Ondo Perps CEO sees ‘huge opportunity’ for perps in US market, under different model

Ondo Perps CEO Sees ‘Huge Opportunity’ for Perpetuals in the U.S. Market

In a recent interview with The Block, Ondo Perps CEO David Wells outlined a bold vision for how perpetual futures could carve out a niche in the United States. While the U.S. regulatory environment remains cautious, Wells argues that a new model—one that blends traditional derivatives structures with the flexibility of on‑chain execution—could satisfy both market demand and compliance requirements.

The Current Landscape: A Regulatory Tight‑rope

Perpetual futures, the crypto‑native derivatives that never expire, have thrived in Asia and Europe where regulators are more permissive. In the U.S., however, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have kept a close eye on the sector, citing concerns over market manipulation, liquidity, and consumer protection.

Wells notes that the U.S. market is still in a testing phase. Several firms have begun pilot programs, and the CFTC has issued guidance on how to classify and supervise on‑chain derivatives. Yet, the lack of a clear regulatory framework has left many exchanges hesitant to launch perpetual products.

A New Model: Bridging the Gap

Wells proposes a hybrid approach that marries the best of both worlds. The model would:

1. Leverage a regulated clearinghouse – By routing trades through a licensed clearing entity, the product would gain the same oversight as traditional futures.
2. Maintain on‑chain settlement – The final settlement would still occur on a blockchain, preserving transparency and reducing counterparty risk.
3. Implement robust risk controls – Automated margin calls, real‑time risk monitoring, and circuit breakers would align the product with U.S. derivatives standards.

According to Wells, this structure could satisfy the CFTC’s “risk‑based” approach while offering the speed and liquidity that traders crave.

Market Demand and Competitive Edge

The U.S. crypto market is the largest in the world, yet it remains underserved in terms of sophisticated derivatives. Wells cites growing institutional appetite for exposure to digital assets without the volatility of spot holdings. Perpetuals, with their ability to provide continuous exposure and leverage, could fill that gap.

Moreover, Ondo Perps’ existing infrastructure—built on the Ethereum layer‑2 Optimism—offers lower gas costs and faster settlement times than many competitors. By aligning this technology with a compliant framework, Ondo could position itself as the first truly regulated perpetual provider in the U.S.

Challenges Ahead

Despite the promise, several hurdles remain. Regulatory clarity is still evolving, and any misstep could trigger enforcement actions. Additionally, market makers will need to adapt to a new risk profile, and liquidity providers must be convinced of the model’s viability.

Wells remains optimistic, however. He believes that the “huge opportunity” lies in being the first mover—establishing a precedent that could pave the way for broader adoption of perpetual futures across the U.S. market.

Looking Forward

As U.S. regulators continue to test the waters, Ondo Perps is poised to lead the conversation. By combining regulatory compliance with on‑chain innovation, the company could unlock a new era of derivatives for American investors.

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TL;DR: Ondo Perps CEO David Wells sees a major opportunity for U.S. perpetual futures, proposing a hybrid model that blends regulated clearing with on‑chain settlement to satisfy both market demand and regulatory scrutiny.