Ripple and Hyperliquid Deal Is a Big Win for HYPE, Not So Much for XRP

Ripple Prime, Ripple’s institutional prime brokerage, now supports Hyperliquid, an on-chain derivatives venue. At first glance the announcement appears broadly positive for the Ripple ecosystem, but the benefits are uneven. Ripple Prime is a prime broker that gives institutions a single access point for trading, collateral and risk management.

By integrating Hyperliquid, institutions can access on-chain derivatives without managing wallets or interacting with smart contracts directly; Ripple Prime handles collateral, margin, settlement and risk. Hyperliquid stands to gain most. The integration opens institutional flow, can deepen liquidity, and strengthens Hyperliquid’s case as an institution-grade venue while leaving its protocol intact.

Those factors directly support HYPE’s long-term narrative. The linkage to XRP is weak. The deal does not require XRP for trading or margin and does not route activity through the XRP Ledger.

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