FXRP enables XRP to trade directly on Hyperliquid’s onchain orderbook, with the option to later bridge assets back to the XRP Ledger.
Interoperability-focused blockchain Flare said Wednesday it has launched the first XRP spot market on Hyperliquid through the listing of FXRP, debuting with an FXRP-USDC trading pair.
The rollout marks the first time traders can access XRP spot exposure via Hyperliquid’s onchain orderbook, according to a release shared with CoinDesk. Hyperliquid operates as an onchain trading venue built on its own high-performance Layer-1 blockchain, with trading volumes surpassing $185 million over the past 24 hours.
FXRP is a representation of XRP issued through Flare’s FAssets system and LayerZero’s omnichain token standard, allowing the asset to move across blockchains, trade natively on Hyperliquid, and later be bridged back toward the XRP Ledger through an onchain process.
Flare co-founder Hugo Philion said the initiative is designed to expand XRP’s utility without relying on offchain custody assumptions.
“By combining Flare’s FAssets infrastructure with Hyperliquid’s orderbook, we’re extending what XRP can do across DeFi while keeping the XRPL as the canonical settlement layer,” Philion said.
Hyperliquid’s market structure is built around a traditional orderbook model rather than automated market maker pools common across DeFi platforms. That design can offer tighter spreads and more consistent execution during periods of heavy trading—features that are particularly relevant for larger traders seeking to hedge perpetuals exposure or manage cross-venue risk.
Flare said FXRP will route into Hyperliquid via its HyperEVM layer before settling into HyperCore for spot trading. A dedicated bridge using Flare Smart Accounts is expected to follow, enabling one-click withdrawals back to the XRP Ledger as native XRP.
For traders, the value proposition is straightforward: XRP holders gain access to a deep, onchain spot venue with familiar execution tools, while Hyperliquid-native users can trade a major large-cap asset without relying on centralized custody or onboarding through another chain.
Flare added that FXRP can also be bridged back to its network after trading to access XRPFi use cases such as lending and staking, keeping the entire lifecycle onchain end to end.
