Ripple Prime adds RWA swaps referencing perpetual futures listed on Hyperliquid

Ripple Prime, the prime brokerage unit of Ripple, has added real-world asset (RWA) perpetual swaps for institutional clients, with the products referencing perpetual futures listed by Trade.xyz on Hyperliquid.

The swaps cover more than 100 reference markets across equities, equity indices, exchange-traded funds, metals, energy and foreign exchange, Ripple said Thursday, adding that trading and settlement are available around the clock, including weekends.

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

"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.

Ripple Prime acts as the principal in the trades, while the value of the swaps is linked to the Trade.xyz perpetual futures listed on Hyperliquid.

RLUSD accepted as collateral

Clients can use Ripple's RLUSD stablecoin as collateral for the RWA swaps, although its availability may differ by jurisdiction, Ripple said.

Ripple Prime also lets clients manage margin across different assets, meaning they may need less collateral if some positions reduce the risk of others.

Ripple said clients can manage their trading through one counterparty and see their margin requirements and risks across their entire portfolio in one place.

Ripple Prime was formed after Ripple completed its $1.25 billion acquisition of non-bank prime broker Hidden Road last year. The platform supports digital assets, foreign exchange, fixed income, derivatives and swaps through one institutional account.

Ripple Prime added support for Hyperliquid in February, allowing institutional clients to access the decentralized derivatives venue while managing margin alongside their other positions.

The new RWA swaps are currently offered through Ripple Prime's CIV BVI license. Ripple said it plans to make them available from more regions, but did not give a timeline or name the next markets.

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