Ondo Finance has officially launched early access to Ondo Perps, a perpetual futures platform offering up to 20x leverage on major U.S. equities, ETFs, and commodities. The rollout, announced on March 27, makes Ondo the first protocol to bring capital-efficient equity perps on-chain.
The launch comes at a moment when Ondo’s total value locked is approaching $3 billion. This is a direct extension of the infrastructure Ondo has spent the past year building across tokenized Treasuries and equities.
What Can Traders Access on 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, and oil
All markets are available 24/7, meaning traders can take positions on names like $NVDA or $TSLA outside of traditional market hours. Leverage goes up to 20x.
Early-access codes are being sent to waitlisted users this week. The platform is available to non-U.S. users only due to regulatory considerations.
How Is This Different From Existing Crypto Perps?
Perpetual futures are nothing new in crypto. The market generated roughly $86 trillion in derivatives volume in 2025 alone. But existing perps platforms have mostly stuck to crypto-native assets and rely on stablecoins as the sole form of collateral.
Ondo Perps takes a different approach. It accepts tokenized securities as collateral, not just stablecoins. That means a trader holding tokenized AAPL or GOOGL through Ondo Global Markets can use those positions as margin for leveraged trades without selling them first.
Ondo built the underlying technology. The Ondo Perps platform operates the trading experience on top of that infrastructure, pulling spot asset liquidity from traditional exchanges through Ondo Global Markets. The result is deeper liquidity and more efficient use of capital than what isolated on-chain order books can offer.
Where Does Ondo Stand Right Now?
The perps launch lands in the middle of an aggressive growth phase for Ondo Finance across the board.
Protocol-wide TVL is nearing the $3 billion mark, up from roughly $1 billion earlier in 2025. That capital is spread across multiple chains, with Ethereum holding the largest share at around $1.69 billion, followed by Solana, BNB Chain, Plume, XRPL, Stellar, and Aptos.
Ondo Global Markets, the tokenized stocks and ETFs arm, has surpassed $700 million in TVL and commands over 60% market share in the tokenized equities sector. The broader tokenized stocks market itself just crossed $1 billion in total value.
On the revenue side, Ondo’s 30-day protocol fees sit around $4 million, putting annualized revenue near $49 million according to DefiLlama data.
The protocol also landed a major partnership with Franklin Templeton last week. Five Franklin Templeton ETFs have now been tokenized on Ondo Global Markets, bringing a $1.7 trillion asset manager into the on-chain fold.
The $ONDO token trades around $0.27 with daily volume near $60 million.
What Does This Mean for On-Chain Equity Trading?
Ondo Perps is the clearest sign yet that tokenized real-world assets are moving beyond passive yield products and into active trading infrastructure. Until now, most RWA protocols focused on issuance. Hold a tokenized Treasury, earn yield, and that was it. Perps add a derivatives layer on top.
Ondo’s president Ian De Bode has described the broader strategy as building an on-chain prime brokerage. The vision is a single interface where users can hold, trade, lend, and leverage tokenized traditional assets alongside crypto. Perps are the first step toward that.
For now, the platform is in early access and limited to non-U.S. users. A full public rollout is expected in the coming weeks.
Sources:
- Ondo Finance Official announcement of Ondo Perps early access launch on X, March 27, 2026
- DefiLlama Ondo Finance protocol data including TVL, chain breakdown, and fee metrics
- TheStreet Coverage of Ondo Perps unveiling at the Ondo Summit, February 3, 2026
- Yahoo Finance Interview with Ondo President Ian De Bode on the on-chain prime brokerage strategy
- BanklessTimes Reporting on the Franklin Templeton ETF tokenization partnership and protocol metrics
