Ripple opens Wall Street’s door to Hyperliquid’s $59 billion trading market

According to CryptoSlate, Ripple announced on Oct. 15 that Ripple Prime is acting as the principal counterparty for institutions trading swaps referencing more than 100 traditional financial markets around the clock. The swaps cover stocks, equity indices, ETFs, metals, energy, and foreign exchange, referencing perpetual contracts listed by Trade.xyz on Hyperliquid.

The product offers consolidated margining across supported asset classes and accepts RLUSD as eligible collateral, subject to jurisdiction. It operates through Ripple Prime's British Virgin Islands entity, with other regions planned. The offering builds on a February Hyperliquid integration and August total-return swaps announced by Ripple, adding Trade.xyz reference markets and continuous trading.

Data from 0xArchive indicates Trade.xyz handled $59.4 billion of perpetual volume in September across 110 listed markets. Trade.xyz's oracle references conventional prices during external trading sessions and switches to internal pricing from its own order book during closed hours. Standard Custody & Trust Company issues RLUSD, with Ripple's Oct. 8 dashboard reporting $2.6 billion in reserves against over $2.4 billion in circulation.