Ondo Perps

Ondo Perps is a perpetual futures exchange run by Ondo Finance, focused on RWA and tokenized stocks/ETFs. It lets users post tokenized ETFs like SPY and QQQ as collateral and trade with up to 20x leverage. It is available to eligible users outside restricted regions such as the US, Panama, and Canada.

Operator Ondo Finance has raised $24M with Founders Fund and Pantera as backers, giving it relatively solid credibility. Recently SPY and QQQ perps went live, along with a basis-trade feature using SPYon/QQQon as collateral. Weekly USDC reward pools and Ondo Points tied to trading volume and open interest continue to run, but there is no officially confirmed numbered season history, and there is no guarantee Points will ever convert into a token. A dedicated third-party audit for Perps has also not been confirmed, which remains an open unknown.

Priority should go to the Arbital Grand Prix, whose deadline is near ($90M of $100M as of Aug 11, 2026, under 37 hours left) — pushing more trading volume helps unlock the full $20,000 pool. The basis trade of shorting SPY/QQQ perps while holding SPYon/QQQon as collateral only works when funding rates are positive, so check rates first. Since weekly USDC rewards and Ondo Points scale with volume and open interest, steady trading without excessive leverage is the efficient way to accumulate them.

On 2026-08-12, the official X account teased new crypto perps markets and is polling the community on which pairs to list first. Recently, SPY and QQQ perps launched along with a basis-trade feature using their tokenized ETFs as collateral. Ondo Finance announced the 'Ondo Network' concept on 2026-07-27, but no integration timeline with Perps has been announced.