Ondo Perps
As of Oct 28, 2026, Ondo Perps is a perp DEX on Ethereum and Arbitrum costing 0.05% per round trip ($0.50 on a $1,000 buy and sell), 0.048% with code TLPF58 (5% off fees). Not available in the US.
Checked 2026-10-28 · sources 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.
Cost: Perps pay 0.025% taker and 0.01% maker on filled notional under a limited-time 50%-off promotion; the base rates are 0.05% taker and 0.02% maker. Fees are charged in USDC, and 14-day volume tiers can lower them, though no tier table is published. Liquidated positions pay 1.5% of notional to the insurance fund. Funding is exchanged hourly between longs and shorts. OPAIPon (OpenAI note) spot trades pay 0.50% taker and 0.25% maker. A $1,000 buy-and-sell costs about $0.50 in Ondo Perps fees.
More on Ondo Perps: Overview · Referral code · Fees · Is it legit? · Alternatives · US alternatives
TLPF58You get: 5% discount on trading fees for the duration of the program.
- Round trip fee
- 0.05% buy + sell, platform fee
- $1,000 buy + sell
- $0.50 $0.48 with sign-up discount
- Fees paid, 30d
- — not tracked by DefiLlama
- US availability
- Not available UK: unverified · EU: unverified
Quick answers
- Can I use Ondo Perps in the US? No. Ondo Perps is not available to users in the United States.
- Does Ondo Perps require KYC? No. Ondo Perps does not require identity verification (KYC) to trade, according to its published terms and docs.
- Does Ondo Perps have a mobile app? No native mobile app is listed. Ondo Perps works in a web browser.
- Is Ondo Perps custodial? Who holds your funds? Yes. Ondo Perps is custodial: the venue holds your funds on your behalf.
- What chains does Ondo Perps support? Ondo Perps supports 2 chains: Ethereum and Arbitrum.
- Why can't I withdraw from Ondo Perps? Withdraw USDC on Ethereum or Arbitrum, regardless of the network you funded on, and tokenized stocks on Ethereum as the same Ondo token you deposited. Ondo pays the gas. Ondo Perps documents 3 reasons a withdrawal can be delayed or held, listed below.
- Custody
- Custodial
- KYC
- none
- Platforms
- web
- Launched
- 2026-06
Best for: 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.
Ondo Perps fees
| Fee | Type | Rate | Applies to | Note |
|---|---|---|---|---|
| Perps taker fee | protocol | 0.025% | Buy and sell | Limited-time promotional rate, 50% off the 0.05% base rate. Charged in USDC on filled notional. |
| Perps maker fee | protocol | 0.01% | Buy and sell | Limited-time promotional rate, 50% off the 0.02% base rate. |
| Liquidation fee | other | 1.5% | close | 1.5% of the liquidated position's notional, paid to the insurance fund. Reduced or zero if your margin balance can't cover it. |
| Builder fee | platform | — | Buy and sell | Third-party apps built on the API can add up to 0.10% on top of the maker/taker fee. Trading on app.ondoperps.xyz carries none. |
| OPAIPon spot taker fee | protocol | 0.5% | Buy and sell | Introductory rate for the OpenAI Private Market Note on Spot; maker 0.25%. Other spot markets set fees per market. |
| USDC withdrawal fee | network | — | Buy and sell | USDC withdrawals may carry a fee (amount not published); tokenized-stock withdrawals carry none. |
Fee tiers
| Tier | Rate | Requirement |
|---|---|---|
| Promotional (current default) | 0.025% | limited-time 50% off; maker 0.01% |
| Base | 0.05% | list rate before the promotion; maker 0.02% |
Perps: taker 0.025%, maker 0.01% — Limited-time promotional rates, half the 0.05% taker and 0.02% maker base. Referral rebates and 14-day volume tiers lower the net fee further. Funding is paid every hour.
Platform fees only. On-chain network/priority fees, pool (LP) fees and price impact are extra and vary by trade.
Full Ondo Perps fee breakdown →
Is Ondo Perps legit?
You sign in with your own wallet or email, but deposits go to a funding address and are swept into the exchange's operational hot wallet; withdrawals are approved by the exchange engine. Ondo says the engine runs inside Intel SGX enclaves, that keys able to move funds are split across an independent attestor network so no single party can move them, and that no Ondo entity custodies user funds.
We found no reported hacks or fund losses in the sources we checked. That is not a guarantee.
The full "is Ondo Perps legit?" check →
Where Ondo Perps is available
| Region | Status |
|---|---|
| United States | Not available |
| United Kingdom | Unverified |
| European Union | Unverified |
Terms of Use (last updated 2026-08-21): the Platform is not available to anyone who resides in, is located in or is incorporated in Panama, the United States or Canada, to US persons, or to anyone placing orders from the US. The Designated Restricted Territories also include Russia, Iran, Ukraine, North Korea, Venezuela, Afghanistan, Cuba, Somalia, Sudan, South Sudan, Crimea, Donetsk, Luhansk, the Kherson and Zaporizhzhia regions, Sevastopol, Libya, Myanmar and Belarus, plus any country where offering the service would require registration. The UK and EU are named only as sanctions authorities, not as restricted regions; the venue does not confirm availability there. (source)
We report what the venue's own terms say. Don't use a VPN to get around restrictions; venues can freeze accounts that do.
Pros and cons
Pros
- Perps cost 0.025% taker and 0.01% maker under the current promotion, and a referral code takes 5% off that.
- Ondo tokenized stocks such as SPYon, NVDAon and TSLAon count as margin alongside USDC, after a 6.5% to 25% haircut.
- 28 perps on US stocks, indices, commodities and ETFs plus an OpenAI pre-IPO contract, open 24/7 including weekends.
- Matching runs inside Intel SGX enclaves, and code upgrades need approval from a majority of independent attestors.
- Sign in with a wallet or email; the docs describe no identity check to trade.
Cons
- 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.
- The current fees are a limited-time promotion; base rates are twice as high, and liquidations cost 1.5% of notional.
Features
perpsstock perpsindex perpscommodity perpsETF perpspre-IPO perpsspottokenized stock collateral24/7 tradinglimit ordersTWAPtake profit / stop lossAPIemail sign-inpoints
Ondo Perps code
TLPF58You get: 5% discount on trading fees for the duration of the program.
Alternatives to Ondo Perps
Lighter
Non-US, non-UK retail perps traders who want zero trading fees and can accept slower taker execution than paid accounts.
0%Round trip
Paradex
Non-US traders who place orders manually through a web UI and want zero-fee perps plus options from one margin account.
0%Round trip
trade.xyz
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.
0.018%Round trip
Extended
Traders outside the US, UK and Canada who want low taker fees on crypto plus stock, FX, commodity and index perps from one USDC margin account in their own wallet.
0.05%Round trip
All Ondo Perps alternatives compared →
Head to head
Ondo Perps market share
- Ondo Perps ranked #10 of 12 perp DEXes by trading volume in the 24 hours to 2026-10-31: $228.1M, 1.4% of the tracked total.Full perp dex trading volume table
- Ondo Perps ranked #8 of 17 perp DEXes by open interest on 2026-10-31: $106.2M, 0.7% of the tracked total.Full perp dex open interest table
Where Ondo Perps ranks
- #4 in Best perp DEX on Arbitrum?of 5
- #5 in Lowest-fee perp DEXesof 10
Ondo Perps FAQ
Is Ondo Perps legit?
Ondo Perps is a live perps venue made available by Ondo Global Panama Inc. using Ondo Finance technology; the Ondo Foundation is its majority shareholder. It has been in Public Beta since June 9, 2026, and we found no reported hacks or fund losses. Deposits sit in an exchange hot wallet secured by enclaves and attestors.
What are Ondo Perps' trading fees?
Under a limited-time 50%-off promotion, perps cost 0.025% taker and 0.01% maker on filled notional, charged in USDC. Base rates are 0.05% taker and 0.02% maker. Liquidated positions pay 1.5% of notional to the insurance fund, and funding is exchanged every hour.
Can US residents use Ondo Perps?
No. The Terms of Use, last updated August 21, 2026, exclude anyone residing or located in the US, Canada or Panama, all US persons, and residents of a list of sanctioned or restricted territories. The UK and EU are not named as restricted regions.
What is the max leverage on Ondo Perps?
Up to 20x on AAPL, the US500 and US100 indices, gold, silver and WTI oil. Most single-stock perps, including NVDA and TSLA, cap at 10x, Brent oil at 15x, and the OpenAI pre-IPO perp at 3x.
Can I use tokenized stocks as collateral on Ondo Perps?
Yes. Ondo tokenized stocks on Ethereum, such as SPYon, QQQon, NVDAon and TSLAon, count toward perps margin after a 6.5% to 25% haircut, up to a cap per asset. Withdrawing returns the same tokenized stock, not USDC.
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
- Ondo Perps Docs: Architecture — checked 2026-10-28
- Ondo Perps Docs: Funding Ondo Perps — checked 2026-10-28
- Ondo Perps Docs: Getting started — checked 2026-10-28
- Ondo Perps Docs: Funding Rates — checked 2026-10-28
- Ondo Perps Docs: Withdrawals — checked 2026-10-28
- Ondo Perps Terms of Use (last updated August 21, 2026) — checked 2026-10-28
- Ondo Perps app: Referrals — checked 2026-10-28
- Ondo Perps blog: Multiple Ways To Earn: Points, Rewards, Referrals, & More (Aug 4, 2026) — checked 2026-10-28
- Ondo Perps blog: Ondo Perps Is Live (Jun 9, 2026) — checked 2026-10-28
- The Block: Ondo Finance says tokenized stocks can now be used as collateral for perp trading — checked 2026-10-28