Ripple said on Oct. 15 that Ripple Prime, its institutional prime brokerage business, now allows clients to hold positions in stocks, indices, commodities and currencies at any hour through swaps tied to perpetual futures on Hyperliquid. The trades and settlements run 24/7, including weekends, and market maker Virtu is already using the product.
The swaps track more than 100 markets across stocks, stock indices, ETFs, metals, energy and currencies, according to the announcement.
How the product is structured
Clients are not trading on Hyperliquid directly. Ripple Prime enters each swap as principal, while the value of the contract follows a perpetual futures market listed by Trade.xyz on the decentralized derivatives exchange.
Because perpetual futures do not expire, a position can remain open as long as the trader keeps it funded. Ripple said the swaps sit inside a client’s Ripple Prime account, allowing them to be cross-margined against the other asset classes the firm handles.
Clients can also post Ripple’s RLUSD stablecoin as collateral, although Ripple said availability depends on the jurisdiction. The company described the setup as giving clients one counterparty and one consolidated view of margin and risk.
What Ripple and Virtu said
“RWA swaps are where traditional and digital markets meet,” Michael Higgins, Ripple Prime’s international CEO, said in the announcement. He added that institutions want exposure to equities, commodities and currencies while keeping the round-the-clock access and efficiencies offered by digital infrastructure.
Scotte Moegling, Virtu’s head of business development for digital assets, said in the same release that Ripple Prime’s cross-margining helps the trading firm “expand our presence more efficiently” as markets move toward round-the-clock access.
License scope and earlier rollout
For now, the product is available only through Ripple Prime’s CIV BVI license. Ripple said more regions are planned, but it did not specify which ones.
The launch extends Ripple Prime’s earlier move onto the venue. In February, the company added support for Hyperliquid so clients could margin onchain derivatives alongside their other holdings.
Trade.xyz’s lineup on Hyperliquid already includes an officially licensed S&P 500 perpetual, which debuted in March after S&P Dow Jones Indices granted the license.