Ripple Prime rolls out Delta One total-return swaps for U.S. equities and digital assets Ripple Prime has launched a Delta One business that lets institutional clients trade total return swaps (TRS) tied to U.S.-listed equities, indexes and digital assets via its multi-asset prime brokerage platform. The service—now live for hedge funds, asset managers and other financial institutions—extends Ripple Prime’s existing suite of FX, derivatives, fixed income and crypto services into U.S. equity derivatives while keeping everything inside a single prime-broker relationship. What the service offers - Total return swaps provide economic exposure to an underlying asset without ownership; payments are based on the asset’s return plus agreed financing terms. - Ripple Prime acts as the counterparty, enabling clients to execute TRS across supported markets and cross-margin positions across asset classes. - The setup is available 24/7, allowing institutions to manage collateral and exposures in traditional and digital markets through one provider. - Products can be tailored to different investment horizons, risk profiles and reporting needs. Why it matters “Noel Kimmel, president of Ripple Prime, called the launch ‘an important development’ and a natural extension of the platform.” (Company quote.) By folding U.S. equity and index swaps into its multi-asset prime brokerage, Ripple Prime is further blurring the line between traditional finance and crypto workflows—letting institutions net collateral and trade across crypto, equities, FX, fixed income and derivatives from a single counterparty. Platform and credibility - Ripple Prime says it operates with more than $1 billion in regulatory net capital. - The platform clears over $3 trillion annually and serves more than 300 institutional customers. - It provides clearing, financing and prime brokerage across digital assets, FX, precious metals, exchange-traded derivatives, OTC swaps and fixed-income repo. Recent buildout and integrations - The Delta One launch follows a string of institutional upgrades earlier this year: in May, Ripple Prime integrated with EDX Markets, giving clients access to EDX spot liquidity and perpetual futures via EDXM International—an integration that crypto.news reported would use RLUSD as a settlement and collateral instrument in some cases. Ripple Prime handles credit intermediation, collateral management and net settlement in that arrangement. - In February, the firm added access to Hyperliquid, a decentralized derivatives venue that institutions can cross-margin with other positions held through Ripple Prime. - In November 2025, Ripple Prime launched U.S. spot prime brokerage for institutional clients after completing its acquisition of Hidden Road. Background: Hidden Road deal and funding - Ripple acquired Hidden Road for $1.25 billion in October 2025 (deal announced April 2025) and rebranded the institutional brokerage as Ripple Prime. Hidden Road brought a global multi-asset prime broker footprint, spanning FX, derivatives, fixed income and crypto. - Since the acquisition, Ripple Prime reports revenue has tripled year-over-year and client demand has risen across traditional and digital markets. To support growth and financing capacity, Ripple Prime secured a $200 million debt facility from funds managed by Neuberger Specialty Finance in May, and on Aug. 18 closed a $275 million private placement of senior unsecured notes (increased from the original size after strong demand). The notes were rated BBB by KBRA, with Piper Sandler as lead placement agent. Proceeds are earmarked for working capital, tech and personnel investments inside the regulated brokerage. Bottom line Delta One brings total return swaps on U.S.-listed equities, indexes and digital assets into Ripple Prime’s integrated prime-broker model—offering institutions a single counterparty, cross-margining and round-the-clock collateral management across traditional and crypto markets. The move builds on Ripple Prime’s recent integrations and capital raises as the firm pushes deeper into multi-asset institutional trading. Read more AI-generated news on: undefined/news