Ondo Perps CEO David Wells has pointed to the United States as a significant growth opportunity for perpetual futures trading, while stopping short of confirming any immediate plans to launch the platform domestically. The remarks follow strong volume figures from the offshore platform's international user base.
Operated by Ondo Global Panama Inc., Ondo Perps provides 24/7 leveraged trading on commodities, indices, US equities, and ETFs. The platform offers up to 20x leverage, accepting stablecoins and tokenized securities as collateral. Following an early access phase in March, a public beta in June, and full feature rollouts in July, the platform's cumulative trading volume surpassed $8 billion by mid-August.
In late September, Ondo Perps expanded its offerings by introducing spot trading for 12 tokenized stocks and exchange-traded funds, such as NVDAon, TSLAon, and SPYon, alongside a 30-day fee waiver to promote early trading and hedging strategies.
The discussion surrounding a potential US entry coincides with regulatory efforts by Ondo Finance and Oasis Pro. In August, the two entities submitted letters to the Securities and Exchange Commission and the Commodity Futures Trading Commission, arguing that cash-settled perpetual futures can operate under existing US regulatory frameworks without requiring new legislation.
Despite these regulatory submissions, Ondo Perps remains restricted to non-US persons and individuals in specific other jurisdictions, maintaining a compliance barrier that was established at the platform's inception.
Ondo Finance's wider ecosystem provides a structural advantage by supplying a built-in collateral layer. This setup enables traders to utilize tokenized assets as margin, connecting spot holdings with leveraged positions.
