Bitcoin Base (BTC)

Equity perps onchain get a lot of criticism right now. Funding is expensive, books are thin, spreads are wide. Most of that is true today.

But I've been reading through Delphi's report on equity perps, and the framing that stuck with me is this: equity perps today look exactly like crypto perps did in 2024.

BTC perps had the same problems back then. Funding was high, books were thin. Then spot BTC launched on Hyperliquid, and suddenly, traders could buy the real thing and short the perp against it. That one trade pulled funding down by half within months. ETH did the same.

Equity perps are stuck at that exact moment. No platform has the actual stock sitting next to the perp, so nobody can run the trade that would fix it.

That's the gap @OndoPerps is stepping into. Ondo already runs the spot side through Ondo Global Markets, with tokenized stocks routed straight from NASDAQ and NYSE. Perps plug right into it, same roof, same stack.

What that actually unlocks:
→ Tokenized stocks as collateral, not just sta

@DanCoinInvestor I'm Crypto Dan, and it's not Bitcoin that gave me a reality check, it's the post that did.