Ondo Perps, the perpetual futures platform built by Ondo Finance, has launched spot trading for tokenized stocks and ETFs on a central limit order book. This is the first time Ondo Stocks hav
Ondo Perps, the perpetual futures platform built by Ondo Finance, has launched spot trading for tokenized stocks and ETFs on a central limit order book. This is the first time Ondo Stocks have been available for permissionless spot trading outside the United States.
The launch brings buying, holding and hedging onto a single platform. Traders can now purchase tokenized equities and use them as collateral for perpetual futures positions.
They can also short the corresponding contract to execute what’s known as a basis trade. The strategy involves holding a spot asset while simultaneously shorting its derivative to earn funding payments when rates are positive, without taking directional risk on the asset’s price.
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A basis trade, in simple terms, is a bet on the spread between two related prices rather than a bet on whether something goes up or down.
Earlier, executing this strategy required managing positions across separate platforms, buying the spot asset on one exchange and shorting the perp on another.
That created operational risk and tied up more capital, since the spot holding couldn't double as collateral elsewhere.
The initial lineup includes tokenized versions of NVIDIA, Tesla, Alphabet, SpaceX, Circle, Micron, Sandisk, the S&P 500 ETF (SPY), Invesco QQQ, Roundhill Memory ETF (DRAM), and gold and silver through SPDR Gold Shares and iShares Silver Trust.
Each asset is available for spot trading, supported as collateral, and paired with a corresponding perpetual market. Spot trading is fee-free for the first 30 days.
The core improvement is that a single dollar now does more. When a trader buys NVDAon on Ondo Perps and uses it as collateral to short the NVDA perp, the spot holding serves as both long exposure and margin backing the short.
In a two-platform setup, the same trade would require funding the spot purchase and the perp margin separately.
That efficiency also improves the economics of market making. A market maker who sells an NVDA perp can hedge by buying NVDAon and use that same holding as margin, reducing the capital needed per position and making liquidity provision more attractive. Tighter spreads and deeper order books follow.
Ondo has been building this stack in sequence. Ondo Stocks opened access to tokenized equities. Supporting them as collateral on Ondo Perps made those holdings productive.
Spot trading now brings the full workflow, asset acquisition, collateral deployment and hedging, to a single platform.
The company frames this as a step toward what it calls onchain prime brokerage, where the tools for deploying capital and managing exposure sit in one place rather than being scattered across multiple venues.
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