Ripple Prime launches Delta One total return swaps for equities, indices and digital assets

Ripple Prime announced the live launch of its Delta One business, expanding the firm’s institutional brokerage platform to include equity derivatives. The new service enables hedge funds, asset managers and other financial institutions to trade total return swaps linked to U.S.-listed equities, indices and digital assets.

Cross‑asset access through a single counterparty

Clients can now obtain exposure to equities, foreign exchange, fixed income, derivatives and digital assets while maintaining a single counterparty relationship for clearing and financing. The offering also supports cross‑margining across the supported asset classes.

Total return swaps explained

According to the Commodity Futures Trading Commission, a total return swap is an agreement where payments depend on changes in the value of a specified asset, index or related derivative multiplied by an agreed notional amount. The structure provides economic exposure without requiring direct ownership of the underlying asset.

Regulatory capital and recent financing

Ripple Prime reports more than $1 billion in regulatory net capital. The Delta One launch follows a private placement of $275 million senior unsecured notes closed on August 18, and a $200 million debt facility obtained earlier in the year.

Institutional focus

The Delta One operation is positioned as a clearing and financing desk, distinct from market‑making or proprietary trading activities. It builds on Ripple’s acquisition of Hidden Road, which was rebranded as Ripple Prime and forms the foundation of the broader institutional platform.