Ondo Perps Surpasses $7 Billion in Cumulative Volume Weeks After Public Launch

Ondo Finance's derivatives platform, Ondo Perps, has surpassed $7 billion in cumulative trading volume just weeks after opening to the public, according to data from the on-chain analytics site DefiLlama. The milestone places the platform among the fastest-growing venues in the expanding real-world-asset (RWA) tokenization sector, where traditional financial instruments are increasingly being issued and traded on blockchain infrastructure.

DefiLlama's figures place Ondo Perps at approximately $7.03 billion in cumulative perpetuals volume, with roughly $200 million traded over the past 24 hours and around $69 million in open interest — the total value of positions currently held on the platform. The platform's volume has climbed steeply since spring, with the sharpest gains recorded in the weeks leading through early August.

According to Ondo, more than $5 billion of the cumulative total has been traded since public access went live. The company states that this figure exceeds any other real-world-asset (RWA) perps platform in its first month, citing the same DefiLlama data. Ondo described the achievement as the fastest start in the category's history. Perpetual futures — derivatives with no expiry date — are among the most heavily traded instrument types in crypto markets, and their application to tokenized RWAs represents an effort to bring that liquidity model to assets like equities, indices, and commodities.

What Ondo Perps Offers

Ondo Finance is a tokenization company that takes traditional assets — including stocks, indices, and commodities — and issues them as tokens tradable on a blockchain. The firm has been a participant in the RWA space, having previously introduced tokenized Treasury products aimed at bringing yield-bearing instruments on-chain.

Ondo Perps, designed for non-U.S. traders, is the company's platform for perpetual futures. These are crypto derivatives that allow traders to take positions on an asset's price with no expiry date, offering up to 20x leverage and 24/7 trading.

Related: Ondo Perps unlocks tokenized gold and silver for perpetual trading

The Collateral Model Behind the Growth

A central element of Ondo's offering is how the platform handles collateral. Rather than requiring cash or stablecoins to back positions, Ondo Perps lets traders post tokenized stocks and other assets directly as margin. This approach allows users to keep their holdings productive instead of selling them or parking capital elsewhere. Ondo refers to this as its "productive capital" approach. The ability to use tokenized assets — rather than stablecoins alone — as margin distinguishes Ondo Perps from many existing derivatives platforms in decentralized finance, where stablecoin collateral remains the norm.

The company said these milestones represent only the beginning, with additional markets and features planned for the future. As the RWA tokenization sector continues to attract participation from both crypto-native and traditional finance users, early volume figures from platforms like Ondo Perps provide a data point on demand for leveraged exposure to tokenized versions of conventional financial assets.

Related: Ondo introduces the Ondo Network to power its trading products

This story was originally published by TheStreet on Aug 7, 2026, where it first appeared in the MARKETS section.