Ripple Prime opens 24/7 swaps on more than 100 traditional markets

Ripple Prime has opened round-the-clock swaps linked to more than 100 traditional financial markets, with market maker Virtu among the institutional clients already trading them.

Ripple announced the launch October 15. The reference markets cover stocks, stock indexes, exchange-traded funds, metals, energy and foreign exchange. Trading and settlement run continuously, including weekends.

Ripple Prime enters each swap as the principal counterparty. The swaps reference perpetual futures contracts that Trade.xyz lists on Hyperliquid, a decentralized derivatives venue. The perpetual contracts have no fixed expiry. The client’s swap relationship is with Ripple Prime, while the reference futures trade on the separate venue.

Clients can cross-margin the new swaps against other asset classes Ripple Prime supports. That lets the brokerage calculate margin across the combined portfolio. Ripple also accepts its RLUSD stablecoin as collateral for these transactions, although availability varies by jurisdiction.

The offering is currently available under Ripple Prime’s CIV BVI license. Ripple intends to expand to additional regions, but its announcement does not identify them or give rollout dates.

The launch follows Ripple Prime’s February integration with Hyperliquid, which allowed institutions to combine margin for onchain derivatives with their other positions. The new product extends that brokerage access to swaps referencing traditional markets.

Sources

• Ripple: RWA swaps, current licensing and collateral scope
• Unchained: how Ripple Prime’s swaps work