Ondo Perps Hits $10B as RWA Trading Takes Off

Ondo Perps has crossed $10 billion in cumulative trading volume, marking what the platform says is the fastest start in the history of real world asset perpetual futures. The milestone comes just weeks after the platform opened to the public, underscoring accelerating demand for on-chain derivatives tied to traditional financial markets.

Volume and Open Interest Surge

Daily trading volumes have reached hundreds of millions of dollars as activity on the platform continues to build. Open interest has climbed past $100 million, reflecting the growing value of positions currently held on the platform. Nearly $20 million worth of Ondo Stocks is being deployed as collateral, a figure that illustrates the platform's core design principle.

Rather than requiring cash or stablecoins to back positions, Ondo Perps lets traders post tokenized stocks and other assets directly as margin, keeping their holdings working instead of selling them or parking money elsewhere. Ondo calls this its "productive capital" approach.

A New Category for RWA Derivatives

Ondo Perps, built for non-U.S. traders, is its platform for perpetual futures, crypto derivatives that let traders bet on an asset's price with no expiry date, offering up to 20x leverage and 24/7 trading. The platform supports trading of major stocks like Apple and Nvidia, as well as commodities such as gold and crude oil, and indices like the S&P 500.

According to Ondo, more than $5 billion of that total was traded since public access went live, which the company says tops any other real world asset perps platform in its first month. Ondo called it the fastest start in the category's history.

The broader context is significant. In 2025 alone, crypto derivatives trading volume reached approximately $86 trillion, averaging $265 billion per day, yet this pales in comparison to traditional finance, where several trillion dollars in notional volume is processed daily across equity and commodity derivatives markets. Ondo's stated long-term goal is to close that gap by bringing equity perps closer to the scale and accessibility of traditional derivatives markets.

Ondo Finance has emerged as the dominant player in the RWA tokenization space, commanding over 70% market share in tokenized equities and $3.78 billion in total value locked as of mid-2026. The Perps platform represents the company's push to extend that lead into leveraged derivatives.

Sources:
Yahoo Finance: Ondo Perps hits $7 billion in volume weeks after launch
TheStreet: Ondo Perps tops $8B trading volume within weeks of launch
Ondo Finance: Introducing Ondo Perps