The swaps track perpetual futures listed by Trade.xyz, a platform for stock and commodity contracts on Hyperliquid, a crypto derivatives exchange. Perpetuals have no expiry date and trade around the clock, letting a fund take a position on gold on Sunday while conventional markets are closed.
Clients deal with Ripple Prime, which manages their collateral and risk across positions, and can use Ripple’s dollar-pegged RLUSD stablecoin to back their trades. Ripple had already connected its brokerage to Hyperliquid in February.
But a fund looking to trade millions of dollars still needs someone willing to take the other side at an acceptable price, and Saturday showed how quickly weekend positions can unravel.
Nearly $52 million in leveraged chip-stock positions were forcibly closed in 10 minutes as selling spread from Binance to Hyperliquid. The shares themselves weren’t trading, leaving the contracts without fresh stock-market prices…
