HSBC's Head of Digital Asset Research Daragh Maher described Ripple Prime's 24/7 derivatives service as "incremental rather than revolutionary," noting that market depth will be the critical factor in attracting institutional participation. According to a client report, only sufficient liquidity enables institutions to establish positions and adjust risk when traditional markets are closed. Early adopters are expected to be market makers, proprietary trading firms, and hedge funds exploiting cross-asset arbitrage opportunities, rather than large institutions seeking strategic hedges. Ripple Prime has launched swap contracts covering over 100 equities, commodities, and FX markets, linked to Trade.xyz perpetual futures on Hyperliquid with RLUSD stablecoin collateral support. Virtu Financial is an active user, though Ripple has not disclosed trading volumes.