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At a glance
- What changed
- Ondo Perps added spot trading and collateral support for five tokenized US stocks.
- Who it affects
- Eligible Ondo Perps traders outside the restricted regions.
- When
- Announced as live on 13 November 2026 at 12:10 UTC.
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What Ondo Perps added
Ondo Perps has widened the list of tokenized stocks it accepts as margin. In a post on its official X account on 13 November 2026, the venue said five new spot assets are live: MSTRon for Strategy, INTCon for Intel, COINon for Coinbase, MRVLon for Marvell Technology and BMNRon for BitMine Immersion Technologies.
Traders can buy the tokens on the Ondo Perps spot order book and then post them as margin for perpetual futures positions. Ondo Perps framed the change as unlocking the basis trade for these five names, because perps tracking the same companies were already trading on the platform.
How the basis trade works here
The idea is to hold the spot token and open a short on the matching perp. Price moves in the two legs largely cancel out, and when funding rates are positive the short side receives funding payments. Ondo Perps says this means traders no longer need to park capital in stablecoins or sell assets to gain exposure elsewhere, since the same holding counts toward margin.
According to Ondo Perps' markets documentation, the matching perps allow up to 10x leverage on MSTR, INTC, COIN and MRVL and up to 5x on BMNR, with a default maximum position of $1,000,000 per market and account. Spot trades themselves are fully funded in USDC and carry no leverage or funding. What you buy is an Ondo Global Markets token that tracks the stock, not a direct shareholding, and it can be sold, withdrawn to an external wallet where supported, or moved to the Perps balance if eligible as collateral.
What the post leaves out, and who can trade
The announcement did not say how much margin credit each token receives, so check the collateral value in the app before relying on it. Funding can also turn negative, in which case the short pays instead of earning, and the spot and perp prices can drift apart, especially when US markets are closed.
In a reply under the announcement, Ondo Perps attached its standard disclaimer. It says the platform is not open to people located in or operating from the United States, the European Union, the United Kingdom, Canada or Panama, or to anyone subject to sanctions, and that holders of perpetual futures can lose their whole purchase price.
Our take
Strategy, Coinbase and BitMine are among the most crypto-linked stocks around, so a hedged position in them is a natural fit for this audience. Adding them as collateral is the same step Ondo Perps took with its first spot tokens in September and with the OpenAI note in October. The trade only pays while funding stays positive, and it is out of reach for EU and UK residents. Ondo Perps works with a self-custody wallet, and Phantom is in the box below.
PhantomPartner offer
10% of trading fees back for 3 months
Phantom referral code: findcodes. Sign up with this code to get 10% of trading fees back for 3 months.
Affiliate link. We may earn a commission, at no extra cost to you.
Conditions
New users who sign up in the Phantom mobile app with this code get 10% of their own eligible trading fees back for three months from signup. Codes apply only at mobile-app signup and cannot be added later. Rebates are paid in CASH to the Phantom Cash balance after a $1 minimum; ID verification may be required. Perps and prediction markets are not available in every region; program terms apply and Phantom may change rates or end the program. Perps are unavailable in the US, UK and US-sanctioned jurisdictions; prediction markets are unavailable in the US, UK, Germany and sanctioned jurisdictions. Program eligibility depends on jurisdiction under the referral terms.
The code and partner link have no expiry. Campaign dates, benefits and eligibility are separate and may change. Check the provider’s current terms before signing up.
