Ripple Prime Opens 24/7 Swap Trading Across 100+ Markets, HSBC Warns of Thin Liquidity

Odaily Report: Ripple's brokerage business Ripple Prime (formerly Hidden Road) has since October 15 opened round-the-clock equity, commodity, and currency swap trading to institutional clients, covering more than 100 markets and supporting the use of the U.S. dollar stablecoin RLUSD as margin. Trading firm Virtu has already used the service. The swaps track perpetual contracts listed on the Trade.xyz platform within the Hyperliquid ecosystem, have no expiry date, and support 24-hour trading, allowing funds to trade assets such as gold while traditional markets are closed, with clients managing margin and risk through Ripple Prime.

Daragh Maher, Head of Digital Asset Research at HSBC, said in a client report that the service represents "an evolution rather than a revolution," and warned that limited liquidity could constrain large trades. Before order book depth develops, activity may be concentrated more in basis trades by market makers, proprietary trading firms, and hedge funds. This month, a case emerged in which nearly $52 million in leveraged chip stock positions were liquidated within 10 minutes.