One mountain cannot accommodate two tigers
Ondo and Hyperliquid will eventually have a confrontation
Currently, in the RWA Perps track, http://trade.xyz remains the leader.
It alone accounts for nearly 80% of the 24-hour trading volume across the entire track.
In contrast, the newly emerged Ondo Perps is currently ranked 5th, with a significant gap in scale.
However, Ondo's ambitions are clearly not limited to this.
1. Will Ondo become a rival to Hyperliquid?
The answer is clear: Yes, and the intention to compete is quite apparent.
▌Both are targeting the same piece of cake
In the Hyperliquid ecosystem, perpetual contracts for RWA such as stocks and commodities are the fastest-growing sector. Since the launch of HIP-3 at the end of 2025, this segment has accounted for nearly half of the total perpetual contract trading volume.
Ondo Perps is focusing on this track.
▌Narratives are almost overlapping
Ondo Network's repeated emphasis on "high performance, self-custody, on-chain verifiability" aligns closely with Hyperliquid's core selling points.
They are not only competing for the same group of trading users but also vying for dominance in market recognition.
▌Ondo aims to do much more than just Perps
Ondo has publicly stated that in the future, Ondo Network will also support more financial applications such as spot trading, lending, and structured products.
This approach, starting from high-frequency trading and gradually expanding into a general financial platform, is almost identical to Hyperliquid's strategy in its early days.
2. Short-term focus on http://trade.xyz, long-term benchmark against Hyperliquid
In the short term, Ondo Perps' most direct competitor is http://trade.xyz, not the entire Hyperliquid ecosystem.
However, in the medium to long term, a direct conflict between the two is almost unavoidable.
Once Ondo Network is truly operational, it will have a complete closed loop of asset issuance - collateral - trading. At that point, what both sides will be competing for is no longer a specific sub-track, but the dominance of the entire on-chain financial infrastructure.
3. The advantages of both are completely different
Hyperliquid's trump card is the network effect.
It has already validated the PMF of on-chain perpetual contracts and has accumulated a large number of high-frequency traders, market makers, and deep liquidity.
Ondo's ace in the hole is the source of assets.
It possesses the upstream capability of RWA asset issuance. Real-world assets like stocks and funds can serve directly as trading targets and also act as DeFi collateral without the need to convert to stablecoins first.
Looking at it this way, the direct confrontation between Ondo and Hyperliquid is just a matter of time.
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