Ripple Prime adds RWA perpetual swaps linked to Hyperliquid futures

Ripple's prime-brokerage arm, Ripple Prime, has launched real-world asset (RWA) perpetual swaps for institutional clients, with pricing tied to perpetual futures listed by Trade.xyz on Hyperliquid, The Block reported on Thursday.

What clients can trade

Ripple said the swaps cover more than 100 reference markets spanning:

• equities and equity indices
• exchange-traded funds
• metals and energy
• foreign exchange

Trading and settlement run around the clock, including weekends. Market maker Virtu is already among the clients using the product, Ripple told The Block.

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

How the structure works

Ripple Prime acts as the principal in the trades. The value of each swap is linked to Trade.xyz perpetual futures on Hyperliquid. Clients can post Ripple's RLUSD stablecoin as collateral, though availability may vary by jurisdiction.

The platform also supports cross-margining: offsetting positions can reduce the total collateral a client needs, and risk can be viewed across the whole book through one counterparty.

Background

Ripple Prime grew out of Ripple's $1.25 billion acquisition of non-bank prime broker Hidden Road. It already supports digital assets, FX, fixed income, derivatives and swaps under one institutional account. Hyperliquid access was added in February.

The new RWA swaps are currently offered under Ripple Prime's CIV BVI licence. Ripple said it plans to expand to more regions but did not name markets or a timeline. For more on Ripple-linked treasury activity, see our earlier note on Evernorth's XRP treasury partners.