Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
HYPE Ondo Finance is urging U.S. regulators to introduce perpetual contracts linked to individual stocks into domestic markets, and argues that these products can operate under the existing U.S. securities futures framework without the need for new regulations.
In three comment letters filed with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on August 24, Ondo said that existing rules can accommodate individual stock perpetual futures while also adapting to modern margin practices and on-chain market data.
Ondo revealed that its Panamanian affiliates have provided perpetual contracts settled in stablecoins outside the United States linked to U.S. listed stocks. As of August 14 (about six weeks after its launch), the platform's cumulative transaction volume has reached US$8 billion. 
Ondo ranks fourth in the scale of tokenized real-world assets managed.
The company believes that the planned funding rate payment mechanism would allow the perpetual contract to align with the price of its underlying stock, playing a similar role to the maturity date of traditional futures.
"There is no clause in the legal definition of securities and futures products requiring a fixed maturity date," Ondo pointed out in its product classification letter.
Ondo also mentioned that many of the stocks that support offshore perpetual contracts are mainly traded on U.S. exchanges. "Bringing this event back to the United States should not be an open issue; both agencies should actively promote it," the company said.
Ondo is one of the largest tokenized real-world asset managers, with a distributed value of approximately $2.6 billion as of Wednesday, ranking fourth.
U.S. regulators seek to modernize market rules
Ondo's recommendation comes as U.S. regulators re-examine how existing market rules apply to on-chain products, including perpetual contracts and tokenized securities.
U.S. President Donald Trump said in August that CFTC Chairman Michael Selig is committed to bringing Hyperliquid to the United States in a "fully compliant and legal manner." Hyperliquid is known for its on-chain perpetual contract market, but neither the CFTC nor Hyperliquid has publicly stated how U.S. users will access it.
According to CoinGecko data, HYPE (Hyperliquid's native token) rose more than 20% after Trump's comments, gaining nearly 49% in the past month, and trading at about $81 on Wednesday. 
The SEC, which regulates securities markets, and the CFTC, which regulates the U.S. derivatives market, have also strengthened coordination this year and signed a memorandum of understanding in March to unify regulation in areas where their jurisdictions overlap.
On Tuesday, the SEC proposed a comprehensive overhaul of its decades-old transfer agency framework, citing the growing demand for blockchain native record-keeping and tokenized securities in the U.S. market as the agency revises rules for old market infrastructure.
