Ripple Prime has begun offering institutional clients swaps linked to more than 100 traditional-asset perpetual markets.
The underlying contracts trade on Hyperliquid, but clients enter the swaps with Ripple Prime as their counterparty and can manage them alongside other positions held through the prime broker.
London's trading industry is coming home!
The launch comes as perpetual contracts tied to stocks, commodities and other traditional assets attract more trading activity. Open interest across several major venues has risen from almost nothing to about $9 billion over the past year, Bloomberg reported.
In February 2025, Ripple acquired multi-asset prime broker Hidden Road and renamed it Rpple Prime. The acquisition gave it access to Hyperliquid for on-chain derivatives, while the new product extends that connection to markets referencing traditional assets.
What Institutions Actually Trade
Institutions do not trade the Trade.xyz futures directly through this service. Instead, they enter swaps with Ripple Prime, which acts as their counterparty.
The swaps follow perpetual futures listed by Trade.xyz on Hyperliquid, giving clients exposure to movements in traditional assets without ownership of those assets.
That exposure can be managed outside conventional market hours because the referenced futures trade around the clock. And since they have no fixed expiry, a desk can maintain a position without rolling it into a new contract.
Michael Higgins, Ripple Prime’s international CEO, told Bloomberg that some clients pair a perpetual position with the underlying asset to trade the price difference, while others take a directional view, including outside regular market hours.
Collateral Is Part of the Offer
Access to a 24/7 market is only one part of the proposition. Ripple Prime says clients can cross-margin the new swaps against other supported positions.
An institution trading across several asset classes may therefore be able to manage its collateral within an existing prime-brokerage relationship instead of maintaining separate pools for each venue. Clients can also use Ripple’s RLUSD stablecoin as collateral where it is available.
Virtu Financial is already trading the swaps; its digital-assets business development head, Scotte Moegling, said round-the-clock cross-margining helps the firm expand its activity in emerging liquidity pools.
Other firms are bringing traditional-asset perpetuals to market through their own exchanges. Deribit, for example, is rolling out more than 90 USDC-settled contracts spanning crypto and traditional assets.
Ripple Prime’s role is different: instead of listing the referenced futures, it offers institutions a swap and collateral relationship around markets operated by Trade.xyz.
For now, the swaps are available through Ripple Prime’s BVI-licensed business. Ripple plans to offer them from additional regions but has not announced where or when.
This article was written by Tanya Chepkova at www.financemagnates.com.
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