Ripple Prime, a subsidiary of Ripple, launches 24/7 equity swaps; HSBC warns of thin liquidity. According to CoinDesk on October 21, Ripple Prime (formerly Hidden Road) has opened round-the-clock trading in equities, commodities, and currency swaps to institutional clients since October 15, covering over 100 markets and allowing the use of its USD-backed stablecoin, RLUSD, as margin. Trader Virtu is already utilizing this service.
These swaps track perpetual contracts listed on the Trade.xyz platform within the Hyperliquid ecosystem—contracts with no expiration date that trade 24/7, allowing funds to bet on assets like gold during weekends when traditional markets are closed. Clients manage margin and risk through Ripple Prime.
However, Daragh Maher, Head of Digital Assets Research at HSBC, described the move as "an evolution, not a revolution," in a client report on Monday, warning that limited liquidity could constrain large trades and that activity will remain concentrated among market makers, proprietary traders, and hedge funds engaging in basis trading until order book depth improves. The article highlighted an incident this month in which nearly $52 million in leveraged chip stock positions were liquidated within 10 minutes, underscoring the risks of weekend trading.
Ripple Prime Launches 24/7 Stock Swaps, HSBC Warns of Thin Liquidity
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Summary
Ripple Prime has launched 24/7 swaps for stocks, commodities, and currencies for institutional clients, covering more than 100 markets and using RLUSD as collateral. The service tracks perpetual contracts on Trade.xyz within the Hyperliquid ecosystem, enabling weekend positions in assets such as gold. HSBC’s Daragh Maher described the move as an evolution, not a revolution, cautioning that thin liquidity zones could constrain large trades. A recent $52 million leveraged chip stock liquidation within 10 minutes underscores weekend risks, particularly near key support and resistance levels.
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