- Virtu is already trading Ripple Prime’s new real-world asset perpetual swaps, which went live Thursday.
- The swaps reference more than 100 markets and trade 24/7, including weekends.
- Swap values track perpetual futures that Trade.xyz lists on Hyperliquid.
Virtu is already trading real-world asset perpetual swaps through Ripple Prime, which opened the product to institutions on Thursday.
Over 100 markets are linked to the swaps, which keep trading even after the exchanges behind them close for the weekend.
Prices track Trade.xyz perpetual futures listed on Hyperliquid
Clients can take positions tied to equities, equity indices, ETFs, metals, energy and foreign exchange. Trading and settlement are 24/7.
On Friday a stock exchange closes and reopens on Monday but swaps relating to its shares carry on trading on Saturday and Sunday.
In its announcement Ripple said Ripple Prime is principal on every trade. The 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. They never connect to the venue directly.
Clients can post RLUSD as collateral and cross-margin positions
“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.”
Scotte Moegling, head of business development for digital assets at Virtu, said in the release. US market maker Virtu is among the clients already trading the swaps.
Ripple Prime clients can cross-margin swap positions against other asset classes supported by Ripple Prime. Offsetting positions trim the amount of collateral that has to be posted by a firm.
Ripple USD (RLUSD) is the company’s dollar stablecoin and also serves as collateral. Availability varies by jurisdiction.
Ripple says the arrangement furnishes clients with a single counterparty, centralized risk management and consolidated margin across a portfolio. Currently, the product is licensed to run only under Ripple Prime’s CIV BVI license with other regions in the pipeline but no timeline.
International CEO of Ripple Prime Michael Higgins said that institutions are seeking 24/7 access to equities, commodities and currencies. Ripple said volumes in perpetual futures linked to real-world assets have exploded this year but gave no figures.
Ripple Prime sprang from Ripple’s $1.25 billion acquisition of prime broker Hidden Road, which closed in October 2025. The unit provides clearing, financing and trading of currencies, bonds, derivatives and digital assets from one institutional account.
It added support for Hyperliquid in February. Institutional clients would then be able to margin positions on the decentralized venue against other holdings.
Hyperliquid is permissionless and has no KYC checks.
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 $25 billion valuation funding round for OKX. In the same week, Brevan Howard, which backed Ripple’s $500 million raise in November 2025, signed on as a Ripple client.
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FAQs
Who is trading Ripple Prime's RWA perpetual swaps?
Market maker Virtu is among the institutional clients already trading the swaps.
What assets do the swaps cover?
More than 100 markets across equities, equity indices, ETFs, metals, energy, and foreign exchange.
How does the product work behind the scenes?
Ripple Prime acts as principal, and swap values track Trade.xyz perpetual futures listed on Hyperliquid.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Randa Moses
Randa Moses is an editor and reporter at Cryptopolitan covering tech, AI, robotics, crypto, scams, and hacks. She has worked in the crypto space since 2017. She held roles at Forward Protocol, AmaZix, and Cryptosomniac. Randa holds a degree in Electrical and Electronics Engineering from the University of Bradford.
