Ripple said on 15 October 2026 that Ripple Prime, its prime brokerage unit, has launched real-world asset perpetual swaps on more than 100 reference markets across equities, equity indices, ETFs, metals, energy and FX, traded and settled 24 hours a day, with Virtu among the institutional clients trading them. The release, Fintechbits notes, says the product is offered only out of Ripple Prime’s British Virgin Islands licence and that every swap references a perpetual contract listed by Trade.xyz on Hyperliquid, a decentralized venue, so a regulated prime broker is selling institutions exposure priced off an offshore DeFi market. Ripple Prime trades the swaps as principal, according to the Ripple release on BusinessWire.

How Ripple Prime RWA swaps work

A perpetual swap is a derivative with no expiry date. It tracks the price of an asset through a funding mechanism and lets traders hold long or short positions indefinitely. Perpetuals began in crypto. The new product applies the same structure to traditional assets: stocks, indices, ETFs, metals, energy and currencies.

Ripple’s unit acts as principal, meaning clients face it directly and not the underlying venue. The swaps reference perpetual futures listed by Trade.xyz on Hyperliquid, which trade continuously, including weekends. Clients can cross-margin these positions against other assets the broker supports and post Ripple’s RLUSD stablecoin as collateral, so they hold one counterparty relationship and one margin account.

Michael Higgins, international chief executive of Ripple Prime, said institutions want exposure to equities, commodities and currencies “with the round-the-clock access and efficiencies of digital infrastructure.” Scotte Moegling, head of business development for digital assets at Virtu, said Virtu is “ramping up across emerging liquidity pools.”

Ripple Prime’s run of client wins

The launch follows a busy fortnight for Ripple Prime. Fintechbits covered Brevan Howard signing on as a multi-asset prime brokerage client on 6 October, a deal that also left fees and start dates undisclosed. Adding Virtu, one of the largest electronic market makers, gives the broker two recognisable institutional names in under two weeks.

The release says trading volumes in perpetual futures tied to real-world assets have grown exponentially in 2026, but gives no figures. It also says Ripple intends to offer the product from additional regions, without naming them.

Fintechbits analysis

Why the Ripple Prime licence and venue matter more than the asset list

Ripple Prime has built a product institutions clearly want, and the plumbing deserves a closer look than the menu. Weekend access to gold or an equity index is useful for any desk managing global risk, and cross-margining against crypto and RLUSD collateral is a real efficiency. Virtu trading it is a credible early signal.

The structure is the issue. The only licence named is a BVI one, which means US, UK and EU clients cannot assume they can use the product through a local regulated entity. And the reference prices come from Hyperliquid, a decentralized venue where liquidity can thin out quickly. When a client’s swap is priced off a DeFi perpetual on a Sunday, the client is trusting that market’s depth and its oracle as much as Ripple’s balance sheet. Fintechbits has covered how Coinbase brought offshore and US crypto options into one book, and the same question of which regulator stands behind the trade applies here.

For sophisticated desks, the Ripple Prime RWA swaps make sense. Selling them more widely should wait until onshore licences and clearer venue risk disclosures are in place.

Frequently asked questions

What are Ripple Prime RWA perpetual swaps?

They are derivatives that give institutional clients round-the-clock exposure to more than 100 traditional markets, including equities, indices, ETFs, metals, energy and FX. Ripple Prime trades them as principal and settles them 24/7.

Who is trading them?

The release names Virtu among the institutional clients trading RWA swaps. Clients can cross-margin positions and use Ripple’s RLUSD stablecoin as collateral.

Where is the product regulated and priced?

Fintechbits notes that the release names only Ripple Prime’s British Virgin Islands licence, and that every swap references a perpetual contract listed by Trade.xyz on Hyperliquid, a decentralized venue. Ripple says it intends to offer the product from more regions but names none.

What to Watch Next

The deciding event is an onshore licence. If Ripple offers RWA swaps from a US, UK or EU entity, the product moves from offshore niche to mainstream institutional tool. Watch too for volume disclosures and for more named clients joining Virtu, which Ripple would likely announce at ripple.com.