Ripple Prime adds RWA swaps referencing perpetual futures listed on Hyperliquid

Ripple Prime, the prime brokerage arm of Ripple, said Thursday it has introduced real-world asset (RWA) perpetual swaps for institutional clients, with the contracts referencing perpetual futures listed by Trade.xyz on Hyperliquid.

The offering spans more than 100 reference markets, covering equities, equity indices, exchange-traded funds, metals, energy and foreign exchange. Ripple said trading and settlement are available around the clock, including on weekends, giving institutions continuous exposure to markets that are traditionally tied to weekday sessions.

RWA perpetual swaps are crypto derivative contracts that allow users to trade traditional financial assets with leverage and without an expiration date. Market maker Virtu is among the institutional clients already trading the products, according to Ripple.

"Virtu is ramping up across emerging liquidity pools, and Ripple Prime's 24/7 cross-margining across asset classes helps us expand our presence more efficiently as markets move toward round-the-clock access," said Scotte Moegling, head of business development for digital assets at Virtu.

Collateral and margin

Ripple Prime acts as principal in the trades, while the value of the swaps is linked to the Trade.xyz perpetual futures listed on Hyperliquid. Clients can post Ripple's RLUSD stablecoin as collateral, though Ripple noted that availability may vary by jurisdiction. The platform also lets clients manage margin across different assets, meaning some positions may offset the risk of others and reduce overall collateral needs. Ripple said clients can trade through a single counterparty and view margin requirements and risk across their entire portfolio in one place.

Ripple Prime was created after Ripple completed its $1.25 billion acquisition of non-bank prime broker Hidden Road last year. The business supports digital assets, foreign exchange, fixed income, derivatives and swaps through one institutional account, and it added support for Hyperliquid in February, giving institutional clients access to the decentralized derivatives venue alongside their other positions. The new RWA swaps are currently offered under Ripple Prime's CIV BVI license, and Ripple said it plans to make them available in additional regions without specifying a timeline or naming the next markets.