Key Highlights
- Ripple Prime has launched support for real-world asset (RWA) perpetual swaps linked to more than 100 reference markets.
- The markets cover equities, equity indices, exchange-traded funds (ETFs), metals, energy, and foreign exchange.
- The swaps reference perpetual futures listed by Trade.xyz on Hyperliquid and are traded through Ripple Prime as principal.
Ripple Prime has launched support for real-world asset (RWA) perpetual swaps linked to more than 100 traditional asset reference markets.
In an announcement published on October 15, Ripple said the markets span equities, equity indices, exchange-traded funds (ETFs), metals, energy and foreign exchange.
Trading and settlement are available 24 hours a day, seven days a week, including weekends. Ripple said institutional clients, including trading firm Virtu, are already using the service.
Swaps reference perpetual futures on Hyperliquid
Ripple Prime trades the products as principal and references perpetual futures contracts listed by Trade.xyz on Hyperliquid, a decentralized derivatives platform.
Ripple’s announcement does not state that the underlying stocks, ETFs, or commodities are being issued as onchain tokens through this offering.
Ripple offers cross-margining and RLUSD collateral
Ripple Prime clients can cross-margin RWA swap exposures against other asset classes supported by the brokerage service. They can also use Ripple USD (RLUSD), Ripple’s dollar-pegged stablecoin, as collateral.
Cross-margining allows eligible positions across supported asset classes to be considered together when calculating margin requirements. Ripple said the arrangement provides a single counterparty relationship, centralized risk management and consolidated margin across client portfolios.
Michael Higgins, international CEO of Ripple Prime, said institutions are seeking exposure to equities, commodities and currencies through digital infrastructure.
“Institutions want exposure to equities, commodities, and currencies with the round-the-clock access and efficiencies of digital infrastructure,” Higgins said.
Higgins also cited Ripple Prime’s experience in trade clearing and managing digital collateral and risk across venues.
Virtu cites cross-margining capabilities
Virtu is among the institutional clients using the RWA swaps. Scotte Moegling, the firm’s head of business development for digital assets, pointed to cross-margining across asset classes as a factor in its use of the service.
“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,” Moegling said.
Ripple cited year-to-date growth in trading volumes for perpetual futures tied to real-world assets but did not provide figures to quantify the increase.
Ripple Prime’s institutional business
On October 6, Brevan Howard had tapped Ripple Prime for multi-asset services spanning traditional and digital assets. Affiliates of the investment firm also participated in Ripple’s $500 million investment round in 2025.
The earlier report concerned the broader institutional relationship. Ripple’s October 15 announcement does not state that Brevan Howard is using the newly launched RWA swaps.
Ripple said the RWA swaps are currently offered through Ripple Prime’s CIV BVI license. The company intends to expand the service to additional regions but did not provide a timeline or identify the next jurisdictions.
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