Freeman

$103.6m in ethereum:0x68749665ff8d2d112fa859aa293f07a622782f38 volume on @OndoPerps in a single day is impressive. but there's another metric every trader should pay attention to: the spread. most traders look at fees first. but your actual trading cost goes beyond the fee you see on the screen. the spread is the gap between the best available buy price and sell price. when you trade instantly, you generally pay that gap through your execution price. why does this matter? because even a small spread adds up when you're opening and closing positions repeatedly. and this is where ondo perps has an interesting design. market makers need capital to quote both sides of a market. when that capital is tied up in separate collateral pools, it can limit how efficiently they deploy it. ondo perps allows eligible tokenized stocks and etfs to be used as collateral alongside stablecoins. that can improve capital efficiency and help market makers deploy capital more effectively. the potential benefit for traders? → tighter spreads → better execution → less friction when entering and exiting positions of course, spreads aren't fixed. they vary with liquidity, order size and market conditions. that's why i pay attention to both fees and execution costs, not just headline trading volume. when you're choosing a new perp dex, what matters more to you: low fees or tight spreads?