Deep analysis of RWA perps landscape showing Ondo Perps launched with strong liquidity ($48.85M 24h OI on Gold within 10 days) and tight spreads (0.35bps on Gold), competitive with Hyperliquid and Lighter.
DeFi & Yields ·
Ondo Perps, which launched to the public on July 7, has recorded cumulative trading volume exceeding $3 billion and $1 billion in volume over the prior seven days. A snapshot taken roughly ten days after launch showed the platform handling $48.85 million in 24-hour open interest across three major assets—Gold at $41.38 million, NVDA at $5.00 million, and TSLA at $2.47 million. Gold trading displayed particularly tight spreads at 0.35 basis points, with estimated execution costs of 0.95 basis points on the buy side and 0.64 basis points on the sell side when assuming a $10,000 order against visible order book depth.
The RWA perpetuals market has expanded significantly, with tracked markets on decentralized exchanges growing from 29 at the start of the year to over 600, now totaling 634 listed markets. Monthly volume on RWA perps DEXs reached $100 billion for the first time in June 2026. Ondo Perps' liquidity metrics place it competitively; Gold volume ranked in the top tier alongside Lighter and Hyperliquid's xyz market, while NVDA achieved the second-highest volume across six tested venues and TSLA placed third.
Ondo Perps currently offers a weekly $175,000 USDC incentive pool and a 5 percent trading fee discount via referral code. Ondo Points are accumulating within the platform interface, though their eligibility criteria, calculation methodology, and eventual use remain unannounced. The depth and execution characteristics suggest the platform has achieved functional liquidity within two weeks of launch, though several specifics—including the timeline and mechanics of the points system—have not yet been disclosed.