Ondo Perps Targets US Market with Perpetual Futures Expansion

Ondo Perps, an offshore perpetual futures platform, is eyeing the US market as a 'huge opportunity' for growth. According to its CEO David Wells, offering perpetual futures in the US would make sense, but it would require a different settlement and clearing structure to comply with local regulatory rules.

The platform has seen significant success since its launch in July, with around $14 billion in volume and over $100 million in open interest. However, any onshore version of Ondo Perps would need to be adapted to US regulations, which could result in a different product for American users.

Wells noted that the contract structure could be similar in a local version, but settlement and clearing would need to be adapted to regulatory requirements. This is in line with efforts by other companies, such as Kraken's parent company Payward, which plans to list Hyperliquid's HIP-3 perpetual markets for eligible US clients.