Ondo Perps has surpassed $7 billion in cumulative trading volume roughly one month after launch, extending an early surge in activity for Ondo Finance's perpetual futures platform tied to tokenized US equities, ETFs, and commodities. The product entered early access on June 9 and expanded to broader access on July 7. DefiLlama data showed about $6.83 billion in cumulative volume in recent tracking before the total moved past $7 billion shortly after, while daily volume exceeded $300 million during peak sessions and open interest stayed in the $67 million to $72 million range. The platform allows traders to take leveraged positions of up to 20x and to post tokenized stocks and stablecoins as collateral, a structure that lets users keep exposure to tokenized assets while using them for derivatives trading. Ondo Perps is unavailable to users in restricted jurisdictions including the United States and Panama.