Ondo Perps Launches Spot Trading for 12 Tokenized Stocks and ETFs
Ondo Perps expands trading options with new spot market
Ondo Perps launched spot trading for 12 tokenized stocks and exchange-traded funds (ETFs) on September 28. This update allows eligible traders outside the United States to purchase these tokens directly on the platform. Users can then use their purchased tokens as collateral to open perpetual futures positions.
The platform is waiving all spot trading fees for the first 30 days. Ondo Finance described the new feature as a permissionless central limit order book, where orders are matched automatically.
Key details of the new offering
- The launch includes 12 USDC-denominated markets covering major tech stocks and ETFs.
- Spot trading fees are set to zero for maker and taker orders during the initial month.
- Traders can move tokens from their Spot balance to their Perps balance without an onchain transaction.
- The platform excludes users in the U.S., Canada, and Panama, among other restricted jurisdictions.
Assets now available for purchase
The new spot markets cover tokens representing NVIDIA (NVDAon), Tesla (TSLAon), Alphabet (GOOGLon), Micron (MUon), Circle (CRCLon), SpaceX (SPCXon), and Sandisk (SNDKon). The list also includes index and commodity products such as SPYon, QQQon, gold-linked GLDon, silver-linked SLVon, and the Roundhill Memory ETF's DRAMon.
How the collateral system works
The update integrates buying power with margin requirements. A trader can purchase a token like NVDAon, hold it as collateral, and simultaneously open a short position on the corresponding perpetual contract. This setup allows the token holding to serve as both the long exposure and the margin backing the trade.
Purchases are fully funded and settle in USDC. While the interface shows equivalent stock quantities, users hold Ondo tokens rather than actual shares of the underlying companies. The platform warns that collateral values receive a discount, known as a "haircut," to manage risk. For example, NVDAon carries a 25% haircut, while SPYon has a 10% haircut.
Risks and limitations
Holding the token does not eliminate liquidation risks. Funding payments, which are fees exchanged between long and short traders, vary based on market rates. If rates turn negative, shorts may have to pay longs. Additionally, prices of the tokenized assets and the derivatives can diverge, especially when traditional stock markets are closed.
According to an API snapshot from September 28, the existing NVIDIA perpetual contract held approximately $1.5 million in open interest. This figure represents outstanding derivative exposure, not the volume of the new spot market.
Technical infrastructure and access
Ondo Perps uses an offchain matching engine for speed, while deposits and withdrawals occur onchain through an omnibus wallet. Tokenized-stock funding is supported on Ethereum, and USDC funding is available on both Ethereum and Arbitrum networks.
Users can sign in using a wallet or email address. However, access is not entirely unrestricted. The terms of service explicitly ban users from the U.S. and other specified regions and reserve the right to request compliance documentation.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.