Ondo Perps CEO Sees 'Huge Opportunity' for Perpetual Futures in US Market
Ondo Perps CEO David Wells sees 'huge opportunity' for perpetual futures in the US market, but any onshore version would not be identical to the platform's current offshore offering.
'Everybody's looking at the US because there are more opportunities now that were just never possible,' Wells said in an interview with The Block at Ondo's event in Seoul, South Korea.
Ondo Perps is a Panama-based offshore perps trading venue for tokenized US stocks, equity exchange-traded funds, and commodities. Traders can use USDC or eligible Ondo Stocks tokens as margin to trade on the round-the-clock exchange, with up to 20x leverage for certain contracts.
The platform's unique value proposition comes from allowing users to use tokenized stocks as collateral, which is more capital-efficient than trading on other perps venues. Since launching its private beta, Ondo Perps has accumulated around $14 billion in trading volume and recently recorded open interest of over $100 million.