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At a glance
- What changed
- Weekly USDC rewards rise to 220,000 USDC, split into separate Liquidity, Volume and Trading Activity pools.
- Who it affects
- Eligible Ondo Perps traders, from market makers quoting tight books to anyone trading perps or OpenAI exposure.
- When
- The first week runs from 27 October 00:00 UTC to 2 November 23:59 UTC; rewards are paid within 48 hours of each week's close.
220,000 USDC a week, in three pools
Ondo Perps announced on its official X account on 27 October 2026 that its USDC Rewards Program has been upgraded to 220,000 USDC a week. Instead of one pool, rewards are now split across three separate pools, which Ondo says gives traders more ways to earn.
The total is divided into a Liquidity Pool and a Volume Pool of 100,000 USDC each, plus a 20,000 USDC Trading Activity Pool. Because the pools are separate, one trader can qualify for more than one of them in the same week by doing different things: quoting near the price, trading volume, or the featured activity. The first week under the new structure runs from Tuesday 27 October at 00:00 UTC to Monday 2 November at 23:59 UTC.
Liquidity Pool: 100,000 USDC for quotes near the mid
The Liquidity Pool rewards resting orders, meaning limit orders that wait on the order book, placed within 25 basis points of the mid price, the midpoint between the best bid and the best ask. One basis point is 0.01%. Of the pool, 85% goes to liquidity from the mid out to 5 bps, 10% to 6–10 bps and 5% to 11–25 bps. As an illustration, with a mid price of $100 the top band covers orders between $99.95 and $100.05.
Only eligible markets count. For the first week Ondo lists 20 perps markets: the stocks NVDA, TSLA, META, AMD, INTC, MU, SNDK, COIN, MSTR, CRCL and SPCX, the US 500 and US 100 indices, the DRAM and SOXL ETFs, gold, silver and WTI oil, and BTC and ETH. Ondo describes this as this week's list, so check the eligible markets again before each new reward week.
The split is slightly different from the 20 October preview we reported earlier, which described an 80%, 15% and 5% weighting and a 26 October start; the published program uses 85%, 10% and 5% and started on 27 October.
Volume Pool: 100,000 USDC for any perps trade
The Volume Pool pays 100,000 USDC a week for trading on any Ondo Perps perpetual market, not only the 20 Liquidity Pool markets. Trading as a maker or a taker both counts, so you do not need to leave resting orders on the book to take part. Ondo has not published a per-trader formula in the announcement.
Trading Activity Pool: 20,000 USDC for OpenAI exposure
The third pool is a 20,000 USDC bonus for a featured trading activity that changes from time to time. For the first week it rewards OpenAI exposure: trading OPAIPon, the OpenAI Private Market Note, on spot and trading the OPENAI perp both count.
OPAIPon is a tokenized private market note with its own issuer and redemption rules rather than a share in OpenAI, as explained in our earlier report. A trading reward does not change those conditions.
Payouts and eligibility
Rewards are paid in USDC directly to your Ondo Perps trading account within 48 hours of each week's close, so first-week rewards should arrive by 4 November at the latest if paid on schedule.
Its Terms of Use exclude restricted persons, including anyone in the US, Canada or Panama, from reward campaigns. Ondo can change or cancel a campaign at any time, and wash trading, self-matching or using multiple accounts can lead to disqualification and clawed-back rewards. Perpetual futures are leveraged products, and losses can exceed any reward earned.
Where to keep the USDC you earn
The rewards land in your Ondo Perps trading account, where they can be used as trading funds. If you would rather move some USDC to a wallet you control yourself, two self-custody options fit well. The Base app at base.app is Coinbase's own self-custody wallet app, and Phantom, covered in the box below, is a self-custody wallet that works across several blockchains. Whichever you choose, check that the network you withdraw on is one the wallet supports for USDC before sending.
Dates to know
As announced by the provider. A listed date does not confirm current availability or eligibility.
- First 220K USDC reward week opens (00:00 UTC)Date passed
- First reward week closes (23:59 UTC)Upcoming date
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.
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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.
