Ondo Perps launched with up to 20x leverage on tokenized equity perps (stocks, commodities, indices) as collateral, enabling 24/7 permissionless trading globally.
DeFi & Yields ·
Ondo Perps has launched with up to 20x leverage for trading equity perpetuals, accepting tokenized stocks as collateral and offering up to $3 million in rewards. The platform enables permissionless access to markets across commodities, equities, and indices—including oil, gold, Intel, Tesla, Apple, Microsoft, and the US 100 and US 500 indices—with trading available 24/7/365 globally outside the U.S., Panama, and other restricted jurisdictions.
The launch represents a shift in how real-world assets function within decentralized finance. Rather than remaining isolated tokenization experiments, RWAs can now serve as collateral in perpetual markets, trade continuously without expiration or market-close restrictions, and integrate into DeFi infrastructure at parity with traditional crypto derivatives. The platform is currently available to Pre-Alpha users and promises institutional-grade execution and capital efficiency comparable to traditional derivatives venues.
What remains unclear is the trajectory of Pre-Alpha adoption, the specific mechanics of how tokenized equity collateral will perform under volatility or liquidation stress, and whether the $3 million incentive pool will be sufficient to bootstrap sustained liquidity across all listed markets.