Ondo Global Markets is making its tokenized stocks available on Hyperliquid, the blockchain known for enabling 24/7 DeFi trading of perpetual futures linked to real world assets (RWAs), including oil. With both the tokenized stocks and the perpetual futures available on the same chain, traders can arbitrage the price difference between the two, a strategy known as a basis trade, which additionally helps keep Ondo GM’s tokenized stocks anchored to the underlying stock prices.
That said, Ondo Global Markets tokens are not equities themselves and do not provide ownership rights in the underlying stocks. They are structured loan notes backed one for one by the underlying stocks and cash in transit, issued by an unregulated entity out of the BVI without permission from the stock issuers, and are only available outside the US. As such they carry additional counterparty and other risks over and above the underlying stocks. That said, in the EU the Ondo Global Markets prospectuses have been reviewed by the Liechtenstein regulator.
In March 2026 S&P Dow Jones Indices licensed the rights to the S&P 500 for trading perpetual futures to Trade [XYZ] on Hyperliquid. With Ondo Finance porting the tokens to the Hyperliquid chain via the LayerZero interoperability protocol, that means that SPY ETF tokens can be traded against the perpetuals alongside QQQ and more than 250 other tokenized stocks.
While there are definite ownership disadvantages over other types of stocks, Ondo tokens also have some interesting features, precisely because of their light regulation. A key one is the ability to be traded on DeFi exchanges without checking against whitelists. In this way Ondo GM tokens are rather similar to stablecoins. There are KYC and other compliance checks but only at onboarding and offboarding by Ondo GM or its partners such as Binance who would usually perform compliance checks. An Ondo spokesperson told Ledger Insights that “applicable jurisdictional restrictions and local laws still apply, and platforms facilitating access are expected to enforce their own compliance requirements.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
