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Ondo Perps CEO David Wells called the US market a “huge opportunity” for perpetual futures, but said a domestic product would differ from the venue’s offshore model. Ondo has not confirmed plans to expand, and Wells said the team has not gone far in exploring the market. He expects US settlement and clearing to change to fit local rules.
Why it matters
US firms and regulators are testing routes for bringing perpetual futures onshore. Kraken parent Payward plans to list Hyperliquid’s HIP-3 perpetual markets for eligible US clients through CFTC-regulated Bitnomial Exchange and NinjaTrader Clearing, subject to approval. Coinbase has also filed to launch single-stock perps in the US. These approaches use regulated structures rather than simply opening offshore platforms to American traders.
Ondo Finance has argued in letters to the SEC and CFTC that US equity perpetual contracts fit the existing category of security futures under the Commodity Futures Modernization Act of 2000. Wells said the contracts and market structure could look similar to the current product, while settlement and clearing would need to change.
Market impact
Ondo Perps, a Panama-based venue launched in July, offers perpetuals on tokenized US stocks, equity ETFs and commodities. Traders can use USDC or eligible Ondo Stocks as margin, with up to 20x leverage on certain contracts. Wells said tokenized-stock collateral lets traders remain invested in the underlying asset while supporting perp positions.
The platform recently added the ability to buy and sell 12 Ondo Stocks directly, with plans to expand access to all Ondo Stocks. Wells said the venue has recorded around $14 billion in trading volume since its private beta and open interest above $100 million. Those figures include retail traders, market-makers, hedgers, business-to-business-to-consumer channels and aggregators.
Frequently asked questions
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Has Ondo Perps confirmed plans to enter the US?
No. CEO David Wells said the company has not gone far in exploring the US market and did not confirm an expansion plan.
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How might a US version of Ondo Perps differ?
Wells said the contracts and market structure could look similar, but settlement and clearing would need to change to fit US rules.
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What US routes are other firms pursuing for perpetual futures?
Payward plans to list Hyperliquid HIP-3 markets for eligible US clients through CFTC-regulated firms, subject to approval. Coinbase has filed to launch single-stock perps.
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How can traders use tokenized stocks on Ondo Perps?
Traders can use eligible Ondo Stocks as margin while remaining invested in the underlying asset. Users can now buy and sell 12 Ondo Stocks directly on the platform.
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What activity has Ondo Perps recorded?
Wells said the venue has accumulated around $14 billion in trading volume since its private beta and recently recorded open interest above $100 million.
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