Ondo Perps Adds Spot Trading for 12 Tokenized Stocks and ETFs

Ondo Perps launched spot trading for 12 Ondo tokenized stocks and exchange-traded funds on Sept. 28, allowing eligible traders outside the U.S. to buy tokens and use them as collateral for perpetual futures positions on the same platform.

Ondo Finance confirmed the launch, describing a permissionless central limit order book. The venue's public market feed lists the 12 $USDC-denominated spot markets with zero maker and taker fees. Ondo Perps says spot trading will be fee-free for the first 30 days.

The change adds a purchasing step to an existing collateral system. The platform's changelog records the opening of $SPYon and QQQon collateral support to all eligible users in July, followed by more assets in August. Traders can now buy supported tokens on the venue and move them from their Spot balance to their Perps balance to back derivatives positions.

“This brings the basis trade onto a single platform,” Ondo Perps said.

The launch covers NVIDIA ($NVDAon), Tesla (TSLAon), Alphabet (GOOGLon), Micron (MUon), Circle (CRCLon), SpaceX (SPCXon) and Sandisk (SNDKon). The other tokens are $SPYon, QQQon, gold-linked GLDon, silver-linked SLVon and Roundhill Memory ETF's DRAMon.

It follows near.com's addition of Ondo tokenized stocks on Sept. 22, extending the venues through which users can buy the assets.

One Holding, Two Roles

Under the workflow, a trader could buy $NVDAon, allocate it as collateral and short the NVIDIA perpetual contract. The token holding supplies both the long exposure that offsets the short and margin backing it, rather than requiring a separately funded stablecoin collateral balance.

The spot documentation says purchases are fully funded and settle in $USDC. The interface displays equivalent stock quantities, but users hold Ondo tokens, not a separate holding of the underlying shares.

The hedge does not guarantee income or remove liquidation risk. Funding payments flow to shorts when rates are positive, but reverse when rates are negative. Collateral also receives a valuation discount: the published schedule applies a 25% haircut to $NVDAon and 10% to $SPYon, alongside asset-specific caps. The venue's terms warn that collateral and derivatives prices can diverge, particularly when underlying markets are closed.

The existing NVIDIA perpetual had about $1.50 million in open interest in the venue's Sept. 28 API snapshot. That measures outstanding derivatives exposure, not trading in the newly launched spot market.

Offchain Matching, Restricted Access

Ondo Perps' architecture documentation describes an offchain matching engine and balance ledger, with onchain deposits and withdrawals through an omnibus wallet. Moving value between Spot and Perps balances does not require an onchain transaction. Tokenized-stock funding is supported on Ethereum; $USDC funding is available on Ethereum and Arbitrum.

Users can sign in with a wallet or email, but permissionless trading does not mean unrestricted eligibility. The terms exclude U.S. persons and users in jurisdictions including the U.S., Canada and Panama, prohibit bypassing geofencing and allow the operator to request compliance documentation.