How to start trading on Ondo Perps

1. Create an account

1. Sign in at app.ondoperps.xyz with a self-custody wallet or with email. Supported wallets include Coinbase Wallet, Brave, Phantom, MetaMask, OKX Wallet, Nightly and WalletConnect-compatible wallets. source ↗
2. Ondo Perps is not available to persons or residents of the U.S., Panama and other prohibited jurisdictions. Check the Terms of Use before signing up. source ↗
3. The platform is in Public Beta: some features may be limited or change, and perpetual positions are capped at $1,000,000 per market, per account. source ↗

2. Deposit collateral

1. Click the Fund button in the top right corner. You get a unique funding address, and supported assets sent to it appear in your Ondo Perps balance; no smart-contract bridge is needed. source ↗
2. USDC is accepted on Ethereum and Arbitrum. Eligible Ondo tokenized stocks and ETFs (for example SPYon, QQQon, NVDAon) are accepted on Ethereum only. source ↗
3. Tokenized-stock collateral counts toward margin only after a haircut (6.5% to 25% depending on the asset) and up to a per-asset cap. USDC has no haircut. source ↗
4. Your holdings are split into a Spot balance and a Perps balance. Only assets allocated to the Perps balance back perpetual positions; moving funds between the two is an internal transfer. source ↗

3. Open your first position

1. Pick a market with the selector at the top left, choose Long or Short, and choose Market, Limit or TWAP. Enter the size in USD or toggle to asset units. source ↗
2. Set leverage with the control in the order panel (for example "Cross 10x"). Leverage is any whole number up to the market maximum: 20x for indices, gold, silver, WTI and AAPL; 15x for Brent; 10x for most single stocks and ETFs. source ↗
3. Optionally add Reduce Only or a Take Profit / Stop Loss. Review order value, estimated price, estimated liquidation price, fee and slippage, then submit; fills appear under Fills and open positions under Positions. source ↗

4. Know how liquidation works

1. Only cross margin is available: all perpetual positions share your Perps balance, so a loss on one position affects the others. There is no isolated margin mode. source ↗
2. Liquidation starts when margin balance falls below total maintenance margin (for example 2.5% on 20x markets, 5% on 10x markets). A 1.5% liquidation fee on the notional goes to the Insurance Fund. source ↗
3. Mark price is used for unrealized PnL, liquidations and TP/SL triggers. It is the median of the oracle price, the oracle price plus a smoothed basis, and the median of best bid, best ask and last trade. source ↗
4. Funding is paid every hour, peer to peer between longs and shorts, and is capped at 1% per hour. source ↗

5. Withdraw

1. You can withdraw from your Spot or Perps balance to an external wallet. Perps withdrawals must leave enough margin for open positions, and unrealized profit cannot be withdrawn until you close the position. source ↗
2. USDC can be withdrawn on Ethereum or Arbitrum regardless of the funding network. Tokenized stocks are withdrawn on Ethereum as the underlying token and cannot be withdrawn as USDC. source ↗
3. Token withdrawals have no withdrawal fee; USDC withdrawals may include one. A withdrawal cannot be recalled once sent, so check that the address supports the chosen network. source ↗

6. Common mistakes

1. Markets trade 24/7, but on weekends the price comes from an internal order-book oracle and is kept within a range around Friday's close (about ±5% on 20x markets). When external prices resume, the oracle snaps back to them, so weekend gaps are possible. source ↗
2. If you trade with tokenized-stock collateral, losses create USDC Debt. When your LTV reaches 30% (or debt reaches $100,000), Auto-Exchange sells some of your collateral to clear the debt while your positions stay open. source ↗
3. Current base fees are discounted 50% for a limited time to 0.01% maker and 0.025% taker; the standard rates are 0.02% maker and 0.05% taker. source ↗

Before you trade

Perpetual futures use leverage: a small price move against you can liquidate your collateral. Start with a small amount and low leverage, and read the venue’s current fee and margin pages, which can change after this guide was checked.