On March 31, a news report released by Cointelegraph caused a stir in the institutional trading circle: Ripple Prime has expanded its integration with Hyperliquid to include HIP-3 underlying assets, officially opening a compliant channel for institutional clients to conduct on-chain trading of perpetual contracts for commodities such as gold, silver, and crude oil.

If the official authorization of the S&P 500 marks the recognition of Hyperliquid in the traditional financial world, then this upgrade of Ripple Prime signifies that institutional capital is now officially flowing into the "highway" of Hyperliquid. This is no longer a theoretical discussion on whether DeFi can attract institutions; rather, institutions have voted with their actions, choosing Hyperliquid as their core infrastructure for on-chain trading.

AiCoin Data Insight: We believe the importance of this event goes far beyond its surface. It reveals the core barriers of Hyperliquid in the final battle of Perp DEX, as well as a redefined new paradigm of global trading.

The "Last Mile" for Institutions: What Does Ripple Prime Solve?

To understand the significance of this integration, one must first understand what Ripple Prime is. It is not a simple API aggregator, but a complete prime brokerage service built on Ripple's acquisition of Hidden Road. It was included in the DTCC's NSCC participant directory (clearing code 0443) on March 2, 2026, and is a compliant entity recognized by the traditional financial system.

For institutional trading departments and fund managers, direct participation in DeFi trading faces tremendous operational and compliance hurdles:

 

• Custody and Security: It requires managing wallets, private keys, and Gas fees on one's own, posing a significant risk exposure.
• Risk and Margin: Unable to perform unified margin calculations and risk management for on-chain positions along with positions in CEX or traditional markets.
• Compliance and Reporting: The anonymity of DeFi and the complexity of on-chain operations make it difficult to meet the strict compliance and audit requirements of institutions.

The solution from Ripple Prime directly addresses these pain points. It allows institutions to perform margin calculations across markets and asset classes through a unified, regulated counterparty account. This means that a fund can now incorporate its long position in crude oil perpetual contracts held in Hyperliquid, Bitcoin spot holdings in Coinbase, and traditional fixed income swap products into a single portfolio for unified risk management. As pointed out by SpendNode's analysis, "This is the cornerstone needed to transform experimental DeFi trading into business that compliance departments can approve."

Validation of Demand: Why Hyperliquid?

The choice of Ripple Prime to deeply integrate with Hyperliquid is no coincidence, but rather a result of market demand voting with real money. According to the latest data from BlockBeats, the HIP-3 traditional asset market built by builders like Trade.xyz has accounted for over 90% of the Hyperliquid ecosystem, with the total open interest in its WTI and Brent crude contracts surpassing 770 million USD.

More astonishing data occurred during market volatility. On March 9, as geopolitical risks in the Middle East escalated and traditional commodity exchanges (CME, ICE) were closed over the weekend, global funds seeking risk hedges flocked to Hyperliquid. The daily trading volume of its WTI crude oil (CL) contract surged from approximately 21 million USD to 1.2 billion USD, a 57-fold increase.

This set of data eloquently proves that Hyperliquid is no longer just a "Crypto DEX"; it is becoming a global 24/7 macro hedging center, effectively filling the pricing vacuum in traditional financial markets and undertaking a crucial price discovery function.

The Final Battle: The Competitor is CME, Not Coinbase

As the trading volume of non-crypto assets stabilizes at 30%-50% on the Hyperliquid platform, with the open interest in its HIP-3 market increasing more than 100 times to reach 1.43 billion USD within six months, and with the number of active trading users doubling to 231,000, a clear picture emerges: Hyperliquid's true competitors may no longer be exchanges like Coinbase, but rather CME Group and ICE.

The entry of Ripple Prime is both a catalyst and confirmation signal for this trend. It marks that the infrastructure of DeFi is evolving from a closed, crypto-native corner into an indispensable, functional complementary component of the global financial system.

AiCoin: The Perfect Combination of Professional Analysis and Lightning Execution

In facing a platform that is wrestling with traditional financial giants, a professional trading terminal is an essential tool to capitalize on the times. AiCoin provides professional traders with a seamless experience from analysis to execution—through a one-click secure authorization on your Hyperliquid account via PC, eliminating the need for cumbersome API setups; on the charts, you can achieve millisecond-level order placement, closing, and position adjustments through the exclusive "Lightning Order" floating panel, gaining the upper hand in volatile macro conditions.

The practical operation is super simple:

Step 1: Open Hyperliquid BTC/USDC candlestick chart in AiCoin

Step 2: Find the toolbar and check the lightning order option

Step 3: Directly click the green "Buy Long" or red "Sell Short" → Instant execution

Exclusive Benefits: Registering or authorizing Hyperliquid through AiCoin, and binding the invitation relationship (Invitation Code: AICOIN88), you can enjoy 4% fee rebates.

https://app.hyperliquid.xyz/join/AICOIN88

 

📖 Newbie Tutorial:

"AiCoin PC Terminal Hyperliquid Authorization Trading Tutorial":

https://www.aicoin.com/zh-Hans/article/514197

 

"Zero-Based Entry! Super Detailed Text and Image Tutorial for First Trading on Hyperliquid":

https://www.aicoin.com/zh-Hans/article/510225

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