Ondo Finance launched a perpetual contract offering 3x leveraged exposure to OpenAI's pre-IPO valuation with its own independent pricing mechanism and hourly funding rate adjustments.
The perpetual differs from Ondo's existing fully funded OPAIPon spot note, which offers direct, unleveraged exposure to the same underlying asset. The derivative structure allows traders to speculate on OpenAI's private market valuation without holding the underlying asset directly.
Ondo specifically excluded U.S. persons from participating in the perpetual contract, citing regulatory complexities around leveraged financial products and unregistered securities.
Ondo Finance, known for its tokenized real-world assets, has expanded into synthetic and derivative instruments alongside its core tokenized U.S. Treasuries and money market fund offerings. The perpetual provides on-chain price discovery for an illiquid, off-chain asset, allowing leveraged exposure within DeFi.
