Last weekend, when I had nothing to do, I flipped through the trading positions of several platforms that were listed on the US stock perpetual market one by one. The US stock market did not open on the weekend, but these contracts are still jumping. The interesting thing is that some plates are so thin that they can be seen through at a glance, and the price of orders worth tens of thousands of dollars will be skewed; Some can still maintain decent depth and spread. Both say 'Support NVDA Perpetual', but the actual trading experience is quite different. After the recent rise of the US stock market, on chain US stock assets have also become significantly hot, and everyone is accelerating the trading of pairs. But hanging up assets and really propping up the market are two different things after all. Technically speaking, listing a perpetual stock on the US stock market is not the most difficult: by accessing price sources and matching them well, trading pairs can start running. What is more worth asking is how to support the liquidity of orders in the market and manage risks when the traditional spot market is closed and conventional hedging channels are limited. These issues may not be immediately apparent during normal trading hours. On weekends or after hours, differences in spreads, depths, and slippage are more easily exposed. Since July, the US stock market has fluctuated at a high level and sector differentiation has intensified. At this time, the gap in market quality will only be widened. So when looking at Perp DEX now, my focus is not just on whether there are assets I want to trade, but also on the underlying liquidity sources and product design. This is also the reason why I have been following @ OndoPerps recently. Ondo Perps has a unique feature: Ondo Finance @ Ondo, who runs this platform, is also the issuer of tokenized stocks. Ondo Global Markets currently covers over 400 targets, accounting for approximately 45% of the issuer's market share. According to official information, the design direction of Ondo Perps is to connect traditional cash stock market liquidity sources, providing a trading experience closer to the open market for tokenized stocks, indices, and commodity perpetual trading. Structurally, it attempts to combine asset issuance, collateral, and derivative trading, rather than just adding trading varieties. This does not mean that the weekend trading volume will never thin out, nor does it mean that there will be no slippage in transactions at any time. But in my opinion, the issuer personally setting up a trading platform is not the same logic as relying on a single price source. Another design that I think is quite practical: if you already hold tokenized assets such as NVDA and TSLA, and want to participate in perpetual trading in the past, you usually need to first convert them into stablecoins as margin. Ondo Perps supports the use of eligible tokenized stocks and ETFs as collateral, allowing existing positions to participate in more flexible fund management. With the 7x24 market mechanism, we can manage market exposure in more time windows without being completely limited by traditional market time. Of course, being able to trade all day does not mean having the same liquidity at all times; The maximum leverage of 20 times is just a tool, not a profit amplifier. Spreads, slippage, funding rates, and strong leveling risks all need to be calculated clearly by oneself. As for whether or not to earn points, I think opinions vary at this stage. But regardless of whether to brush or not, choosing a competitive platform is a prerequisite - this is also the reason why I spent so many words discussing the market before. Ondo Perps' points program has just officially launched, distributing 5 million points per week. The initial points earned mainly depend on trading volume and open contracts. If you plan to try it yourself, you can use my invitation code: https://app.ondoperps.xyz/?ref=4Q3J0N Perpetual contracts and leveraged trading carry high risks and may result in partial or complete financial losses. The above is only my personal observation and product mechanism sharing, and does not constitute financial or trading advice.