Ripple Prime, the institutional brokerage arm of Ripple, now lets clients trade round-the-clock swaps on more than 100 traditional markets through contracts listed on the decentralized exchange Hyperliquid.
Key Points:
- Ripple Prime's new swaps track stocks, ETFs, metals, energy and currencies, with trading and settlement open 24/7.
- Ripple Prime acts as principal, while each swap follows a Trade.xyz perpetual futures contract on Hyperliquid.
- Market maker Virtu is already trading the product, and clients can post RLUSD as collateral.
Ripple Prime RWA Swaps
Ripple announced the real-world asset, or RWA, swaps on Thursday, saying they reference markets in equities, stock indices, exchange-traded funds, metals, energy and foreign exchange. Trading and settlement run around the clock, weekends included.
Clients do not trade on Hyperliquid directly. Instead, Ripple Prime takes the other side of every trade as principal, while each swap's price tracks a perpetual futures contract listed by Trade.xyz on Hyperliquid. Such contracts carry no expiration date, so a trader can hold a position indefinitely as long as it stays funded.
Clients can also post Ripple's Ripple USD (RLUSD) stablecoin as collateral, although the company said availability may differ by jurisdiction. Because the swaps sit inside a Ripple Prime account, clients can margin them against other asset classes, which may cut collateral needs when positions offset each other's risk.
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Michael Higgins, Virtu Weigh In
Michael Higgins, Ripple Prime's international CEO, described RWA swaps as "where traditional and digital markets meet," adding that institutions want stock, commodity and currency exposure with the constant access of digital infrastructure. Market maker Virtu is already trading the swaps. Scotte Moegling, the firm's head of business development for digital assets, said Ripple Prime's 24/7 cross-margining helps Virtu grow more efficiently as markets shift toward nonstop access.
Clients get price exposure only, not the stocks or commodities themselves.
Ripple Prime Hyperliquid Expansion
For now, the swaps run only under Ripple Prime's CIV BVI license. Ripple said it plans to offer them from more regions but did not name the markets or give a timeline.
The launch follows a string of expansions at the unit, which Ripple built from Hidden Road, a non-bank prime broker it agreed to buy for $1.25 billion in April 2025.
In February, Ripple Prime added support for Hyperliquid itself, and in August it launched a Delta One business for total return swaps on U.S.-listed equities, indices and digital assets. On Oct. 6, Brevan Howard, which manages about $35 billion, tapped Ripple Prime for brokerage, clearing and financing across traditional and digital markets.
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