Ondo Finance is set to unveil Ondo Perps, a platform for perpetual contracts on real-world assets, within weeks. The move comes after the Commodity Futures Trading Commission (CFTC) approved Kalshi’s BTCPERP contract on May 29, making it the first perpetual futures product cleared on a U.S. regulated exchange. Ondo Perps called the approval “a landmark moment for perps” and expects it to influence how similar platforms develop.
Ondo Perps will allow trading of tokenized equities, ETFs, and commodities with up to 20x leverage, though access remains restricted to non-U.S. users. An early access program launched in March offers contracts on Apple, Nvidia, Tesla, and other major stocks, as well as oil and metals. Unlike crypto-native exchanges, the platform lets traders use tokenized securities as collateral and cross-collateralize positions, integrating Ondo’s existing products like its $620 million tokenized Treasury fund and yield-bearing USDY token.
The launch marks the first major product test for new CEO Ian De Bode, who stepped in after founder Nathan Allman’s sudden passing on May 26. De Bode, formerly a partner at McKinsey, had been Ondo’s president for over two years. Ondo dominates tokenized equity with roughly 60% market share and $3.5 billion in total value locked.
Despite the regulatory breakthrough, the CFTC cautioned that perpetual contracts “may not be suitable for all asset classes,” leaving future U.S. expansion uncertain. The ONDO token traded near $0.43 in late May, about 80% below its December 2024 all-time high of $2.14.
