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5% off trading fees
Ondo Perps referral code: KFSLR8. Sign up with this code to get 5% off trading fees.
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At a glance
- What changed
- Spot buying joins the platform.
- Who it affects
- Eligible traders considering a hedge.
- When
- Announced 28 September 2026.
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What Ondo Perps has added
On 28 September 2026, Ondo Perps added spot trading for 12 tokenized stocks and funds. Eligible users can buy the tokens on its order book and transfer them to back corresponding perpetual futures. Buying and hedging now share one platform.
An order book matches buyers and sellers. Spot means buying the token itself; a perpetual future is a separate derivative position tracking a reference asset. The token and the derivative are therefore two different holdings. Buying a token does not automatically create a hedge, and seeing both in one interface does not make their prices identical.
The long holding and the short position
The strategy described by Ondo combines a long holding, which benefits when its price rises, with a short position, which benefits when its reference price falls. This is commonly called a basis trade. Its purpose is to reduce exposure to the overall price direction while seeking income from funding or differences between the two markets.
Here is a simplified example using invented prices. Suppose the spot holding is worth $1,000 and the trader opens an equally sized short. If both prices rise by exactly 10%, the holding gains $100 while the short loses $100. If both fall by exactly 10%, the holding loses $100 while the short gains $100. The combined price change is zero in either example, before costs and funding. That arithmetic explains the intended offset; it does not show what a real account will earn.
What happens in the platform
The announced workflow starts with USDC in the spot wallet. A purchase can transfer automatically to the perps wallet; opening the short is a separate execution.
That separation matters if only one order fills. In our example, buying $1,000 of the token without completing the short leaves the entire holding exposed to a price decline. Filling only half the intended short creates only half the assumed offset. A shared interface can make the mismatch easier to see, but the completed quantities, rather than the submitted quantities, determine the position actually held.
Funding is a payment that can change direction
Funding is exchanged between long and short perpetual positions. Positive funding can pay the short side, while a reversal can turn that income into a cost. Ondo’s earlier collateral explainer explicitly identifies changing funding and differences between spot and perpetual prices as risks.
To see why the distinction matters, add a hypothetical $2 funding receipt to the perfectly offset $1,000 example. Before other costs, the combined result becomes a $2 gain. Replace that receipt with a $3 payment and the result becomes a $3 loss. Now suppose the token falls 10% but the short gains only $90: the price legs alone lose $10. These are illustrative amounts, not current rates, and show why a hedge is not a fixed-return savings product.
Collateral still needs a margin cushion
Collateral is the asset supporting the derivative position. Ondo’s terms allow valuation discounts and changes to collateral parameters. They also warn that a fall in collateral value can cause liquidation, meaning positions may be forcibly closed. Prices can diverge further when the underlying reference markets are shut.
A useful distinction is between total economic exposure and the platform’s collateral calculation. The first asks how the two positions move together. The second asks whether the account continues to meet its required backing. Our equal-price example answers only the first question. It supplies no assumed collateral discount, liquidation threshold or safe position size.
Fees, timing and access
The launch offers zero spot trading fees for the first 30 days. It does not give an exact closing timestamp or waive every cost of a combined strategy. The temporary promotion and any permanent signup offer should be read separately.
Access is restricted. The terms require individuals to be at least 18 and exclude US persons, the United States, Canada, Panama and other restricted jurisdictions. This is not the complete eligibility list. The linked terms govern access and permit campaign changes; neither a working wallet connection nor a discount code overrides them.
Ondo PerpsDiscount code
5% off trading fees
Ondo Perps referral code: KFSLR8. Sign up with this code to get 5% off trading fees.
Affiliate link. We may earn a commission, at no extra cost to you.
Conditions
Code KFSLR8 gives you a 5% discount on all Ondo Perps trading fees. Open the app through the signup link and the code is applied automatically at sign-in, or enter it on the Referrals page. Not available in the US, Canada, Panama or sanctioned territories (IP-enforced).
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.
