Ondo Finance has started accepting tokenized stocks as collateral on its perpetual futures platform, OndoPerps. The move, announced Monday on X, lets users post SPYon and QQQon — tokenized versions of the SPY and QQQ ETFs — to back their trading positions. The collateral is backed by Ondo Stocks.
What SPYon and QQQon bring to the table
SPYon tracks the SPDR S&P 500 ETF, while QQQon mirrors the Invesco QQQ Trust, which follows the Nasdaq-100. By accepting these tokenized assets as margin, OndoPerps gives traders a way to use equity ETF exposure without selling their positions. The company described the feature as “live” and “now available for all users.”
How the collateral works
Ondo Stocks issues the tokenized versions, meaning each token represents a claim on the underlying ETF shares. When a user deposits SPYon or QQQon into OndoPerps, the platform treats them as collateral in the same way it would handle stablecoins or other crypto assets. The exact collateral ratio or haircut wasn’t disclosed in the announcement.
Perpetual futures let traders speculate on price moves without an expiry date, but they typically require crypto-based margin. By adding tokenized stocks, OndoPerps opens the door for users to keep their equity exposure while still participating in crypto derivatives. It’s a small step toward blending traditional finance with decentralized trading infrastructure.
The announcement didn’t specify whether other tokenized stocks will be added later, or if the feature will expand to other platforms. For now, SPYon and QQQon are the only options, and they’re available immediately on OndoPerps.
