Ripple Prime has launched a Delta. One business for institutional clients, adding total return swaps tied to U.S.-listed equities, indexes, and digital assets. The service is now live for hedge funds, asset managers, and other financial institutions using its multi-asset brokerage platform.
The new service lets clients work through one counterparty. They can also cross-margin positions across supported asset classes.
What Does Ripple Prime Delta One Offer?
The platform said the setup runs around the clock. Institutions can manage collateral and market exposure across both traditional and digital assets through one relationship.
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Total return swaps provide exposure to an asset without direct ownership. Payments usually reflect the return of the referenced asset and the financing terms agreed by both parties.
Ripple Prime President Noel Kimmel said the launch extends the platform the company has already built.
Delta One incorporates U.S. equity derivatives within an existing business dealing in foreign exchange, fixed income, digital assets, and derivatives.
Trades can be structured based on various investment horizons, reporting requirements, and risk parameters. The company manages the swap relationship, and the client gains the economics of the reference asset.
Ripple claims that the brokerage functions with over $1 billion of regulatory net capital. It offers clearing, financing, and prime brokerage solutions to institutional clients.
The new product is part of other introductions made in the year 2026. For example, Ripple Prime joined forces with EDX Markets in May.
The collaboration allowed clients to access the EDX spot liquidity and EDXM International perpetual futures.
How Has Ripple Prime Expanded Institutional Access?
Previously in February, the company also offered access to Hyperliquid. Clients were able to engage in trading at the decentralized derivatives platform via cross-margining with other assets.
Among the types of exposures available were digital assets, foreign exchange, fixed income, OTC swaps, and cleared derivatives. Customers maintained one counterparty relationship while trading at Hyperliquid.
Source: The Block
The Delta One offering builds upon this approach by adding exposure to U.S.-listed stocks and indexes.
In November 2025, Ripple Prime already expanded its digital asset offerings in the United States. It offered spot prime brokerage services to institutional clients after Ripple acquired Hidden Road.
How Did Hidden Road Become Ripple Prime?
Ripple made the purchase of the $1.25 billion Hidden Road deal in October 2025. Later, Ripple renamed the institutional broker Ripple Prime.
Hidden Road was working in both traditional and digital spaces. Their solutions include clearing, financing, foreign exchange, fixed income, derivatives, and cryptocurrency products. The company has invested even further into the growth of the brokerage.
In May, Ripple Prime raised a $200 million debt financing facility through funds managed by Neuberger Specialty Finance. It aimed at supporting financing in case of growing institutional borrowing needs.
Then, Ripple Prime closed the placement of $275 million in senior unsecured notes on Aug. 18. They increased the offering due to institutional interest.
The notes got the BBB investment grade rating from KBRA. Piper Sandler served as a lead placement agent.
The money is reserved for working capital and general corporate uses as well as for technology and staffing within the regulated broker.
According to Ripple, Ripple Prime currently clears more than $3 trillion annually. They have more than 300 institutional clients working across multiple asset classes.
Delta One offers total return swaps of U.S. equities, indexes, and digital assets. Cross-margining is available in supported positions on the same brokerage platform.
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