Ondo perps pass $6B in three weeks, challenging Hyperliquid

Ondo Finance's perps DEX hit $5.996 billion in cumulative volume within three weeks of its July 7 launch, doubling daily volume to $300 million.

DefiLlama data shows Ondo ranked fourth among all perps DEXs for tokenized equities volume on July 31, ahead of Lighter and AsterDEX, with open interest reaching a record $74.77 million.

The growth was driven by tokenized equities, indices, and commodities — including Nvidia, Tesla, oil, gold, and the S&P 500 — tradable with up to 20x leverage around the clock. Trading of tokenized US oil on Ondo rose 59.3 percent over the past 30 days, and the platform is adding instruments like the iShares Systematic Bond ETF.

The surge comes as broader crypto perps and DEX volumes hit yearly lows in July, down over 60 percent from October peaks per DefiLlama. If Ondo sustains this pace, it could challenge Hyperliquid's $10.74 billion normalized daily volume — roughly six times larger than Aster's $1.85 billion and Lighter's $1.35 billion.

What's driving Ondo's perps growth

Ondo Finance tokenizes real-world assets — primarily short-term US Treasuries — and has expanded into perpetuals trading for tokenized equities and commodities. The perps product launched on July 7, and within three weeks, cumulative volume reached $5.996 billion, according to DefiLlama data.

Daily perps volume doubled from $128 million at launch to over $300 million. Open interest climbed to a peak of $74.77 million, indicating traders are holding positions rather than churning volume. The ONDO token commands a market cap of $1.87 billion even in a bearish market.

The platform's appeal centers on 24/7 trading of traditional assets with leverage. Tokenized US oil trading increased 59.3 percent over the past 30 days, and the platform is adding instruments like the iShares Systematic Bond ETF to expand its asset coverage. These additions may help stabilize ONDO's price, which remains in a bear market structure like the rest of crypto.

Can Ondo challenge Hyperliquid?

The broader crypto derivatives market contracted sharply in July. Both DEX volume and perps volume hit new yearly lows, down over 60 percent from their October peaks, per DefiLlama. October marked the entry of Aster and Lighter into the perps DEX space, joining the already-established Hyperliquid.

Ondo's perps volume diverged from this broader trend, growing while the market contracted. Its $5.996 billion cumulative volume already surpasses what Aster and Lighter achieved in their comparable early periods. Hyperliquid's normalized daily volume of $10.74 billion remains roughly six times larger than Aster's $1.85 billion and Lighter's $1.35 billion.

Sustained trading on Ondo's perps product would be required to close that gap. The platform's expansion into tokenized equities and commodities — a niche Hyperliquid has not prioritized — could provide a differentiation path. For ONDO holders, continued volume growth on the perps platform could translate into increased demand for the token as the protocol captures a larger share of the DeFi derivatives market.

This article is for informational purposes only and does not constitute investment advice.