{"id":621257,"date":"2026-08-02T00:00:25","date_gmt":"2026-08-02T04:00:25","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=621257"},"modified":"2026-08-01T07:45:16","modified_gmt":"2026-08-01T11:45:16","slug":"ondos-6b-perps-debut-passes-aster-and-lighter-can-it-challenge-hyperliquid","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ondos-6b-perps-debut-passes-aster-and-lighter-can-it-challenge-hyperliquid\/","title":{"rendered":"Ondo\u2019s $6B perps debut passes Aster and Lighter \u2013 Can it challenge Hyperliquid?"},"content":{"rendered":"<p>Ondo Finance officially launched its perps DEX trading platform less than a month ago. However, it is slowly cementing its place as a top perps DEX platform, even though its price is lagging.<\/p>\n<p>Because of these factors, the native token, ONDO, commands a market cap of $1.87 billion even in a bearish market. Its daily perps DEX volume has been growing alongside its Open Interest (OI), suggesting it could soon compete with established platforms.<\/p>\n<h2>What&#8217;s fueling Ondo&#8217;s Perps volume and OI growth?<\/h2>\n<p>Ondo&#8217;s perps volume has doubled from the launch volume recorded on July 7. The volume rose from $128 million to over $300 million, which is equivalent to more than a 2x increase.<\/p>\n<p>As a result, the cumulative Ondo perps volume hit a new high of $5.996 billion three weeks after its launch.<\/p>\n<p>On July 31, it was fourth among all perp DEXs in terms of the volume of tokenized equities traded, ahead of Lighter [LIT] and AsterDEX [ASTER].<\/p>\n<p>Additionally, its OI hit a new peak level of $74.77 million. This was an indication that Ondo perps DEX was becoming traders&#8217; preferred platform.<\/p>\n<figure id=\"attachment_621262\" aria-describedby=\"caption-attachment-621262\" style=\"width: 760px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-113740.png\"><img decoding=\"async\" class=\"wp-image-621262 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-113740.png\" alt=\"Ondo Finance\" width=\"760\" height=\"274\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-113740.png 760w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-113740-300x108.png 300w\" sizes=\"(max-width: 760px) 100vw, 760px\" \/><\/a><figcaption id=\"caption-attachment-621262\" class=\"wp-caption-text\">Source: DeFiLlama<\/figcaption><\/figure>\n<p>Tokenized equities, indices, and commodities fueled the sharp increase in perps volume. They included instruments like Nvidia, Tesla, oil, gold, and the S&amp;P 500 with up to 20x leverage traded 24\/7.<\/p>\n<p>For instance, trading of tokenized US oil on Ondo increased by 59.3% over the past 30 days. More assets, like the iShares Systematic Bond ETF, were slowly being added on to the platform.<\/p>\n<figure id=\"attachment_621263\" aria-describedby=\"caption-attachment-621263\" style=\"width: 1264px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-114616.png\"><img decoding=\"async\" class=\"wp-image-621263 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-114616.png\" alt=\"ONDO\" width=\"1264\" height=\"249\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-114616.png 1264w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-114616-300x59.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-114616-1024x202.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-114616-768x151.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-01-114616-1200x236.png 1200w\" sizes=\"(max-width: 1264px) 100vw, 1264px\" \/><\/a><figcaption id=\"caption-attachment-621263\" class=\"wp-caption-text\">Source: Ondo Finance<\/figcaption><\/figure>\n<p>As a result, these additions may help the price of ONDO stabilize and move higher. Worth noting, its price remains in a bear market structure, just like the rest of crypto.<\/p>\n<h2>Can Ondo challenge Hyperliquid, Aster &amp; Lighter?<\/h2>\n<p>All of Ondo&#8217;s growth was happening on the backdrop of declining perps and DEX volume for the broader crypto market.<\/p>\n<p>The month of July closed as another red month for on-chain activity. As per DefiLlama, both DEX volume and Perps volume hit new yearly lows, down over 60% from their peaks in October.<\/p>\n<p>In October, most of the popular perps DEXs, like Aster and Lighter, joined Hyperliquid, which was already established.<\/p>\n<figure id=\"attachment_621261\" aria-describedby=\"caption-attachment-621261\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF.png\"><img decoding=\"async\" class=\"wp-image-621261 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF.png\" alt=\"Ondo Finance\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-1600x900.png 1600w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-1280x720.png 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-960x540.png 960w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-640x360.png 640w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-320x180.png 320w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-160x90.png 160w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/08\/HOl5bZRWwAAjnpF-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-621261\" class=\"wp-caption-text\">Source: DeFiLlama<\/figcaption><\/figure>\n<p>As Ondo&#8217;s perps volume diverged from the trend in the broader crypto market, it posed a serious threat to Aster and Lighter if growth at this speed continues. Eventually, it could challenge Hyperliquid, which has Normalized Daily Volume of $10.74 billion.<\/p>\n<p>Hyperliquid&#8217;s volume is almost 6x bigger than that of Aster and Lighter at $1.85 billion and $1.35 billion. Still, it calls for consistent trading on Ondo Finance&#8217;s perps product.<\/p>\n<h2>Final Summary<\/h2>\n<ul>\n<li><em>Ondo&#8217;s daily perps volume exploded to $300 million per day, with cumulative volume reaching nearly $6 billion.\u00a0<\/em><\/li>\n<li><em>Ondo&#8217;s perps volume was growing while the whole crypto market was declining, suggesting that Ondo was slowly dominating the perps DEX volumes.\u00a0<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>How Ondo&#8217;s perps product has gained massive interest and trading volume after three weeks of launch. <\/p>\n","protected":false},"author":98,"featured_media":621266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,4,20],"tags":[6427],"class_list":["post-621257","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ondo\u2019s $6B perps debut passes Aster and Lighter \u2013 Can it challenge Hyperliquid? 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