Ondo Perps has launched support for tokenized stocks as collateral for perpetual futures positions, letting users post Ondo Stocks assets without first converting them into stablecoins or selling existing holdings. The initial rollout covers tokenized S&P 500 ETF exposure through SPYon and tokenized Nasdaq 100 ETF exposure through QQQon. According to Ondo, the feature is designed to turn tokenized equities into productive capital inside derivatives markets rather than leaving them idle on balance sheets.
Ondo Perps said cumulative trading volume on the platform has already exceeded $3.8 billion. The company said trader demand has centered on several needs: hedging stock exposure on a single venue, deeper liquidity for equity perpetuals, tighter spreads, lower slippage, execution speeds closer to centralized exchanges, 24/7 market access, and leverage of up to 20x. Ondo described the new collateral model as part of its broader “productive capital” strategy and said it aims to improve capital efficiency for tokenized equities while pushing onchain stock perpetual markets closer to the liquidity and efficiency seen in traditional derivatives. The company added that perpetual trading is only one part of a wider plan to build onchain prime brokerage infrastructure spanning trading, financing, and margin management for tokenized assets.
Perpetuals trading platform Ondo Perps has rolled out tokenized stock collateral, allowing users to post Ondo Stocks assets as margin for perpetual positions.
Initial support covers SPYon and QQQon
The first batch includes tokenized S&P 500 ETF exposure through SPYon and tokenized Nasdaq 100 ETF exposure through QQQon. Ondo said users no longer need to convert funds into stablecoins or sell existing holdings before using tokenized stocks as productive capital in derivatives trading.
What traders have been asking for
Ondo Perps said cumulative trading volume on the platform has surpassed $3.8 billion. It said trader demand has mainly focused on the following:
- hedging stock exposure on a single platform;
- deep liquidity for stock perpetual contracts;
- lower spreads and reduced slippage;
- execution speeds closer to centralized exchanges, or CEXs;
- 24/7 trading access;
- up to 20x leverage.
Part of Ondo’s “productive capital” strategy
Ondo said tokenized stock collateral is an important part of its “productive capital” strategy. The stated goal is to improve capital efficiency for tokenized equities and move the liquidity and efficiency of onchain stock perpetual markets closer to traditional derivatives markets.
The company also said Ondo Stocks had already moved early in tokenizing U.S. equities, while the latest step from Ondo Perps extends that approach by building both trading and margin mechanics on top of tokenized assets.
Broader plan points to onchain prime brokerage
Ondo said perpetual trading is only one part of a larger plan. It intends to keep building onchain prime brokerage infrastructure covering trading, financing, and margin management, with the aim of providing a more complete financial services layer for the tokenized asset ecosystem.
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