> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ondoperps.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Changelog

> Product and documentation updates for Ondo Perps

<Update label="August 2026" description="Expanded tokenized stock collateral">
  **Platform updates**

  * **Eligible collateral expanded** to include NVDAon, GOOGLon, TSLAon, SNDKon, SPCXon, CRCLon, SLVon, and GLDon, alongside SPYon and QQQon, each with its own haircut and collateral cap.
  * **The interface now displays funded tokenized stock as an equivalent balance** under the corresponding asset symbol (e.g. SPYon shows as a SPY-equivalent balance), calculated using a reference price. The underlying token is unchanged and returned in full on withdrawal.

  **Documentation updates**

  * **Funding Ondo Perps:** renamed from Funding Your Account; published the full list of eligible collateral, haircuts, and caps.
  * **Collateral Assets:** new page documenting the funding-asset-to-displayed-balance mapping and withdrawal behavior.
  * **Overview, Withdrawals, Collateral Value, Settlement, Collateral Management, Positions Panel:** clarified that the displayed asset symbol (e.g. SPY) is a UI representation of the underlying tokenized stock, not a separate asset.
</Update>

<Update label="July 2026" description="Tokenized Stock Collateral GA and documentation updates">
  **Platform updates**

  * **Tokenized Stock Collateral is now available to everyone.** The Pre-Alpha restriction has been removed; deposit SPYon or QQQon directly from your account.
  * **API key creation is enabled by default** for all accounts. API usage is rate limited to 1 request per second by default; higher limits are available by request via [support@ondoperps.xyz](mailto:support@ondoperps.xyz).
  * **Maximum position size raised to \$1,000,000** per market, per account (previously \$500,000).

  **Documentation updates**

  * **Public Beta:** documented the Tokenized Stock Collateral beta parameters: per-asset collateral caps, the 30% maximum allowed USDC Debt, and the \$100,000 USDC Debt cap per account.
  * **Funding Your Account:** published per-asset collateral caps (146 SPYon, 166 QQQon).
  * **Fees:** clarified fee mechanics: fees are charged in USDC per fill and deducted from your USDC balance, separate from position PnL.
  * **Funding Rates:** clarified that funding payments are credited to or debited from your USDC balance.
  * **Collateral Management:** corrected the Maximum Allowed Debt formula to `min(Non-USDC Margin Value x 30%, $100,000)`.
  * **Settlement:** documented that Auto-Exchange also triggers at the \$100,000 USDC Debt maximum, and clarified the difference between Auto-Exchange and liquidation. Auto-Exchange sells only enough collateral to cover the debt.
  * **Withdrawals:** published the exact withdrawal model, including how unrealized PnL and USDC Debt affect what you can withdraw.
  * **Weekend Mechanics:** stated the closed-market settlement fee (currently 2.5% of the debt repaid).
  * **Measuring Risk:** noted that with tokenized stock collateral, a decline in collateral price can raise your Margin Ratio on open positions.
</Update>