Ondo Finance‘s derivatives platform has raced past $7 billion in cumulative trading volume, according to data from analytics site DefiLlama, a fast climb for a product that only recently opened to the public.
DefiLlama’s figures put Ondo Perps at about $7.03 billion in cumulative perpetuals volume, with roughly $200 million traded in 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 risen steeply since the spring, DefiLlama’s chart shows, with the sharpest gains coming in the weeks through early August.
Related: Ondo Perps unlocks tokenized gold and silver for perpetual trading
According to Ondo, more than $5 billion of that total has been traded since public access went live, which the company says tops any other real-world-asset perps platform in its first month, citing the same DefiLlama data. Ondo called it the fastest start in the category’s history.
What Ondo Perps is
Ondo Finance is a tokenization company, taking traditional assets like stocks, indices, and commodities and issuing them as tokens that can be traded on a blockchain.
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Ondo Perps, built for non-U.S. traders, is its platform for perpetual futures, crypto derivatives that let traders bet on an asset’s price with no expiry date, offering up to 20x leverage and 24/7 trading.
The feature behind the numbers
Much of Ondo’s pitch rests on 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, keeping their holdings working instead of selling them or parking money elsewhere. Ondo calls this its “productive capital” approach.
The company said the milestones mark only the beginning, with more markets and features to come.
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. Add TheStreet as a Preferred Source by clicking here.