Ondo Perps' chief executive sees a "huge" opportunity for perpetual futures in the United States, but only if the product is built differently from the offshore versions that dominate crypto trading today. The comments land as US regulators and several firms test how perpetual futures — a derivatives contract with no expiry date — could be offered inside the country.
The CEO's remarks were reported without a confirmed US launch date or product approval for Ondo Perps. No US rollout has been announced, and the company has not said when one might happen.
The pitch: Same asset, different plumbing
Perpetual futures, commonly called perps, let traders bet on an asset's price without a settlement date. They're a staple of offshore crypto exchanges, where they generate a large share of trading volume. Bringing them into the US means working within a rulebook that treats derivatives differently from spot crypto.
Ondo Perps' CEO argues the US market presents a significant opening, but under a model distinct from the offshore playbook. The details of that model haven't been made public. What is clear from the comments is that the company isn't simply proposing to lift an existing offshore perp product and drop it into a US-regulated venue.
The distinction matters. Perps have historically drawn scrutiny because of leverage, liquidation mechanics, and the way they can amplify losses. Any US version would need to address those features head-on, not around the edges.
Regulators are already circling
The CEO's comments come at a moment when US regulators and several firms are actively testing how perpetual futures could enter domestic markets. That testing is happening on multiple fronts — rule interpretation, product design, and the question of which entity can legally list the contracts.
No single regulator has issued a blanket approval for perps, and no firm has launched a fully compliant US perp product at scale. The process is still in its early stages. That's the gap Ondo Perps is eyeing.
For the company, the appeal is straightforward: a US-regulated perp market would open access to institutional and retail traders who currently have to go offshore to trade the product. For regulators, the question is whether a US-compliant perp can exist without importing the risk profile that made offshore perps controversial.
Tokenization as the bridge
Ondo Perps' potential US entry also highlights the growing role of tokenization. Tokenized assets — digital representations of traditional instruments — could give perps a settlement layer that fits within existing custody and compliance frameworks.
That's not a small detail. If the underlying collateral or the contract itself is tokenized, it changes how margin works, how positions are tracked, and how disputes get resolved. It also changes who can hold the contract and under what conditions.
The CEO's framing suggests tokenization isn't just a technical choice for Ondo Perps — it's the mechanism that makes a US perp model viable in the first place. Without it, the company would be trying to retrofit an offshore product into a regulatory environment that wasn't designed for it.
The company hasn't confirmed what its tokenized version would look like, which assets it would cover, or which US venue would list it. Those gaps are typical for a product that hasn't been filed or approved.
What's still missing
Three things need to happen before Ondo Perps' US perp plans move from commentary to launch. First, a regulator has to signal that a specific perp structure is permissible. Second, Ondo Perps has to file the paperwork. Third, the company has to name a venue and a launch window.
None of those have happened. The CEO's comments describe an opportunity, not a product. Until a filing surfaces or a regulator speaks to a specific application, the US perp market remains a test case rather than a live market.
The broader takeaway is that the fight over perpetual futures in the US isn't about whether they'll exist — regulators and firms are already testing that. It's about what shape they take, who gets to offer them, and whether tokenization becomes the standard plumbing for a US version. Ondo Perps wants a seat at that table. It hasn't yet said when it will pull up a chair.
