Ondo Perps Lists Hyperliquid's $HYPE to Scale RWA-Backed Derivatives

Ondo Perps Adds $HYPE to Its RWA Derivatives Platform

@OndoPerps has listed $HYPE perpetual futures, opening leveraged exposure to the @HyperliquidX ecosystem for traders who hold institutional-grade real-world asset collateral. The listing allows traders to go long or short on the native token of the Hyperliquid L1 with up to 10x leverage, around the clock.

Hyperliquid is a Layer-1 blockchain with an integrated decentralized exchange, most known for perpetual futures trading. $HYPE is the native token of the Hyperliquid network, used for securing the L1 and governance voting. The addition of $HYPE to Ondo Perps gives traders a way to gain directional exposure to that ecosystem without leaving the RWA collateral framework that Ondo has built.

How the RWA Collateral Model Works

The listing reflects a broader design philosophy that sets Ondo Perps apart from most on-chain derivatives venues. Ondo's main differentiator is its collateral structure, which lets traders post tokenized securities rather than only stablecoins. Existing RWA perpetual markets force traders into an inefficient model where they can only post stablecoins as collateral, even if they already hold the tokenized asset. This double-collateralization means capital is locked up twice for the same economic exposure, limiting position sizing and doubling the cost of capital.

Ondo Perps uses a prime-brokerage-style design that lets traders use the tokenized equities or US Treasury tokens they already hold directly as margin, without selling them. By listing $HYPE within that framework, traders can now back a leveraged position on Hyperliquid's native token while continuing to earn yield from tokenized equity exposure held as collateral.

The move comes as Ondo, already a major issuer of tokenized US Treasuries and equities, works to build broader trading infrastructure amid growing Wall Street interest in tokenization and 24/7 markets. In the week of July 13, perpetual futures on real-world assets generated $25.1 billion in volume on Hyperliquid, representing 52 percent of the platform's $48.2 billion total and marking the first time RWA markets out-traded every crypto category on the venue combined. The $HYPE listing positions Ondo Perps at the crossroads of that momentum, combining crypto-native token exposure with an RWA-backed collateral layer.

Sources:
Ondo Finance: Introducing Ondo Perps
CoinDesk: Ondo drops blockchain plans for private high-speed trading network
Cryptopolitan: Ondo Finance prepares RWA perpetual contracts platform