Ondo Perps at a glance
- What it is
- 24/7 perpetual futures on US stocks, ETFs, indices, commodities, FX and crypto, settled in USD
- Operator
- Ondo Global (Panama) Inc., built on Ondo Finance technology
- Live since
- June 9, 2026 (public beta)
- Markets
- 70 perps: 42 stocks, 7 ETFs, 6 commodities, 2 indices, 2 FX, 11 crypto (October 20, 2026)
- Max leverage
- 40x (BTC); most stocks 10x
- Fees
- 0.025% taker / 0.010% maker promo (base 0.050% / 0.020%)
- Collateral
- USDC on Ethereum or Arbitrum; 12 Ondo tokenized stocks, ETFs and metals on Ethereum
- Custody
- Off-chain matching in Intel SGX enclaves; hot wallet with keys split across attestors
- Incentives
- 5,000,000 Ondo Points + 175,000 USDC a week
- Referral
- Code
AGHSGT: 5% off fees - Security
- Cantina bug bounty, up to $1.5M, since June 2, 2026
- Not available
- US, Canada, Panama and other listed territories
Most summaries of Ondo Perps, including Ondo's own launch posts, still say "up to 20x". The live market API shows 40x on BTC.
Verdict: the most interesting stock-perps venue, still in beta
Ondo Perps does something no other perp venue we cover does: it lets you post tokenized stocks — SPYon, QQQon, NVDAon, TSLAon and others from Ondo Global Markets — as margin next to USDC, so you can hold equity exposure and trade perps on the same balance. At the promotional 0.025% taker / 0.010% maker rate it is one of the cheaper places to trade gold around the clock. For US stocks and indices it is not the cheapest: Hyperliquid's trade.xyz markets charge 0.009% taker in growth mode and trade roughly 15 times Ondo's volume (comparison below). On September 24, 2026, a Thursday, it cleared about $143M of 24-hour volume, led by gold; weekends are far quieter (volume). The trade-offs: it is a public beta with a $1M position cap per market, custody runs through a hot wallet guarded by secure enclaves rather than a public chain, funding carries a built-in 0.03%/day interest charge, and it is closed to US residents.
Pros
- Promo fees of 0.025% taker / 0.010% maker (base 0.050% / 0.020%), plus 5% off with referral code
AGHSGT. - 42 single-stock perps — including SpaceX, Zhipu AI and Unitree Robotics — plus S&P 500, Nasdaq 100, gold, silver, oil, copper, gas, ETFs and USD/JPY, 24/7.
- Tokenized stocks accepted as collateral with published haircuts; no need to sell to USDC first.
- Two live incentive programs: 5,000,000 Ondo Points a week and a weekly USDC pool (175,000 USDC in week 17).
- Wallet or email sign-in with no KYC step in the docs (KYC is mentioned only for third-party fiat on-ramps), TWAP and TP/SL orders, API keys for every account.
Cons
- Public beta: $1M maximum position per market per account, $100,000 USDC-debt cap, 1 API request per second by default.
- Off-chain matching and a hot wallet (keys split across attestors) — not an on-chain order book.
- Dearer than Hyperliquid's trade.xyz stock perps (0.009% taker in growth mode), which also trade about 15 times more volume.
- Cross margin only; no isolated mode.
- Funding includes a fixed 0.03% per day interest component, a steady cost for longs when the perp trades at the oracle.
- US, Canada, Panama, Ukraine and other listed territories are excluded.
What Ondo Perps is
Ondo Finance is best known for tokenized treasuries (OUSG, USDY) and for Ondo Global Markets, which issues tokenized US stocks and ETFs (the "on" tokens such as SPYon). Ondo Perps is the derivatives side: USD-settled perpetuals on those same underlyings, "made available by Ondo Global (Panama) Inc." according to the official docs. Its pitch to market makers is capital efficiency — a desk can quote the NVDA perp and hedge with NVDAon in the same account instead of posting stablecoins on one venue and holding stock at a broker — which, if it works, should mean tighter books on equity perps than stablecoin-only venues offer.
Perps are named with a .P suffix (for example SPY-USD.P). There is also a small spot section where you buy and sell Ondo tokenized stocks against USDC; the docs now say spot fee rates are "set by market", and the public API listed 0% maker and taker on the spot pairs we checked. Order types are Market, Limit and TWAP, with reduce-only, post-only and take-profit / stop-loss.
Ondo Perps timeline
| Date | What happened |
|---|---|
| February 2026 | Ondo Finance announces Ondo Perps, a perpetual futures venue for US stocks, indices and commodities (Ondo's X account). |
| June 2, 2026 | Bug bounty opens on Cantina, with rewards of up to $1.5M for critical issues. |
| June 9, 2026 | "Ondo Perps Is Live": the public beta opens to eligible non-US traders (official blog). |
| July 7, 2026 | Tokenized stocks (SPYon, QQQon) accepted as collateral, first for Pre-Alpha users. Later in July they open to everyone, the position cap rises from $500,000 to $1,000,000 and API keys are enabled for all accounts (docs changelog). |
| July 23, 2026 | Ondo Points for perps traders start: 5,000,000 points a week from the Ondo Foundation. |
| August 4–5, 2026 | USDC on Arbitrum accepted, then tokenized gold and silver (GLDon, SLVon) as collateral — ten collateral tokens in total by the end of August. |
| September 15–30, 2026 | Win-Win Referral Boost: $20 to both sides for new accounts that deposit $100 and trade $500. |
| September 27, 2026 | 65 perp markets enabled; the highest leverage was 25x, on BTC, ETH, gold, silver, US100 and US500 (public API). |
| October 2026 | 70 perp markets enabled, up to 40x on BTC (public API). |
Sources: ondoperps.xyz/blog, ondo.finance/blog (July 7, 2026), docs.ondoperps.xyz/changelog and the Cantina bounty page, read September 27, 2026; api.ondoperps.xyz, read September 27, 2026 for the dated row and October 20, 2026 for the last row (fetched when this page is built). Ondo reported $6.5B of cumulative volume in early August 2026.
How custody works (read this before depositing)
Ondo Perps calls itself a "decentralized offchain exchange". In practice, per its technology and architecture pages:
- Matching, margin, liquidations and wallet logic run inside Intel SGX secure enclaves, encrypted even from the host and from Ondo's operators.
- An independent attestor network checks that the enclave runs the published code on genuine hardware, holds split key shares so no single party can move funds, and must approve code upgrades.
- Deposits go to a unique funding address and are then swept into an operational hot wallet; withdrawals are paid from it on-chain. Trades and balances are off-chain records.
So your funds are not in a smart contract you control, and your positions are not on a public chain. The design is closer to a centralized exchange with strong, hardware-backed integrity guarantees than to Hyperliquid (own L1) or Lighter (zk-rollup). Size your balance accordingly.
Bug bounty
Ondo Perps has run a public bug bounty on Cantina since June 2, 2026, a week before launch. Maximum rewards are $1.5M for a critical finding, $100,000 for high, $20,000 for medium and $1,000 for low, paid in USDC on Ethereum; researchers must pass KYC to join. A bounty is not an audit or an insurance policy, but its size signals how much Ondo is prepared to pay to hear about a fund-draining bug before an attacker uses it.
Ondo Perps fees: promo vs base
| Fee | Base rate | Promo rate (live September 27, 2026) | $10,000 round trip |
|---|---|---|---|
| Taker | 0.050% | 0.025% | $5.00 (promo) · $10.00 (base) |
| Maker | 0.020% | 0.010% | $2.00 (promo) · $4.00 (base) |
Source: docs.ondoperps.xyz/fees ("For a limited time, base trading fees are discounted 50% off") and the makerFee / takerFee fields of api.ondoperps.xyz/v1/perps/contracts, identical on every enabled market on September 27, 2026.
Volume tiers. The fee page now adds that "actual fees may be lower depending on your 14-day rolling trading volume (volume-based fee tiers) or individual fee arrangements". No tier table is published, so for a normal account the promo rate above is what you pay; high-volume traders should ask support.
What that means. At the promo rate a $10,000 taker round trip costs $5.00 — $4.75 with the 5% referral discount — against $9.00 for a crypto perp on Hyperliquid's base tier, $9.00 on edgeX and $0 on Lighter's Standard account. Hyperliquid's growth-mode stock perps (trade.xyz) cost about $1.80 for the same round trip, so for US stocks and indices Ondo is not the cheap option. When the promotion ends (no date is published), the base $10.00 round trip is the most expensive of the four, so check the fee line in the order ticket, which labels the discount.
Other charges. A 1.5% liquidation fee on the notional goes to the insurance fund. Funding is paid every hour, peer-to-peer, capped at ±1% per hour; it combines a premium (1/8 of the average premium each hour) with a fixed interest rate of 0.03% per day (about 10.95% a year). When a perp trades exactly at its oracle, longs therefore pay shorts about 0.00125% an hour — roughly $3 a day on a $10,000 long. USDC withdrawals may carry a fee; tokenized-stock withdrawals do not. If Auto-Exchange has to sell your stock collateral to cover USDC debt on a weekend or holiday, a 2.5% closed-market settlement fee applies.
Ondo Perps fee calculator
| Base rate | $50.00 |
| Promo rate (current) | $25.00 |
Promo + code AGHSGT (5% off) | $23.75 |
| For reference: Hyperliquid trade.xyz stock perp (growth mode) | $9.00 |
Fees on $100,000 of taker volume. The code saves $1.25 at the promo rate.
Rates from the facts registry (Ondo docs and API, September 27, 2026); volume is counted per fill, so opening and closing a $10,000 position is $20,000 of volume. Excludes funding and any builder fee charged by a third-party front-end.
Markets and leverage
The API listed 86 perp contracts on October 20, 2026, 70 of them enabled: 42 single stocks, 7 ETFs, 6 commodities, 2 indices, 2 FX pairs and 11 crypto assets. Leverage is set per market up to a maximum, all under cross margin:
| Max leverage | Markets | Examples | Maintenance margin |
|---|---|---|---|
| 40x | 1 | BTC | 1.25% |
| 25x | 5 | ETH, gold (XAU), silver (XAG), US100, US500 | 2% |
| 20x | 4 | AAPL, SPY, QQQ, WTI crude | 2.5% |
| 15x | 6 | NVDA, MSFT, GOOGL, HOOD, Brent, copper | 3.33% |
| 10x | 38 | TSLA, META, AMZN, AMD, COIN, MSTR, PLTR, SpaceX, TSM, SK Hynix, Samsung, SOL… | 5% |
| 5x | 16 | ENA, PUMP, SNDK, MRNA, Zhipu AI, MiniMax, Unitree, 3x ETFs (KORU), LIT, NEAR, BMNR, DKNG… | 10% |
From api.ondoperps.xyz/v1/markets (marginInfo), fetched October 20, 2026 at 03:53 UTC when this page was built; each market currently has a single $1M position bracket. The docs' leverage page still shows an older table (20x maximum, NVDA 10x); the live app showed NVDA at 15x, matching the API.
Weekends and holidays. During US market hours the oracle uses external feeds (Pyth, Stork and others). From Friday's close until Sunday evening ET, and on US holidays, the price switches to an internal oracle driven by Ondo Perps' own order book, smoothed over time. Collateral is marked continuously and liquidations keep running. Expect gaps at Monday's open to be settled against that internal price — the core risk of any 24/7 stock perp.
Volume: a weekday gold and index venue
Live: in the 24 hours to 03:53 UTC on Tuesday, October 20, 2026, the public contracts endpoint summed to $343.3M of volume and $105.3M of open interest across 70 markets (refreshed on every site build).
Weekday vs weekend. Volume swings hard with the US market calendar. The same endpoint summed to $142.6M on Thursday, September 24, 2026 and only $24.8M over Saturday, September 26, when stock and index markets run on the internal oracle and most traders sit out; crypto perps (BTC led on Saturday) carry the weekend. On the Thursday, commodities were $67.1M (gold alone $50.7M, 36% of the exchange), stocks $31.5M, indices $20.6M, crypto $20.1M and ETFs $3.2M, and the app footer showed $29.5M of tokenized-stock collateral on deposit. CoinGecko and DefiLlama track the same venue if you want a history.
| Market (Thursday, Sep 24) | 24h volume | Open interest |
|---|---|---|
| Gold (XAU) | $50.7M | $13.8M |
| Nasdaq 100 (US100) | $12.5M | $6.2M |
| BTC | $10.2M | $3.5M |
| Silver (XAG) | $8.7M | $5.4M |
| S&P 500 (US500) | $8.1M | $9.7M |
| WTI crude | $6.3M | $3.5M |
| ETH | $5.7M | $2.6M |
| Micron (MU) | $4.0M | $1.8M |
api.ondoperps.xyz/v1/perps/contracts (usdVolume, openInterestUsd), September 24, 2026. A single weekday; volumes move with incentives.
The NVDA book on the trade page showed a $0.02–0.03 (0.01%) spread with roughly $750k of daily volume — fine for retail size, thin for anything large. Most single-stock perps trade a few hundred thousand to a few million dollars a day, so use limit orders on anything outside gold, the indices and BTC.
Tokenized stocks as collateral
USDC is accepted on Ethereum and Arbitrum; Ondo tokenized stocks on Ethereum only. Twelve tokens qualify as of September 27, 2026: SPYon, QQQon, NVDAon, GOOGLon, TSLAon, MUon, SNDKon, DRAMon, SPCXon, CRCLon, GLDon and SLVon (MUon and DRAMon joined the ten listed in the August changelog). Each carries a haircut and a cap on how much counts toward margin — SPYon and QQQon 10%, GOOGLon, MUon, SNDKon and DRAMon 15%, TSLAon 17%, NVDAon, SPCXon and CRCLon 25%, GLDon 6.5% and SLVon 9% (full table). The haircut only reduces margin credit; you withdraw the same tokens. Losses are covered by borrowing USDC against the stock ("USDC Debt"), limited in the beta to 30% of your non-USDC margin value and $100,000 per account; hitting the limit triggers Auto-Exchange, which sells just enough collateral to repay it. A stock-collateral account can therefore be liquidated by a fall in the collateral as well as in the position.
Ondo's July 2026 announcement called this a first for perps; CoinPost pointed out that Nado, a perp DEX on Ink, already accepted Backed's xStocks as margin. Ondo's version is the broader one today: twelve tokens including gold and silver, with published caps.
What traders use Ondo Perps for
- Hedging stocks without selling them. Deposit NVDAon or SPYon, keep the shares' upside, and short the matching perp over an earnings release or a weekend. The hedge and the collateral sit in one account, so a gain on one side offsets the other's margin effect — within the haircut.
- The gold and silver basis trade. Since August 5, 2026 you can post GLDon or SLVon and short the gold or silver perp. You are market-neutral and collect funding while it is positive; with the fixed 0.03%/day interest component, a short earns about 0.00125% an hour when the perp trades at the oracle. The risks are funding turning negative, the collateral haircut and the weekend 2.5% Auto-Exchange fee.
- Trading indices and gold outside market hours. US100, US500, gold and oil trade through weekends and US holidays, priced by the internal oracle. Useful for reacting to weekend news; dangerous if Monday opens far away.
- Market making and bots. Every account can create API keys; see API and bots.
Ondo Points and weekly USDC rewards
Ondo Points come from the Ondo Foundation: a fixed 5,000,000 points per week, split by trading activity — "higher volume and OI increases your share" — and credited shortly after each week ends. The leaderboard's top account had about 12.4M points on September 24, 2026. There is no published conversion into ONDO or any other token, so treat points as an unpriced bonus, not income. Points are not available in the US, Panama or other non-eligible jurisdictions.
USDC Rewards are a separate cash pool set at the start of each week and shared by trading activity ("the more you trade and longer you hold, the bigger your share"). Epochs run Tuesday to Monday (UTC) and rewards land in your trading account within 48 hours, with no claim step. The pool was 100,000 USDC in week 1 (paid June 11, 2026) and has been 175,000 USDC a week since week 7; week 17 pays on October 1, 2026. Ondo also offered a $100 deposit to traders with more than $1M of volume on any HIP-3 venue who opened an account. Incentives like these explain part of today's volume — do not trade more than you would anyway to chase them.
Ondo Perps referral code AGHSGT: 5% off fees
Our Ondo Perps referral code is AGHSGT. The standing program, as shown on the app's Referrals page and Ondo's "Multiple Ways To Earn" post (re-checked September 27, 2026): anyone who signs up with a code gets a 5% discount on trading fees "for the duration of the program", and the referrer earns 10% of those fees, credited automatically. Opening the app through our link passes the code along; before your first trade, open Referrals and check that the 5% discount shows as applied — if it does not, choose Apply Referral Code and type it in. A code can only be applied once per account.
Beware of "20–30% off" codes. Many pages ranking for "Ondo Perps referral code" promise bigger discounts. The official referee discount is 5% for every valid code; no code unlocks more, and there is no end date for the discount other than the program itself.
What we earn: at the promo rate, a referee trading $250,000 a month as taker pays about $59 in fees after the 5% discount, so our 10% is about $6 a month; at the base rate it would be about $12. It comes out of Ondo's fee revenue, not on top of your fees.
Try Ondo Perps with code AGHSGT
5% off your trading fees. Start small — the platform is in public beta — and try a liquid market such as gold or the Nasdaq 100 first.
Open Ondo Perps →How to start trading on Ondo Perps
Sign in
Open app.ondoperps.xyz and connect a wallet (MetaMask, Coinbase Wallet, Phantom, OKX Wallet, Brave, Nightly or any WalletConnect wallet) or sign in with email. The docs describe no KYC step for trading; residents of restricted territories are not eligible.
Check the referral code
Before you trade, open the Referrals page. If the 5% discount is not shown as applied, choose Apply Referral Code and enter AGHSGT to get 5% off trading fees.
Fund
Click Fund, choose USDC on Ethereum or Arbitrum (or an eligible tokenized stock on Ethereum), and send it to your unique funding address. No bridge contract is involved and there is no minimum.
Set leverage and trade
Pick a market, set leverage up to its maximum (cross margin), and use Market, Limit or TWAP with TP/SL. The ticket shows the fee rate and estimated liquidation price.
Withdraw
USDC goes out on Ethereum or Arbitrum, whichever you choose (not tied to the network you funded on); tokenized stocks go out on Ethereum. Unrealized profit is not withdrawable until you close the position.
Ondo Perps API and trading bots
API key creation has been on for every account since July 2026. During the public beta the default limit is 1 request per second; the docs say higher limits are available by emailing support with your account ID and use case. The API reference covers orders (limit, market, batched orders, cancel-all), positions, deposits and withdrawals, IP whitelisting per key, Sign-In with Ethereum authentication and a sandbox environment. Public market data — the contracts and markets endpoints this page reads — needs no key.
Builders. Third-party front-ends can integrate Ondo Perps and add a builder fee of up to 10 bps on top of the normal maker/taker fee. If you trade through an app rather than app.ondoperps.xyz, check its fee line.
Ondo Perps vs Hyperliquid, edgeX and Lighter for stock perps
| Ondo Perps | Hyperliquid | edgeX | Lighter | |
|---|---|---|---|---|
| Taker / maker on stock perps | 0.025% / 0.010% promo (0.050% / 0.020% base) | 0.009% / 0.003% on xyz growth-mode markets; 0.090% / 0.030% without (e.g. gold) | 0.045% / 0.040% | 0% / 0% (Standard) |
| Stock perps | 42 stocks + 7 ETFs + 2 indices, ~$143M/day on a weekday (whole venue) | 93 stocks + 4 indices on trade.xyz (HIP-3), ~$2.1B/day | 93 stock and ETF perps | US equities, indices, pre-IPO |
| Max leverage on stocks | AAPL 20x, NVDA 15x, US500 25x, most 10x | NVDA 20x, TSLA 20x, XYZ100 30x, SP500 50x, most 10x | NVDA 20x, TSLA 10x | See contract specs |
| Stock collateral | Yes (Ondo tokenized stocks) | No | No | No |
| Custody | Off-chain, SGX enclaves, hot wallet | Own L1 | Own rollup, Ethereum settlement | zk-rollup, Ethereum settlement |
| Incentives | 5,000,000 Ondo Points + 175,000 USDC a week | None (points ended) | Event campaigns | No points page in the app (Sep 25, 2026) |
| Referral for you | 5% off fees (AGHSGT) | 4% off (HOLYGRAIL) | No discount published | First week of Premium fees rebated |
Hyperliquid column: api.hyperliquid.xyz metaAndAssetCtxs (dex=xyz) and the order ticket, September 24, 2026. Growth mode cuts HIP-3 fees by at least 90% and is set per market by the deployer; gold, MSTR, BMNR and STRC were not in growth mode.
On fees, Hyperliquid is cheaper for stocks and indices. Almost every trade.xyz market runs in growth mode, so a $10,000 NVDA taker round trip costs about $1.80 on Hyperliquid against $5.00 on Ondo at the promo rate, and the xyz books trade roughly 15 times Ondo's total volume. Ondo undercuts Hyperliquid only on markets without growth mode — gold is the one that matters (0.025% vs 0.090% taker) — and it undercuts edgeX's 0.045% everywhere while the promo lasts. Lighter's free Standard tier is cheaper still. See trade.xyz: stocks on Hyperliquid for the full xyz fee and market list.
Where Ondo Perps still wins: it is the only one of the four that lets you keep tokenized stocks as margin, it is cheaper for gold, and it lists a few names xyz does not (Corning, Take-Two, and SPY / QQQ as ETF perps rather than index perps). For crypto perps, Hyperliquid remains the venue with the depth — see our Hyperliquid review, edgeX review and Lighter review.
Trading crypto perps? Hyperliquid has the liquidity
Join with code HOLYGRAIL for 4% off fees on your first $25M of volume.
Risks and limits
- Custody and operator risk. Funds sit in a hot wallet governed by enclaves and attestors, and trading records are off-chain. The attestor design limits abuse; it does not make the venue trustless.
- Public beta. "Reduced risk parameters", a $1M position cap per market, a $100,000 USDC-debt cap and frequent updates with possible maintenance downtime.
- Weekend pricing. Outside US market hours the price comes from Ondo Perps' own order book. A Monday gap can liquidate positions that looked safe on Sunday.
- Collateral risk. With stock collateral, a drop in the stock raises your margin ratio even if your perp position is flat; weekend Auto-Exchange costs 2.5%.
- Carry cost. The fixed 0.03%/day interest component means holding longs for weeks costs about 11% a year at a zero premium.
- Promotions end. Fees double when the 50%-off promo ends; points have no guaranteed value.
- Jurisdiction. Not for US persons or the other listed territories; the Terms also exclude any country where the service would need a licence.
Frequently asked questions
What is Ondo Perps?
Ondo Perps is a perpetual futures exchange for US stocks, indices, commodities, ETFs, FX and a few crypto assets, built on Ondo Finance technology and made available by Ondo Global (Panama) Inc. It trades 24/7, accepts USDC or Ondo tokenized stocks (such as SPYon or NVDAon) as collateral, and offers up to 40x. It has been in public beta since June 9, 2026; the public API listed 70 enabled perp markets on October 20, 2026.
What is Ondo Finance?
Ondo Finance is a tokenization company that brings traditional assets on-chain: tokenized US Treasuries (OUSG and USDY) and, through Ondo Global Markets, tokenized US stocks and ETFs such as SPYon, NVDAon and GLDon. Ondo Perps is its derivatives venue. ONDO is the token of that wider ecosystem, and the Ondo Foundation — a Cayman Islands foundation company that runs Ondo Points — is described by Ondo Perps as its ultimate majority shareholder.
What is a perp in crypto?
A perp (perpetual future) is a futures contract with no expiry date. Instead of settling on a fixed day, it stays close to the underlying price through a funding payment between longs and shorts. On Ondo Perps funding is paid every hour and combines a premium with a fixed 0.03% per day interest component, so longs pay shorts a small amount even when the perp trades exactly at the oracle price. You post margin, pick leverage, and profit or lose on the price move without owning the stock or coin.
Is perp trading risky?
Yes. Leverage magnifies losses as much as gains, and a position is liquidated when your margin falls to the maintenance level. On Ondo Perps, with no spare margin in the account, a 40x position (1.25% maintenance margin) is liquidated after an adverse move of roughly 1.3%, and a 10x stock position after roughly 5%, and liquidation costs a further 1.5% of notional. Stock perps add weekend and holiday gaps, when prices come from Ondo's internal oracle, and Ondo adds custody and beta risk. Use low leverage and money you can afford to lose.
What are Ondo Perps fees?
Base rates are 0.020% maker and 0.050% taker. A limited-time promotion halves them to 0.010% maker and 0.025% taker, and that promo rate was what the app and API charged on September 27, 2026; no end date is published. The docs also mention volume-based tiers over a 14-day rolling window, without publishing the schedule. Signing up with a referral code (ours is AGHSGT) takes a further 5% off. Liquidations cost 1.5% of notional. Funding is hourly and includes a fixed 0.03% per day interest component.
How do Ondo Points work?
Ondo Points are issued by the Ondo Foundation. A fixed pool of 5,000,000 points is shared every week according to each trader's activity, with higher volume and open interest earning a bigger share, and points are credited shortly after the week ends. Separately, Ondo Perps runs a weekly USDC reward pool (175,000 USDC in week 17). Neither Ondo nor this page promises that points will convert into tokens or have any value.
Is there an Ondo Perps referral code?
Yes: ours is AGHSGT. Open Ondo Perps through our link, or enter the code under Apply Referral Code on app.ondoperps.xyz/referrals before your first trade. New users who apply any valid code get 5% off trading fees "for the duration of the program", and the referrer (here, this site) earns 10% of their fees. No code gives more: posts promising 20–30% off with a particular Ondo Perps code are wrong.
Is Ondo Perps available in the US or Japan?
Not in the US. The Terms of Use (updated August 21, 2026) restrict the United States, Panama, Canada, Russia, Ukraine, Belarus, Iran, North Korea, Venezuela, Cuba and other listed or sanctioned territories, plus any country where offering the service would require a licence. Japan is not named in the list, but that catch-all clause applies, so check your local rules.
Is Ondo Perps a DEX? Who holds my funds?
It is an off-chain exchange with on-chain funding and withdrawals. Matching, margin and liquidations run inside Intel SGX secure enclaves; deposited tokens are swept into an operational hot wallet whose keys are split across an independent attestor network, so no single party can move funds alone. That is a different trust model from Hyperliquid or Lighter, where balances live on a chain or rollup you can verify.
Ondo Perps vs Hyperliquid: which is better for stock perps?
On price and liquidity, Hyperliquid. Its stock and index perps are the trade.xyz HIP-3 markets (xyz:NVDA, xyz:SP500 and so on), and almost all of them run in growth mode, which cuts the fee to 0.009% taker / 0.003% maker — below Ondo's 0.025% / 0.010% promo rate. On September 24, 2026 xyz listed 93 stock perps and did about $2.1B of 24-hour volume, against about $143M for all of Ondo Perps, with more leverage (NVDA 20x vs 15x, S&P 500 50x vs 25x). Ondo is cheaper only where xyz has no growth mode, such as gold (0.090% taker on xyz). Ondo's real edges are tokenized stocks as margin and a few names xyz does not list, such as Corning and Take-Two.
Is there an Ondo Perps token? How does ONDO relate?
No. The Ondo Perps docs and app describe no token of the exchange's own: you trade with USDC or Ondo tokenized stocks, and incentives are Ondo Points (issued by the Ondo Foundation) and weekly USDC rewards. The token of the wider Ondo ecosystem is ONDO, which you can also trade on Ondo Perps as the ONDO-USD perp (up to 10x). A Solana token called "Ondo Perps" that appears on some price-tracking sites is not mentioned by any official Ondo Perps channel; treat it and any "Ondo Perps airdrop" claim as unrelated.
Open Ondo Perps with code AGHSGT
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Open Ondo Perps →Related: all exchange reviews · edgeX review (93 stock perps) · Hyperliquid review · stock perps on Hyperliquid (trade.xyz) · gold perps guide · Hyperliquid fees · Hyperliquid referral code HOLYGRAIL · perp DEX ranking · dYdX review · Polymarket Perps review (39 stock perps).
Disclosure: we earn a commission when you sign up through links on this page; it does not raise your fees. Links to Ondo Perps use our referral code AGHSGT (we receive 10% of the trading fees of accounts that join with it) and links to Hyperliquid use our referral code HOLYGRAIL. Ondo Perps figures were read from its official docs, public API and app on September 24, 2026 and re-checked September 27, 2026; volumes are snapshots and promotions change. Perpetual futures are high-risk instruments.