Ripple Prime has launched a Delta One business that lets institutional clients trade total return swaps tied to U.S.-listed equities, indexes and digital assets through its multi-asset prime brokerage platform.
Summary
- Ripple Prime has launched Delta One, allowing institutional clients to trade total return swaps linked to US equities, indexes and digital assets.
- Clients can use a single counterparty and cross margin supported exposures across Ripple Prime’s multi asset brokerage platform.
- The service targets hedge funds, asset managers and other financial institutions seeking exposure without directly owning the underlying assets.
- Ripple Prime was formed after Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025.
- The brokerage secured a $200 million debt facility in May and closed a $275 million private placement of senior unsecured notes in August.
Ripple said Thursday that the service is live for hedge funds, asset managers and other financial institutions, extending Ripple Prime further into U.S. equity derivatives while retaining digital assets within the same brokerage framework.
Clients can use a single counterparty for the transactions and cross-margin positions across supported asset classes. Ripple Prime said the setup operates around the clock, allowing institutions to manage collateral and exposures across traditional and digital markets through one relationship.
Total return swaps give investors exposure to the economic performance of an underlying asset without requiring them to own it directly. Under the structure, payments between counterparties are generally based on the return of the referenced asset and financing terms agreed under the swap.
“The launch of our Delta One business is an important development for Ripple Prime and a natural extension of the platform we’ve built,” Ripple Prime President Noel Kimmel said.
Ripple Prime Delta One brings US equities into its multi-asset platform
With Delta One, Ripple Prime is extending a business that already covers foreign exchange, derivatives, fixed income and digital assets into swaps linked to U.S. equities and indexes.
The firm said the product can be structured around different investment horizons, risk requirements and reporting needs. Institutional clients can execute total return swaps across the supported markets while managing the resulting exposures under Ripple Prime’s existing prime brokerage relationship.
Ripple Prime operates with more than $1 billion in regulatory net capital, according to Ripple. The firm provides clearing, financing and prime brokerage services for institutional investors across several asset classes.
The equity derivatives launch follows several additions to its institutional trading infrastructure this year. In May, Ripple Prime integrated with EDX Markets, giving clients access to EDX spot liquidity and perpetual futures offered by EDXM International through a unified brokerage arrangement. crypto.news previously reported that RLUSD was expected to serve a settlement and collateral role within the integration.
Through the arrangement, Ripple Prime provides credit intermediation, collateral management and net settlement while institutions access EDX liquidity. The integration followed several months of expansion across both centralized and decentralized digital asset markets.
Institutional derivatives access has expanded during 2026
Earlier in February, Ripple Prime added Hyperliquid access, allowing institutional clients to trade through the decentralized derivatives venue while cross-margining those positions against other assets held through the prime brokerage platform.
Ripple said at the time that supported exposures included digital assets, foreign exchange, fixed income, over-the-counter swaps and cleared derivatives. Clients retained a single counterparty relationship while accessing liquidity available through Hyperliquid.
The Delta One rollout applies a similar multi-asset structure to U.S.-listed equities and indexes, with Ripple Prime handling the swap relationship while clients receive the economic return of the referenced instruments.
Ripple Prime’s expansion into equity derivatives follows the company’s move into U.S. digital asset spot brokerage late last year. In November 2025, it launched spot prime brokerage for U.S. institutional customers, supporting over-the-counter digital asset transactions after Ripple completed the Hidden Road acquisition.
The original Hidden Road business had already operated across traditional and digital markets, including foreign exchange, derivatives, fixed income and cryptocurrency products.
Hidden Road deal created Ripple Prime
Ripple completed its $1.25 billion purchase of Hidden Road in October 2025 and renamed the institutional brokerage operation Ripple Prime.
The Hidden Road acquisition gave Ripple ownership of a global multi-asset prime broker providing institutions with clearing, financing and brokerage services across foreign exchange, derivatives, fixed income and digital assets.
Ripple had announced the transaction in April 2025 before closing it roughly six months later. The company said when the deal was completed that Ripple Prime would continue integrating Ripple’s digital asset infrastructure with the brokerage business, including the use of its RLUSD stablecoin within certain prime brokerage products.
Since the acquisition, Ripple Prime has also expanded the amount of financing available to support institutional client activity.
In May, the brokerage secured a $200 million debt facility from funds managed by Neuberger Specialty Finance. The facility was structured to increase Ripple Prime’s capacity to provide financing as institutional borrowing demand increased across crypto, equities, fixed income and foreign exchange.
Ripple said at the time that Ripple Prime’s revenue had tripled year over year since the acquisition, while client demand had increased across both traditional and digital markets. The Neuberger financing facility could be drawn according to institutional borrowing demand and was intended to support margin services offered through the platform.
Ripple Prime has raised more capital for expansion
Financing continued this month when Ripple Prime closed a $275 million private placement of senior unsecured notes on Aug. 18.
Ripple said the offering had been increased from its original size following demand from institutional investors. The notes received a BBB investment-grade rating from KBRA, while Piper Sandler acted as the lead placement agent.
Proceeds were designated for working capital and general corporate purposes within the regulated entity, including investment in technology and personnel supporting the brokerage operation.
Kimmel said after the placement that the financing provided Ripple Prime with another source of capital as it expanded its multi-asset clearing, prime brokerage and financing business.
The debt placement followed the $200 million Neuberger facility secured in May, giving Ripple Prime separate sources of capital for financing institutional activity and funding its own operations.
Ripple Prime currently provides services across digital assets, foreign exchange, precious metals, exchange-traded derivatives, over-the-counter swaps and fixed income repo markets. Ripple says the platform clears more than $3 trillion annually across markets and serves more than 300 institutional customers.
The Delta One service is now live for total return swaps tied to U.S.-listed equities, indexes and digital assets, with Ripple Prime serving as the counterparty and providing cross-margining across supported positions.