Ondo Finance prepares RWA perpetual contracts platform as CFTC greenlights first US perp listing

Ondo Finance is set to unveil Ondo Perps, a new platform offering perpetual contracts for real-world assets, within weeks. This comes on the heels of U.S. regulators’ approval of the world’s first domestic perpetual futures contract, which may revolutionize access to tokenized equities and commodity trading at all hours.

This was announced by Ian De Bode, the new CEO of Ondo Finance, following the sudden passing of the company’s founder, Nathan Allman, last month. With Ondo being the dominant player in tokenized equity, accounting for approximately 60% of the market with $3.5 billion TVL, this move will be a major milestone for RWA.

CFTC approval creates an opening for regulated perpetual futures

On May 29, the Commodity Futures Trading Commission approved Kalshi’s BTCPERP contract, becoming the first perpetual futures contract cleared for trade on a U.S. regulated exchange. The CFTC’s decision was accompanied by a policy statement and interpretive guidance on the role of perpetual contracts within the context of futures regulations.

“We welcome last week’s CFTC approval of the first U.S.-listed perpetual derivatives contract, alongside the accompanying policy statement, interpretive guidance, and no-action relief,” said Ondo Perps, calling it “a landmark moment for perps.” The approval carries potential implications for future regulatory precedents.

This development is not limited to bitcoin alone. In the crypto asset space, perpetual futures, or contracts that have no expiration date and thus enable traders to maintain open-ended leveraged positions, have created $86 trillion of turnover.

In comparison, traditional derivatives constitute a significantly larger market measured in quadrillions of dollars.  Equity perpetuals sit at the intersection of both.

Ondo Perps targets tokenized stocks, ETFs, and commodities

Ondo Perps users can buy perpetual futures with up to 20x leverage on U.S.-listed stocks and exchange-traded funds around the clock. However, this is currently restricted to non-U.S. users.

An early access program was launched on March 27, providing contracts for some of the most popular equities such as Apple, Nvidia, Tesla, Amazon, Meta Platforms, Microsoft, along with precious metals and oil.

Ondo Perps also allows traders to use tokenized securities as collateral and cross-collateralize positions, according to the platform’s announcement in February.

Such feature is in line with the current products offered by the platform: OUSG tokenized Treasury fund managed more than $620 million at the end of May, while USDY yield-bearing token has attracted attention from offshore DeFi investors, per Coincub’s analysis.

How Ondo Perps compares with dYdX, Hyperliquid, and GMX

The factor that distinguishes Ondo Perps from its competitors is not leverage itself, but the type of collateral traders can use.

While offering maximum leverage of 20x, Ondo Perps provides relatively modest leverage when compared to other crypto-native perpetual exchanges. For instance, Hyperliquid offers between 3x and 40x leverage based on the traded assets. GMX supports leveraged trading at 100x. On dYdX, leverage could go as high as 25x at one time for specific instruments.

The more important aspect here is Ondo’s unique collateral structure. Hyperliquid primarily uses USDC-based collateral structures and supports cross-margin functionality. GMX relies on liquidity pool-backed collateral and oracle pricing. dYdX popularized cross-margined perpetual trading that allows traders to share collateral across positions.

Ondo, however, intends to allow tokenized securities themselves to serve as collateral while enabling cross-collateralization between tokenized stocks, ETFs, and other real-world assets.

That approach aligns Ondo’s perpetuals strategy with its broader tokenization business. Rather than focusing primarily on crypto-native assets, the platform aims to integrate tokenized Treasuries, tokenized equities, and yield-bearing assets into a unified trading and collateral framework.

If successful, Ondo Perps could occupy a niche between traditional prime brokerage services and crypto-native perpetual exchanges, offering leverage on tokenized securities without requiring users to leave blockchain-based financial infrastructure.

New CEO faces first major product test

The launch will be among the first major product decisions under De Bode, who stepped into the CEO role after Allman’s passing on May 26.

Before Ondo, De Bode served as a partner and head of digital assets at McKinsey. He had been Ondo’s president for more than two years and oversaw strategy and daily operations during that period, according to the company.

The ONDO token traded near $0.43 as of late May, roughly 80% below its December 2024 all-time high of $2.14. Whether the Perps platform can attract meaningful volume under new leadership and in a still-uncertain regulatory environment will test both the product and the transition.

Regulatory risks still remain for equity perpetual products

The CFTC’s order on Kalshi’s bitcoin perpetual contract noted that perpetual contract design “may not be suitable for all asset classes” and encouraged market participants to engage with staff before listing perps on assets beyond what the initial order covers.

That language suggests a case-by-case approval process rather than a blanket greenlight, which could affect how quickly platforms like Ondo Perps expand their offerings or pursue U.S. market access.

For now, Ondo Perps operates outside the U.S. jurisdiction. But the regulatory door is open wider than it was a week ago.

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