Overview
- Ondo launched Ondo Perps for pre‑alpha users Tuesday, opening a 24/7 on‑chain perpetuals venue that supports U.S. stocks, ETFs and commodities as tradable markets.
- The platform permits tokenized stocks and ETFs to be posted as collateral and offers up to 20x leverage for eligible non‑U.S. users.
- Ondo is deploying incentives to attract volume, offering up to $3 million in staged rewards with $150,000 in USDC available in the first week.
- The company says Perps sources liquidity from traditional financial markets and aims for execution speeds comparable to fast centralized crypto exchanges, a claim that is reported as company‑provided.
- Key operational and regulatory questions remain, including around 24/7 oracle pricing for assets that trade in U.S. market hours, margin and liquidation mechanics under high leverage, and the platform’s ability to keep liquidity once rewards end.