There is no AMM or order book: buying mints fresh tokens from Ondo and selling redeems them back, both at the price of a signed Ondo quote. Trades have no price impact and don't depend on pool liquidity — the counterparty is always Ondo itself.

Every trade is against USDC — there are no token-to-token swaps. To rotate between two stocks, sell one to USDC, then buy the other.

USDC settlement

Each trade executes an Ondo-signed quote fetched right before the swap and valid for tens of seconds. Buys can't spend more USDC than the quote is worth and sells always sell exactly the quoted amount — the app sizes both automatically.

Signed quotes

No explicit trading fee — Ondo's spread is embedded in the quoted price. Compare the quote against the "≈ $" reference value in the app to see the spread you pay.

Fees and spread

Ondo tokenized assets trade in four back-to-back weekday sessions (ET) — continuous trading from Sunday 8:00 PM to Friday 8:00 PM ET — plus a weekend **Off-Hours** session for select assets. Not every asset trades in every session: some skip Overnight or Off-Hours. Outside an asset's tradable sessions no quote can be issued — the app shows Ondo's reason under the trade button.

Pre-Market

Regular Market

Post-Market

Overnight

Fri 8:00 PM – Sun 8:00 PM ET — select assets only.

Off-Hours

The vault values each Ondo token at Ondo's attested price, pushed onchain as an oracle. While an asset's market is open the price tracks it live; when the market closes the price freezes at the last value, so vault performance is flat until the next session opens. Manager buys refresh the oracle automatically, and prices of vault-held tokens are kept fresh in the background.

Investors deposit USDC (or the vault's other deposit assets) — Ondo tokens can't be deposit assets. A deposit needs Ondo prices fresher than 60 seconds; the app refreshes them automatically as part of the deposit.

Deposits

Investors always receive USDC, never Ondo tokens: the withdrawal automatically sells their share of each Ondo token back to Ondo at a fresh signed quote, inside the same transaction.

Withdrawals

Because withdrawals sell to Ondo, they need each held asset's market to be open. While a market is closed, investor withdrawals from the vault revert until trading resumes.

Closed markets

In the **Assets** section, enable **USDC** and each Ondo token you want to trade — they are listed under the **Stocks**, **Commodities** and **Index ETF** groups. Ondo tokens can't be deposit assets, so investor deposits stay in USDC.

Enable the assets

It opens inside the page and connects automatically — verify the connected address shown in the app is your vault. Once the vault has Ondo assets enabled, the **Ondo trading hours** panel appears above the connected app with their live market status.

Open Ondo Trade from the Apps section

Use the token selector — search by symbol, ticker or company name. Ondo token symbols end in "on": TSLAon is tokenized Tesla, SPYon tracks the S&P 500 ETF. The card shows the token's live price, 24-hour change and a mini price chart.

Pick a token

Type either the USDC amount or the token amount — the other side fills in from a live Ondo quote that refreshes every 15 seconds. The "≈ $" line under the token amount values it at the reference market price, so the gap to the USDC side is Ondo's spread. Trades must be over 1 USDC.

Enter the amount

A trade sends up to two wallet transactions: a token approval sized to the trade and the swap. Between the two, the app fetches a signed Ondo quote (an attestation) that is only valid for tens of seconds — confirm the swap transaction promptly, or it expires and the trade must be retried. Every retry fetches a fresh quote.

Buy or sell

The vault holds the Ondo tokens directly and values them at Ondo's live attested price — vault performance moves with the asset while its market is open and freezes when it closes.

Track the position

Trade Ondo tokenized stocks, commodities and index ETFs from your vault, settled in USDC.

Tokenized stocks on Ondo Trade