Ripple announced on Oct. 15 that institutions can trade swaps tied to more than 100 traditional financial markets around the clock, with Ripple Prime acting as principal counterparty. According to NS3.AI, the swaps reference Trade.xyz perpetual contracts on Hyperliquid, where Trade.xyz recorded $59.4 billion in trading volume in September, according to 0xArchive.

Ripple offers consolidated margining and accepts RLUSD as collateral, subject to jurisdiction. However, it has not disclosed how it hedges exposure when the underlying markets are closed, or provided details on position sizes, collateral haircuts, margin schedules or default protections.