Ondo Perps, the real-world asset-backed perpetual futures exchange built by Ondo Finance, has surpassed $8 billion in cumulative trading volume, marking a meaningful milestone for tokenized derivatives. According to DeFiLlama data cited in reports, cumulative volume stands at roughly $8.28 billion, while open interest is near $93 million.
The platform, which initially began operating in 2024 and opened publicly on July 7, 2026, allows eligible non-U.S. traders to take perpetual positions on equities, ETFs, indices, and commodities with leverage of up to 20x. Over the previous 30 days, it recorded approximately $5.37 billion in volume, including about $210 million in the latest 24-hour period.
Unlike conventional perpetual futures venues that rely on volatile crypto assets as collateral, Ondo Perps accepts yield-bearing RWA tokens as margin. This means traders can use tokenized equities or tokenized Treasury products as collateral while maintaining leveraged positions, potentially earning yield on that collateral. The exchange lists more than 440 tokenized stocks and ETFs across Ethereum, BNB Chain, and Solana.
The milestone underscores the broader expansion of real-world assets onchain. By late 2025, tokenized assets surpassed $15 billion in total value locked, according to RWA.xyz. Ondo Finance’s tokenized Treasury product OUSG has become one of the largest in its category. Earlier in 2026, Ondo tokenized stocks also became available as collateral in DeFi lending markets, including integrations with Morpho, Euler, and Chainlink-powered pricing infrastructure.
Major financial institutions such as BlackRock and Franklin Templeton are also expanding tokenized fund offerings, reinforcing the trend toward institutional adoption of tokenized assets. Looking ahead, Ondo Perps plans to introduce additional collateral types and expand to more blockchain networks, while also exploring integration with centralized exchanges. However, regulatory uncertainty around derivatives and the need for reliable oracle pricing for RWA assets remain key challenges.
