Ripple announced on October 15 that its institutional prime brokerage service, Ripple Prime, had begun supporting real-world asset (RWA) perpetual swaps. The products are linked to more than 100 reference markets across equities, equity indexes, exchange-traded funds (ETFs), metals, energy and foreign exchange. Trading and settlement are available around the clock, including weekends.
Ripple Prime is the client's direct counterparty, and the swaps reference perpetual futures listed on Hyperliquid by Trade.xyz. Institutional clients gain exposure to price movements without directly holding the underlying assets. Because the reference perpetual futures markets remain continuously open, clients can adjust related positions outside the regular trading hours of traditional exchanges.
Clients can use cross-margining that takes into account positions in RWA swaps and other asset classes supported by Ripple Prime. Ripple's stablecoin RLUSD can also be used as collateral, although availability varies by jurisdiction. Ripple said the structure enables clients to manage risk and margin on a consolidated basis under a single counterparty.
The service is currently offered under Ripple Prime's British Virgin Islands (BVI) license, and Ripple said it plans to expand to other regions. According to the company, market maker Virtu is already trading the products. Ripple launched Ripple Prime after acquiring prime broker Hidden Road in 2025.