The stock market has closed, but on-chain derivatives linked to stocks, indices, gold, and forex are attempting to continue trading.
On October 15, Ripple announced that its institutional brokerage business Ripple Prime has started supporting the trading of perpetual swaps for real-world assets (RWA), covering over 100 reference markets including stocks, stock indices, ETFs, metals, energy, and foreign exchange. These products support trading and settlement around the clock, no longer limited to the fixed trading hours of traditional markets.
This business is aimed at institutional clients, with firms like Virtu participating in related trades. According to Ripple's disclosure, the products reference the perpetual contract market launched by Trade.xyz on Hyperliquid. Ripple Prime provides institutions with trade execution, risk management, and related brokerage services, connecting the trading needs of traditional financial institutions with the on-chain derivatives market.
Demand for trading continues after traditional market closes
Traditional financial markets have defined trading hours. After stock exchanges close, investors typically have to wait for the next trading session to adjust their positions. However, macro data, geopolitical events, and corporate news do not stop affecting asset prices after market close.
On-chain perpetual contracts offer another way: by tracking the prices of traditional assets, they allow traders to continue to establish or adjust exposures during traditional market downtime.
The products supported by Ripple Prime are developed around this need. Institutional clients can trade the price risks of traditional assets through the related products and manage margin across different asset classes. Ripple also stated that clients can use RLUSD as one of the collateral for the related trades.
However, this does not mean that stocks or ETFs themselves have fully migrated onto the blockchain. Such products offer exposure to derivatives linked to traditional asset prices, whereas the underlying assets, settlement arrangements, and actual securities held are still different concepts.
Ripple and Hyperliquid, the division of labor begins to converge
Another layer of significance in this business is that the division of labor between traditional financial service providers and on-chain trading platforms is changing.
Ripple Prime has brokerage and risk management services aimed at institutional clients; Hyperliquid provides on-chain derivatives trading infrastructure. By connecting the two, institutional clients are able to access markets beyond traditional trading hours while managing related risks within existing institutional business frameworks.
This also expands the application scenarios of RWA from the issuance and holding of tokenized assets to price trading, risk hedging, and cross-asset allocation.
However, around-the-clock trading does not mean reduced risks. During traditional market downtime, related reference prices may lack synchronized spot liquidity, and changes in derivative prices, funding rates, and clearing risks may still occur. Whether the products can continue to attract institutional participation depends on liquidity, pricing mechanisms, regulatory scope, and risk management capabilities.
The next phase of competition for RWA may not only be about who can move assets on-chain, but also about who can establish a sustainable trading and risk management system around these assets. Ripple Prime's positioning is a new case of traditional financial institutions further accessing on-chain markets.
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