Ripple Prime, Ripple’s prime brokerage unit, has launched real-world asset (RWA) perpetual swaps for institutional clients. The swaps reference perpetual futures listed by Trade.xyz on Hyperliquid and cover more than 100 markets across equities, equity indices, exchange-traded funds, metals, energy and foreign exchange.

Trading and settlement operate around the clock, including weekends. Ripple said the service allows clients to manage exposure to traditional assets outside normal exchange hours. Unlike traditional stock exchanges, which operate set daily sessions, the swaps can be traded and settled continuously, including on weekends.

⚡️NEW: Ripple opens Wall Street access to the $9 BILLION real-world asset perpetuals market through Ripple Prime. Following its February crypto-perps launch, Ripple now offers 100+ markets across stocks, ETFs and commodities via Hyperliquid's Trade(.)xyz. Per Bloomberg, hedge… pic.twitter.com/itDr2XzYlJ — Coin Bureau (@coinbureau) October 15, 2026

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Ripple announced product on Thursday. The new swaps are offered through Ripple Prime’s CIV BVI license. Ripple said it plans to make them available in additional regions but did not provide a timeline or identify the next markets, leaving the pace and shape of the international rollout as the main open question. Availability may differ by jurisdiction.

How the Swaps Work

RWA perpetual swaps are crypto derivative contracts that allow users to trade traditional financial assets with leverage and without an expiration date. Perpetual futures originated in crypto markets as a way to hold leveraged exposure without rolling contracts at expiry, and the format has since become one of the most widely used contract types on crypto venues. Ripple Prime acts as the principal in the trades, while the value of each swap is linked to Trade.xyz perpetual futures on Hyperliquid.

Clients can use Ripple’s RLUSD stablecoin as collateral. Ripple Prime also provides cross-margining across asset classes, which may reduce the collateral required when positions offset some of one another’s risk. Clients can trade through a single counterparty and view margin requirements and portfolio risks in one place — the consolidated model that defines prime brokerage, applied here to crypto-settled swaps tied to traditional assets.

Market maker Virtu is among the institutional clients already trading the swaps. Scotte Moegling, Virtu’s head of business development for digital assets, said the cross-margining capability helps the firm expand more efficiently.

Michael Higgins, Ripple Prime’s international CEO, said RWA swaps represent a convergence of traditional finance and decentralized finance. He said institutions want 24/7 access to these assets.

Market and Company Background

Trade.xyz is the largest HIP-3 deployer on Hyperliquid, according to Bloomberg. HIP-3 is Hyperliquid’s framework for letting third-party teams launch and operate their own perpetual futures markets on the venue. Open interest in real-world asset perpetual contracts has risen to $9 billion over the past year; open interest, the total value of outstanding contracts, is a standard gauge of activity in derivatives markets.

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

Ripple Prime added support for Hyperliquid in February, giving institutional clients access to the decentralized derivatives venue while allowing them to manage margin alongside other positions. The firm also offers swap financing for leveraged ETFs and recently launched a Delta One business for total return swaps on U.S. stocks, indices and crypto.

Ripple’s announcement is available through the company’s official release.