Ripple Prime adds Hyperliquid access for institutional clients

Ripple Prime is the newest prime brokerage platform, which enables support for Hyperliquid. The integration allows institutional clients to access on-chain liquidity. 

Ripple’s institutional clients will gain access to Hyperliquid, one of the most active perpetual futures exchanges. The decentralized protocol has so far been the venue for crypto-native traders. Ripple may expand the influence of Hyperliquid to institutional clients. 

Institutional clients will be able to access Hyperliquid while cross-margining their exposure to all of Ripple’s products. Clients’ portfolios will allow margin trading on DeFi, as well as forex, fixed income, OTC swaps, and derivatives. 

The addition of Hyperliquid is another step in bridging traditional and decentralized markets. Ripple Prime will offer institutions seamless access to on-chain venues while using a familiar prime brokerage framework. 

The partnership arrived after Ripple lagged behind other networks in building its own liquidity. XRPL carries several apps, but the network has a little under $55M in total value locked, with minimal activity on XRPL DEX. Hyperliquid will open a much larger market and deep liquidity for BTC, as well as highly active altcoin and even commodity markets.

Ripple offers single counterparty risk

Accessing Hyperliquid through Ripple Prime will ensure lower risk from a single counterparty, as well as curated risk management and margin consolidation. The entire portfolios of institutional clients will be used as margin for their DeFi positions on Hyperliquid.

‘At Ripple Prime, we are excited to continue leading the way in merging decentralized finance with traditional prime brokerage services, offering direct support to trading, yield generation, and a wider range of digital assets,’ said Michael Higgins, International CEO, Ripple Prime.

While Ripple’s XRPL carries some native trading apps, the addition of Hyperliquid shows the platform’s best-in-class status. Hyperliquid’s trading volumes are already catching up with spot markets on major exchanges. The platform is also scalable and offers fast access to new asset classes. 

Hyperliquid is fully decentralized and permissionless, with no KYC requirements. Ripple Prime will be the first verified brokerage to onboard clients, as Hyperliquid has not yet partnered with other verified services. 

XRP among the most bearish assets on Hyperliquid

Even after the partnership announcement, XRP remained bearish. XRP slid to $1.55, extending its slide from the past few weeks. 

XRP crashed below $2 and continued its slide in the past month. | Source: Coingecko

On Hyperliquid, over 65% of whale traders are going short on XRP, putting it among the most bearish assets. XRP is in the top 5 most actively traded tokens on Hyperliquid, as whales make use of its directional trading. 

Hyperliquid’s native HYPE token took a step back, erasing 5.75% in the past day, down to $33. Briefly, HYPE traded at $37.84, after Hyperliquid announced the addition of prediction and options markets through HIP-4.

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