Ripple Prime has integrated Hyperliquid HIP-3, enabling institutional clients to trade on-chain perpetual contracts for traditional assets including equities, forex, and commodities.
Ripple Prime has expanded its Hyperliquid integration to include HIP-3 trading pairs, giving institutional clients access to on-chain perpetual contracts for traditional assets including gold, silver, and crude oil. The announcement, made on March 31, 2026 by Mike Higgins, Director of Business Development at Ripple Prime, marks a milestone in bridging institutional finance with decentralized derivatives infrastructure.
What to Know
- Ripple Prime is Ripple’s institutional prime brokerage arm, not a retail product. The HIP-3 integration specifically targets institutional clients seeking regulated-adjacent access to on-chain derivatives for traditional financial instruments.
- HIP-3 is Hyperliquid’s protocol standard for deploying perpetual contract markets beyond native crypto, covering commodities like gold, silver, and crude oil. The protocol’s HIP-3 open interest has already hit a record $1.43 billion, with crude oil contracts emerging as the dominant force.
Ripple Prime’s HIP-3 Integration: How It Works
Hyperliquid’s HIP framework is a systematic expansion of the DEX’s asset coverage. HIP-1 handles spot token deployment, HIP-2 provides automated hyperliquidity, and HIP-3 extends the protocol to perpetual contract markets for arbitrary assets, including traditional financial instruments like commodities, equities, and foreign exchange.
Ripple Prime functions as the institutional access layer. The service combines conventional financial asset exposure, including FX, fixed income, and OTC swaps, with DeFi infrastructure within a single margin system under one counterparty relationship. Clients can cross-margin crypto positions with all asset classes supported by the prime brokerage.
Settlement and margin on HIP-3 perpetuals occur entirely on-chain, eliminating the central counterparty risk and multi-day settlement delays that characterize traditional derivatives markets. Positions are managed through Hyperliquid’s native L1, which processes transactions with sub-second finality.
Ripple first announced the Hyperliquid partnership on February 4, 2026, stating it was enabling institutions to access on-chain derivatives liquidity through Hyperliquid in a streamlined and secure way.
Hyperliquid, meet Ripple Prime: https://t.co/RZWdbRfHoe
We're now enabling institutions to access onchain derivatives liquidity through @HyperliquidX in a streamlined and secure way. Customers can also efficiently cross-margin crypto with all asset classes supported by our prime…
— Ripple (@Ripple) February 4, 2026
Source: @Ripple on X
Why Institutions Are Watching On-Chain Perps for TradFi Assets
Traditional derivatives markets for equities futures, FX swaps, and commodity perpetuals rely on centralized exchanges and OTC desks that carry counterparty risk and settlement friction. On-chain perpetuals offer 24/7 settlement with transparent margin mechanics, removing intermediaries from the equation.
Hyperliquid has established itself as the leading on-chain perpetuals venue by volume. The protocol holds approximately $4.9 billion in total value locked across Arbitrum and its native L1, with monthly trading volume exceeding $200 billion. HIP-3 alone has generated $93.17 billion in total trading volume across 131,805 traders, collecting $8.61 million in fees.
The integration fits within Ripple’s broader institutional DeFi strategy, which includes the RLUSD stablecoin and XRPL DeFi integrations. By routing traditional asset perpetuals through Hyperliquid, Ripple Prime is positioning itself as a bridge between regulated institutional capital and permissionless on-chain infrastructure, a theme that has also played out in the recent wave of institutional ETF activity across the crypto market.
No comparable institutional prime broker has publicly announced integration with a decentralized perpetuals exchange at this scale. Competitors dYdX and GMX remain significant on-chain perps venues, but neither has secured a comparable institutional onboarding relationship with a regulated prime brokerage.
At press time, XRP traded at $1.32, down 2.43% over 24 hours, with a market cap of $81.05 billion.
HYPE, Hyperliquid’s native token, traded at $37.20, down 3.23% over 24 hours, with a market cap of $8.87 billion. The broader institutional landscape continues to evolve, with developments like Walmart OnePay’s recent crypto expansion and major industry conferences reflecting growing mainstream adoption of digital assets.
Hyperliquid’s HIP Roadmap and What Comes Next
Hyperliquid’s HIP framework represents a deliberate progression. HIP-1 enabled spot token deployment on the DEX. HIP-2 introduced automated liquidity provisioning. HIP-3 now extends the infrastructure to traditional financial instruments as perpetual contract markets, transforming Hyperliquid from a crypto-native DEX into a general-purpose derivatives platform.
According to unconfirmed reports from a single source, HIP-3 open interest subsequently climbed to $1.74 billion, a roughly 25% increase from the $1.43 billion record. If accurate, the figure suggests accelerating demand for on-chain commodity perpetuals.
Ripple Prime may expand the asset roster under HIP-3 as institutional demand for specific traditional underliers becomes clear. The current focus on gold, silver, and crude oil aligns with the highest-volume commodity derivatives globally, but equities and forex perpetuals remain potential additions.
Regulatory considerations loom over this space. HIP-3 commodity perpetuals covering gold, silver, and oil may attract scrutiny as tokenized traditional asset derivatives under CFTC jurisdiction. Ripple’s own regulatory history, including the largely resolved SEC lawsuit over XRP, gives the company experience navigating compliance requirements that institutional clients will demand.
Ripple Prime’s HIP-3 integration stands as the first instance of a regulated prime broker plugging directly into a decentralized perpetuals exchange for traditional asset exposure, a milestone that competing institutional infrastructure providers will need to answer.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
