The decentralized finance blockchain network Flare has launched the first-ever spot market for XRP on the on-chain trading platform Hyperliquid. This development introduces spot trading for XRP on Hyperliquid, which previously only offered perpetual futures contracts for the asset.
The new market is listed under the FXRP/USDC trading pair. FXRP is Flare's wrapped version of XRP, created as a LayerZero Omnichain Fungible Token and issued at a 1:1 ratio via Flare's FAssets system. This integration allows XRP to move across chains as FXRP, trade on Hyperliquid's orderbook, and ultimately return to its native XRP Ledger (XRPL).
A key technical driver is the incompatibility of XRP (like Bitcoin) with the Ethereum Virtual Machine (EVM), which has historically limited its direct on-chain spot trading. FXRP serves as the solution, acting as a wrapped asset that bridges this gap.
Flare will soon launch a dedicated FXRP bridge powered by Flare Smart Accounts. This bridge will enable one-click withdrawals of FXRP from Hyperliquid back to the XRP Ledger as native XRP. According to Flare, this lifecycle allows users to bridge and trade XRP without relinquishing custody at any point, and enables the returned XRP to access DeFi use cases like lending and staking on Flare.
Flare's DeFi analyst, Dhruv Shah, emphasized the significance: "FXRP brings a new asset class into Hyperliquid's ecosystem while remaining fully on-chain end-to-end. This integration gives traders direct access to XRP spot exposure using the same professional-grade tools they expect from a high-performance orderbook."
Flare co-founder Hugo Philion highlighted the broader implications: "This listing brings XRP into one of the most liquid and performant on-chain trading environments available today. By combining Flare's FAssets infrastructure with Hyperliquid's orderbook, we are expanding what XRP can do across DeFi while preserving XRPL as the canonical settlement layer."
The company believes Hyperliquid's orderbook design, which is built to outperform automated market maker pools in price discovery and execution, makes the FXRP spot market suitable for institutional-grade strategies including directional trading, hedging alongside perpetuals, and cross-venue exposure management.
