Hyperliquid has launched XRP spot trading alongside the listing of Flare’s FXRP.

FXRP allows XRP to be traded natively on Hyperliquid’s onchain orderbook, with assets able to be bridged back to the XRP Ledger at a later stage.

Interoperability network Flare said Wednesday it has launched the first XRP spot market on Hyperliquid by listing FXRP, beginning with an FXRP-USDC trading pair.

The launch gives traders their first opportunity to access XRP spot exposure on Hyperliquid’s onchain orderbook, according to a release shared with CoinDesk. Hyperliquid is an onchain trading platform built on its own high-performance Layer-1 blockchain, with 24-hour trading volumes exceeding $185 million.

FXRP is a tokenized representation of XRP created using Flare’s FAssets framework and LayerZero’s omnichain token standard. The setup enables FXRP to move across chains, trade on Hyperliquid, and subsequently be bridged back toward the XRP Ledger through a fully onchain process.

Flare co-founder Hugo Philion said the initiative aims to broaden XRP’s reach across decentralized finance without introducing offchain custody risk.

“By pairing Flare’s FAssets infrastructure with Hyperliquid’s orderbook, we’re expanding XRP’s utility in DeFi while maintaining the XRPL as the canonical settlement layer,” Philion said.

Unlike most DeFi venues that rely on automated market maker pools, Hyperliquid uses a centralized-style orderbook model. That structure can deliver tighter spreads and more predictable execution during periods of elevated trading activity, making spot listings particularly relevant for larger traders managing risk or hedging derivatives exposure.

Flare said FXRP is routed into Hyperliquid through its HyperEVM layer before entering HyperCore for spot trading. A dedicated bridge powered by Flare Smart Accounts is expected to follow, enabling one-click withdrawals back to the XRP Ledger as native XRP.

For traders, the appeal is straightforward. XRP holders gain access to a deep, onchain spot market with familiar execution mechanics, while Hyperliquid-native users can trade a major large-cap asset without relying on centralized custody or onboarding through an external chain.

Flare added that FXRP can also be bridged back to its own network after trading to support XRPFi use cases such as lending and staking, keeping the full trading cycle onchain.

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