✓ Official source XRP
Ripple Prime opens 24/7 swaps on 100+ stock, commodity and FX markets, priced off Hyperliquid perps and collateralized with RLUSD
Summary
Ripple said on Oct. 15 that its prime brokerage, Ripple Prime, has launched real-world asset (RWA) perpetual swaps for institutional clients covering more than 100 reference markets across equities, equity indices, ETFs, metals, energy and foreign exchange, traded and settled 24/7, according to Ripple’s press release and The Block.
The swaps reference perpetual futures contracts listed by Trade.xyz on the decentralized derivatives venue Hyperliquid, with Ripple Prime acting as principal, so clients trade with Ripple Prime rather than directly on Hyperliquid, Ripple said.
Clients can cross-margin the swaps against other asset classes Ripple Prime supports and use Ripple’s RLUSD stablecoin as collateral, though Ripple noted RLUSD availability may differ by jurisdiction.
Market maker Virtu is among the institutions already trading the products, Ripple said, and the offering is currently available out of Ripple Prime’s CIV BVI license, with plans to expand to more regions; The Block said Ripple gave no timeline and did not name the next markets.
Key facts
- “RWA swaps are where traditional and digital markets meet,” said Michael Higgins, International CEO of Ripple Prime.
- Virtu’s Scotte Moegling, head of business development for digital assets, said Ripple Prime’s 24/7 cross-margining across asset classes helps Virtu “expand our presence more efficiently as markets move toward round-the-clock access.”
- Ripple said there has been “exponential growth” this year in trading volumes of perpetual futures contracts tied to real-world assets.
- The Block said Ripple Prime was formed after Ripple completed its $1.25 billion acquisition of non-bank prime broker Hidden Road last year.
- The Block said Ripple Prime added support for Hyperliquid in February, letting institutional clients access the venue while managing margin alongside other positions.