TLDR
- Ondo Perps sees the U.S. as a major opportunity for regulated perpetual futures.
- CEO David Wells said a U.S. product would differ from the platform offered to non-U.S. traders.
- Any U.S. version would require changes to clearing and settlement to meet domestic rules.
- Ondo Finance has argued that equity perpetual contracts can fit existing U.S. security futures regulations.
- The company has not confirmed a U.S. launch and remains in the early stages of exploring the market.
Ondo Perps is considering the United States as a possible market for perpetual futures as regulators review new onshore structures. CEO David Wells called the market a “huge opportunity” during an interview at an Ondo event in Seoul.
Wells said any U.S. product would differ from Ondo Perps offerings available to non-U.S. traders. He said settlement and clearing rules would require a separate structure, while the core perpetual contract could remain similar. The distinction reflects U.S. rules for regulated derivatives trading and protection.
Ondo Perps Sees U.S. Market Opportunity
Wells said U.S. regulators have opened paths that firms could not previously use. However, he did not confirm a U.S. launch or provide a timeline. The team has not moved far into the process.
Several firms are already testing regulated approaches. Coinbase filed with the CFTC on September 18 to list single-stock perpetual futures. Its application remains pending, while Coinbase’s U.S. stock perpetual filing shows how exchanges are seeking domestic access.
U.S. Perpetual Futures Market Takes Shape
Kraken parent Payward has also proposed access to Hyperliquid HIP-3 markets through regulated U.S. partners. The planned structure would use Bitnomial Exchange and NinjaTrader Clearing for eligible clients, subject to regulatory approval.
CFTC records also show several proposed single-stock perpetual products under review. These filings use regulated futures structures instead of opening offshore platforms directly. U.S. firms are building separate routes for trading, clearing and customer access.
Ondo Finance Presses Existing Rules
Ondo Finance has argued that equity perpetual contracts can fit existing U.S. security futures rules. The company submitted letters to the SEC and CFTC and cited the Commodity Futures Modernization Act of 2000. Recent Coinbase clearing approval also shows continued work on regulated U.S. derivatives infrastructure.
The regulatory setting continues to change. Recent CFTC guidance on tokenized assets allows regulated firms to use blockchain records when they meet existing recordkeeping and custody duties. That guidance may shape how onchain market infrastructure develops.
Wells expects U.S. and international perpetual markets to follow different models. Ondo Perps would need U.S.-specific clearing and settlement arrangements before any launch. For now, the company continues to study the market without confirming an expansion plan. Any future offering would depend on regulatory approval and compliant U.S. market infrastructure. Wells said the company is watching how those frameworks develop.
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