Virtu has begun trading real-world asset (RWA) perpetual swaps through Ripple Prime, which opened the product to institutions on Thursday. More than 100 markets are linked to the swaps, which keep trading even after exchanges behind them close for the weekend.

Prices track the Trade.xyz perpetual futures listed on Hyperliquid. Perpetual futures are a contract format with no expiry date that originated in crypto markets, and the swaps mirror their prices rather than settling directly against the underlying assets. Clients can take positions tied to equities, equity indices, ETFs, metals, energy and foreign exchange, and both trading and settlement run 24/7. When a stock exchange closes on Friday and reopens on Monday, swaps tied to its shares continue trading on Saturday and Sunday — a span that equity exchanges, which run fixed weekday sessions, leave uncovered.

In its announcement, which Ripple also shared on X, the company said Ripple Prime acts as principal on every trade. Swap values are based on the perpetual futures that Trade.xyz lists on Hyperliquid, a decentralized derivatives venue. Institutions obtain Hyperliquid liquidity through their Ripple Prime account and never connect to the venue directly. The setup moves trading in these traditional-asset exposures onto crypto-market infrastructure while clients stay at arm's length from the venue itself.

RLUSD collateral and cross-margining

Clients can post Ripple USD (RLUSD), the company's dollar stablecoin, as collateral, and they can cross-margin swap positions against other asset classes supported by Ripple Prime. Offsetting positions trim the amount of collateral a firm has to post. For a product that trades and settles around the clock, collateral held in a stablecoin keeps margin logistics on the same schedule.

Virtu, a US market maker, is among the clients already trading the swaps. Scotte Moegling, head of business development for digital assets at Virtu, said in the release:

"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."

Ripple said the arrangement furnishes clients with a single counterparty, centralized risk management and consolidated margin across a portfolio. Availability varies by jurisdiction: the product is currently licensed to run only under Ripple Prime's CIV BVI license, with other regions in the pipeline but no timeline given. Which regions come next, and when, remains the open item for institutions outside that footprint.

Michael Higgins, international CEO of Ripple Prime, said institutions are seeking 24/7 access to equities, commodities and currencies, a demand Moegling's comment echoed. Ripple added that volumes in perpetual futures linked to real-world assets have exploded this year, though it did not provide figures.

Built on the Hidden Road acquisition

Ripple Prime sprang from Ripple's $1.25 billion acquisition of prime broker Hidden Road, which closed in October 2025, giving Ripple an institutional brokerage arm spanning both traditional and digital assets. The unit provides clearing, financing and trading of currencies, bonds, derivatives and digital assets from a single institutional account.

Ripple Prime added support for Hyperliquid in February, meaning institutional clients can margin positions on the decentralized venue against other holdings. Hyperliquid is permissionless and has no KYC checks, though institutions reach that liquidity only through their Ripple Prime accounts rather than directly.

Neuberger Specialty Finance extended Ripple Prime a $200 million debt line in May 2026, earmarked for margin loans. The unit has reportedly tripled revenue year over year since its US debut.

Ripple also co-invested last week with Circle and SC Ventures in a funding round that valued OKX at $25 billion. In the same week, Brevan Howard, which backed Ripple's $500 million raise in November 2025, signed on as a Ripple client.

Source: Cryptopolitan