What it does
Ondo Perps extends the Ondo product family from tokenized assets into leveraged exposure. Its documented offering combines spot assets and perpetual positions, including markets tied to equities, indices and commodities. Supported tokenized stocks can serve as collateral alongside USDC, making the collateral’s own price movement part of account risk.
The important question is where balances and trades live. The platform processes orders, risk checks and liquidations inside a hardware enclave. Blockchain transfers move assets into and out of custody, but individual fills are not ordinary Ethereum or Arbitrum smart-contract trades. The operator’s architecture describes internal account balances and an omnibus wallet, a materially different custody model from a pooled, user-governed DEX contract.
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Which network does Ondo Perps use?
Ethereum and Arbitrum are supported asset-transfer networks: USDC can use either, while documented tokenized-stock deposits use Ethereum. The trading engine and balances are offchain. Ondo Network is explicitly not a new blockchain; the July 2026 explanation replaces the earlier Ondo Chain framing. Onchain deposit confirmation does not establish onchain execution of each trade.
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Where it stands out
- Perpetual markets and supported tokenized stock collateral bring several kinds of market exposure into one trading account. A stock-backed balance still carries market risk.
- The execution design uses an SGX enclave and attestors to restrict which approved software receives the required keys. This gives users a concrete security model to inspect.
- Separate architecture and fee documentation makes the custody boundary and introductory commission schedule visible before a deposit.
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What you can do
- 01Perpetual exposure to equities, indices and commodities, with advertised leverage up to 20x depending on the market.
- 02Spot and perpetual balances with supported tokenized stocks or USDC as collateral.
- 03Wallet or email onboarding and distinct deposit addresses for supported assets and networks.
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Who’s behind it
Ondo Perps is operated by Ondo Global (Panama) Inc. and uses technology developed by Ondo Finance. It is a separate trading product within that ecosystem. The financing below belongs to Ondo Finance and should not be interpreted as a standalone fundraise by the perps operator.
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Funding and investors
Ondo Finance announced a $20 million equity Series A in April 2022. This is company-level financing predating Ondo Perps, not money raised specifically for the perps venue. Later investment initiatives managed by Ondo are also different from capital raised by the company.
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- 2022-04-27$20 million
Ondo Finance Series A
Reported investorsFounders Fund · Pantera Capital · Coinbase Ventures · GoldenTree · Wintermute · Steel Perlot · Tiger Global · Flow Traders
Founders Fund and Pantera led this Ondo Finance equity round. It predates the perps product.
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Referral benefits and conditions
Confirmed offers include KBW fee rebates and a separate September trading-credit bonus. These are dated campaigns with different eligibility.
Use the applicable campaign rules and activated account tier. The credit bonus is non-withdrawable and expires. No ArbuzDAO referral link is attached.
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Fees & availability
Fees and costs
The fee page currently advertises a 50% promotion: maker 0.01% and taker 0.025%, versus base rates of 0.02% and 0.05%. An end date is not specified. Volume tiers, individual arrangements and builder fees can change an account’s effective rate; funding and liquidation charges are additional considerations.
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Eligibility and availability
The product excludes U.S. and Panamanian users and other prohibited jurisdictions. Leveraged stock exposure does not imply ownership of the underlying shares. Deposits enter an omnibus custody arrangement, so this profile does not describe Ondo Perps as a fully noncustodial exchange.