Ripple Prime, the prime brokerage unit of Ripple, has added real-world asset perpetual swaps for institutional clients. The swaps reference Trade.xyz perpetual futures on Hyperliquid and trade around the clock. Virtu is among the clients already using them.
Ripple Prime has added real-world asset (RWA) perpetual swaps for institutional clients, with the products referencing perpetual futures listed by Trade.xyz on Hyperliquid. Ripple Prime is the prime brokerage unit of Ripple.
The swaps cover more than 100 reference markets across equities, equity indices, exchange-traded funds, metals, energy and foreign exchange, Ripple said Thursday. Trading and settlement are available around the clock, including weekends.
How the swaps work
Perpetual swaps let users trade with leverage and without an expiration date. Ripple Prime acts as the principal in the trades, while the value of the swaps is linked to the Trade.xyz perpetual futures on Hyperliquid.
Market maker Virtu is among the institutional clients already trading the products, Ripple said. Clients can also use Ripple's RLUSD stablecoin as collateral, although availability may differ by jurisdiction.
Cross-margining lets clients manage margin across different assets. As a result, they may need less collateral if some positions reduce the risk of others.
Demand for RWA perpetuals
The launch comes as open interest in RWA perpetuals across major platforms has risen to $9 billion over the past year, starting from near zero, according to Crypto Briefing.
Michael Higgins, international CEO of Ripple Prime, said some investors are pursuing basis trades, taking positions on perps and their underlying assets to exploit price discrepancies, according to U.Today.
Limited availability for now
The swaps are currently offered through Ripple Prime's CIV BVI license. Ripple said it plans to make them available from more regions, but it did not give a timeline or name the next markets.
Sources: The Block, Crypto Briefing, U.Today
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