Ondo Perps vs trade.xyz
Pick Ondo Perps for traders outside the US, Canada and Panama; code TLPF58 gets 5% off fees.
Pick trade.xyz for traders outside the US, UK and Canada; code DEXSHEET gets 4% off fees.
On a $1,000 buy and sell, Ondo Perps costs $0.48 in platform fees vs $0.17 on trade.xyz (checked 2026-10-31).
Open trade.xyz — 4% off fees Open Ondo Perps — 5% off fees
Checked 2026-10-31 · full table belowOndo Perps is a perpetual futures exchange for US stocks, ETFs, indices and commodities, plus an OpenAI pre-IPO contract, with up to 20x leverage and 24/7 trading. It is made available by Ondo Global Panama Inc. using Ondo Finance technology, matches orders off-chain inside secure enclaves, and accepts USDC or Ondo tokenized stocks as collateral.
trade.xyz deploys perpetual markets on Hyperliquid through HIP-3, covering US and Asian stocks, ETFs, equity indices, commodities, FX and pre-IPO companies, all margined and settled in USDC. Hyperliquid's own engine matches orders and holds positions; trade.xyz sets the market rules and price feeds and runs a web interface at app.trade.xyz.
trade.xyz saves $0.30 per $1,000 round trip.
Our take
Both sell 24/7 perps on US stocks, indices and commodities to traders outside the US. trade.xyz is cheaper on most markets (0.009% taker versus Ondo's promotional 0.025%), lists far more markets and leaves funds in your own Hyperliquid account. Ondo Perps offers up to 20x on its most liquid markets and lets you post Ondo tokenized stocks as margin, but deposits sit in an exchange hot wallet.
Choose Ondo Perps if
You hold Ondo tokenized stocks such as SPYon or NVDAon and want to use them as margin, or you want up to 20x on the S&P 500, Nasdaq 100, gold, silver or oil.
Choose trade.xyz if
You want the lowest fees on stock perps, a wider list of US and Asian stocks, FX and pre-IPO markets, and funds held in your own Hyperliquid account.
Key differences
- Fees: trade.xyz growth-mode markets cost 0.009% taker and 0.003% maker; GOLD, MSTR and a few others pay 0.09% taker. Ondo Perps charges 0.025% taker and 0.01% maker under a limited-time promotion, 0.05% and 0.02% at base rates.
- Worked example, $10,000 position opened and closed as taker: about $1.80 on a trade.xyz growth-mode market, $5.00 on Ondo Perps at the promotional rate, and $18.00 on a standard-rate trade.xyz market such as GOLD.
- Custody: trade.xyz positions sit in your own Hyperliquid account, settled by Hyperliquid's validators. Ondo Perps sweeps deposits into an exchange hot wallet secured by Intel SGX enclaves and an attestor network.
- Collateral: Ondo Perps accepts USDC plus Ondo tokenized stocks after a 6.5% to 25% haircut. trade.xyz margins and settles in USDC.
- Leverage: Ondo Perps allows 20x on AAPL, its two US index perps, gold, silver and WTI, and 10x on most single stocks. trade.xyz caps most markets at 10x.
- Geo: both bar US residents and Canada. trade.xyz also bars the UK; Ondo Perps also bars Panama and does not name the UK.
- Track record: trade.xyz has had two liquidation events tied to its price feeds (XYZ100 in December 2025, SKHYNIX in July 2026). We found no reported incidents at Ondo Perps, which has been in Public Beta since June 2026 with a $1M position cap per market.
How to choose
- Lowest cost per trade on US stocks: trade.xyz, on its growth-mode markets.
- You already hold Ondo tokenized stocks and want to hedge or add leverage without selling them: Ondo Perps.
- Want funds to stay in your own wallet account: trade.xyz.
- UK resident: trade.xyz is off limits; Ondo Perps' terms do not name the UK.
- US resident: neither is available.
Editorial view based on the fee and policy data on this page. Updated 2026-10-28.
Side by side
| Ondo Perps | trade.xyz | |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Status | beta | live |
| Chains | Ethereum, Arbitrum | Hyperliquid |
| Platforms | web | web |
| Custody | Custodial | Self-custody |
| KYC | none | none |
| Platform fee, round trip | 0.05% | 0.018% |
| $1,000 round trip | $0.50 | $0.18 |
| Sign-up perk | 5% discount on trading fees for the duration of the program | 4% off fees for the first $25M of volume, through a Hyperliquid referral code. Hyperliquid's fee formula applies this discount to HIP-3 perps, including trade.xyz markets. |
| Perps taker / maker | 0.025% / 0.01% | 0.009% / 0.003% |
| United States | Not available | Not available |
| United Kingdom | Unverified | Not available |
| European Union | Unverified | Unverified |
| Launched | 2026-06 | 2025-10 |
| Reported incidents | 0 | 2 |
Features
| Feature | Ondo Perps | trade.xyz |
|---|---|---|
| perps | ✓ | ✓ |
| stock perps | ✓ | ✓ |
| index perps | ✓ | ✓ |
| commodity perps | ✓ | ✓ |
| ETF perps | ✓ | ✓ |
| pre-IPO perps | ✓ | ✓ |
| spot | ✓ | — |
| tokenized stock collateral | ✓ | — |
| 24/7 trading | ✓ | ✓ |
| limit orders | ✓ | ✓ |
| TWAP | ✓ | — |
| take profit / stop loss | ✓ | — |
| API | ✓ | — |
| email sign-in | ✓ | — |
| points | ✓ | — |
| forex perps | — | ✓ |
| event contracts | — | ✓ |
| cross and isolated margin | — | ✓ |
"—" means the feature was not in the sources we checked, not proof it's missing.
Ondo Perps: watch out for
- The Terms exclude US, Canadian and Panamanian residents, US persons, and a long list of other territories.
- Still in Public Beta, with positions capped at $1M per market per account.
- Deposits are swept into an exchange hot wallet, so you rely on Ondo's enclave and attestor setup rather than holding funds in your own wallet.
trade.xyz: watch out for
- The Terms bar people in the US, Canada and the UK, and ban VPNs to get around that.
- trade.xyz runs the price feeds; a bad Korean pre-market print in July 2026 crashed the SKHYNIX perp about 18% and liquidated an estimated $57.4M of positions.
- Markets keep trading when the underlying exchange is closed, so weekend prices can drift from the real market, as in the December 2025 XYZ100 liquidations.
FAQ
Which is better, Ondo Perps or trade.xyz?
Both sell 24/7 perps on US stocks, indices and commodities to traders outside the US. trade.xyz is cheaper on most markets (0.009% taker versus Ondo's promotional 0.025%), lists far more markets and leaves funds in your own Hyperliquid account. Ondo Perps offers up to 20x on its most liquid markets and lets you post Ondo tokenized stocks as margin, but deposits sit in an exchange hot wallet.
Is Ondo Perps better than trade.xyz?
trade.xyz is cheaper: a $1,000 buy-and-sell costs $0.17 in platform fees vs $0.48 on Ondo Perps. Pick Ondo Perps if you are traders outside the US, Canada and Panama who want leveraged 24/7 exposure to US stocks, indices and commodities, especially holders of Ondo tokenized stocks who want to post them as margin. Pick trade.xyz if you are traders outside the US, UK and Canada who want leveraged, round-the-clock exposure to stocks, indices, commodities, FX and pre-IPO companies from a self-custodied Hyperliquid account.
Which is cheaper, Ondo Perps or trade.xyz?
trade.xyz. On a $1,000 round trip: trade.xyz $0.17 vs Ondo Perps $0.48, platform fees only.
Can I use Ondo Perps or trade.xyz in the US?
Ondo Perps: not available. trade.xyz: not available. Based on each venue's own terms.
Sources
Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.
- Ondo Perps Docs: Welcome to Ondo Perps — checked 2026-10-28
- Ondo Perps Docs: Fees — checked 2026-10-28
- Ondo Perps Docs: Markets — checked 2026-10-28
- Ondo Perps Docs: Leverage — checked 2026-10-28
- Ondo Perps Docs: Public Beta — checked 2026-10-28
- Ondo Perps Docs: Technology — checked 2026-10-28
- trade[XYZ] Docs: Fees (growth-mode and standard HIP-3 fee tiers) — checked 2026-10-20
- Hyperliquid Docs: Fees (HIP-3 deployer fee share, growth mode, fee formula with referral discount) — checked 2026-10-20
- Hyperliquid info API, meta for dex 'xyz' (growthMode and deployerFeeScale per market; POST request) — checked 2026-10-20
- trade[XYZ] Docs: Relationship to Hyperliquid — checked 2026-10-20
- trade[XYZ] Docs: Perpetuals — checked 2026-10-20
- trade[XYZ] Docs: Specification Index (leverage and margin mode per market) — checked 2026-10-20