Ondo Perps launched spot trading for 12 Ondo tokenized stocks and exchange-traded funds on Sept. 28, allowing eligible non-U.S. traders to buy the assets and redeploy them as collateral for perpetual futures on the same venue.

The platform disclosed the launch through Ondo Finance's announcement channels and a public market feed, listing USDC-denominated spot pairs with zero maker and taker fees. "This brings the basis trade onto a single platform," Ondo Perps said.

The 12 spot markets cover NVIDIA (NVDAon), Tesla (TSLAon), Alphabet (GOOGLon), Micron (MUon), Circle (CRCLon), SpaceX (SPCXon), Sandisk (SNDKon), SPYon, QQQon, gold-linked GLDon, silver-linked SLVon and Roundhill Memory ETF's DRAMon. Spot trading will remain fee-free for the first 30 days.

The change attaches a purchasing step to an existing collateral system. Ondo Perps opened SPYon and QQQon collateral support to all eligible users in July and added more assets through August, according to the platform's changelog. Traders can now buy supported tokens on the venue and transfer them from a Spot balance to a Perps balance to back derivatives positions without triggering an onchain transaction.

What does the basis trade look like on a unified venue?

Under the workflow, a trader could buy NVDAon, allocate it as collateral and short the NVIDIA perpetual. The same token holding supplies the long exposure that offsets the short and the margin backing it, removing the need for a separately funded stablecoin collateral wallet. The platform's spot documentation states that purchases are fully funded and settle in USDC, and that the interface displays equivalent stock quantities even though users hold Ondo tokens rather than underlying shares.

Hedging mechanics carry risks the operator flags directly. Funding payments flow to shorts when rates are positive and reverse when rates are negative, so the carry leg can move against the position. Collateral valuation also includes a haircut: the platform applies a 25% discount to NVDAon and 10% to SPYon, alongside asset-specific caps, and the venue's terms warn that collateral and derivatives prices can diverge when underlying markets are closed. The existing NVIDIA perpetual had about $1.50 million in open interest in Ondo Perps' Sept. 28 API snapshot, a measure of outstanding derivatives exposure rather than activity in the newly launched spot leg.

How is access structured?

The venue pairs a central limit order book with a wallet-or-email sign-in, but its terms exclude U.S. persons and users in jurisdictions including Canada and Panama, prohibit geofencing workarounds and let the operator request compliance documentation. Architecture documentation describes an offchain matching engine and balance ledger, with onchain deposits and withdrawals flowing through an omnibus wallet. Tokenized-stock funding routes through Ethereum; USDC funding operates on Ethereum and Arbitrum.

Where does this sit in the broader venue map?

The launch extends a rapid expansion of venues offering the tokens. Near.com added Ondo tokenized stocks to its execution stack on Sept. 22, six days before the Ondo Perps spot market opened, widening the channels through which users can acquire the assets.

For practitioners, the key marker will be the expiry of the 30-day fee waiver on Oct. 28, when on-platform execution costs re-enter the basis-trade economics for the first cohort of spot users and reveal whether the unified-venue model pulls volume from fragmented alternatives.