-chain stock trading?
Ondo Perps is the clearest sign that tokenized real-world assets are moving beyond passive yield products and into active trading infrastructure. Until now, most RWA protocols have focused on issuance. Hold your tokenized treasury, earn a yield, and that’s it. Perps adds a derivatives layer on top.
President of Ondo Ian Debord describes the broader strategy as building an on-chain prime brokerage. Its vision is a single interface where users can hold, trade, lend and leverage tokenized traditional assets along with cryptocurrencies. Perps is the first step to that end.
Currently, the platform is in early access and limited to users outside the United States. It will be fully available to the public in the coming weeks.
source:
- Ondo Finance Official announcement of Ondo Perps entering early access on X (March 27, 2026)
- Defilama Ondo Finance protocol data including TVL, chain breakdown, and pricing metrics
- The Street Report on Ondo criminals announced at the Ondo Summit on February 3, 2026
- Yahoo Finance Interview with Ondo President Ian De Bode about on-chain prime brokerage strategy
- bankless times Report on Franklin Templeton ETF Tokenization Partnership and Protocol Metrics
