Ondo Finance Advances Perps Launch After CFTC Clears First Contract

TLDR

• Ondo Finance plans to launch Ondo Perps within weeks following a key U.S. regulatory approval.
• The CFTC approved Kalshi’s BTCPERP contract as the first regulated perpetual futures product in the United States.
• Ondo Perps will allow trading of tokenized equities and commodities with up to 20x leverage.
• The platform enables tokenized securities to be used as collateral across multiple positions.
• Access to Ondo Perps remains limited to non-U.S. users during the initial rollout.

Ondo Finance has moved closer to launching its Ondo Perps platform, introducing perpetual contracts tied to real-world assets.

According to Ondo Finance CEO Ian De Bode, the product is expected within weeks and follows a recent U.S. regulatory decision that could influence how such instruments develop. The update comes shortly after the death of founder Nathan Allman in May, placing early strategic decisions under new leadership.

Ondo Perps Builds on US Regulatory Breakthrough

Late May developments from the Commodity Futures Trading Commission have set the backdrop. The agency approved Kalshi’s BTCPERP contract on May 29, making it the first perpetual futures product cleared on a U.S. regulated venue. In its accompanying statement, the regulator outlined how such contracts fit within existing futures rules while noting that not all asset classes may qualify under the same framework.

Responding to that decision, Ondo Perps said in a statement that the approval, along with related policy guidance, represents a key development for derivatives markets. The firm added that the regulatory move could influence how other platforms structure similar offerings going forward.

Early access to Ondo Perps began in March, offering contracts linked to major equities such as Apple, Nvidia, and Tesla, alongside commodities like oil and metals. Access remains limited to users outside the United States.

Unlike most crypto-native exchanges, Ondo’s system allows tokenized securities to serve as collateral. Company disclosures show that traders can combine tokenized stocks, exchange-traded funds, and other assets within a shared margin framework. Existing products, including its tokenized Treasury fund and yield-bearing tokens, form part of that structure, according to internal platform data and third-party analysis from Coincub.

Leverage on the platform is capped at 20x. By comparison, platforms such as Hyperliquid, GMX, and dYdX offer higher limits using crypto-based collateral models.

Position Within the Tokenized Asset Market

Data shared by the company places Ondo among the largest players in tokenized equities, holding roughly 60% market share with about $3.5 billion in total value locked. The new platform extends that position into derivatives tied to traditional financial instruments.

Meanwhile, industry estimates cited by Ondo show that crypto perpetual contracts have generated about $86 trillion in turnover, while traditional derivatives markets operate at a much larger scale. Equity-based perpetuals sit between those segments, combining features from both.

De Bode, who previously led digital asset strategy at McKinsey & Company, assumed the CEO role after Allman’s passing on May 26. His appointment follows more than two years as company president.

Market reaction to the upcoming launch remains mixed. The ONDO token traded near $0.43 in late May, down sharply from its peak of $2.14 in December 2024. Future adoption of the Perps platform, along with regulatory clarity in the United States, will shape how quickly the product expands beyond its initial rollout.

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