Flare has taken a major step toward expanding XRP’s reach across on-chain trading venues by enabling spot XRP trading on Hyperliquid for the first time.
In a blog post, Flare Networks announced the listing of FXRP, its wrapped version of XRP, on the Hyperliquid exchange. The move marks the first time traders can access the XRP spot market directly on the platform.
With this launch, traders can now buy and sell XRP spot exposure through Hyperliquid’s on-chain order book. FXRP represents a fully collateralized form of XRP via Flare’s FAssets system. The system ensures that each token remains securely anchored to XRP on its native blockchain, the XRP Ledger (XRPL).
Technology Behind Integration
To enable this integration, Flare combined its FAssets framework with LayerZero’s Omnichain Fungible Token (OFT) standard. Specifically, Flare deployed FXRP as a LayerZero OFT, enabling frictionless routing to Hyperliquid’s HyperEVM and subsequent representation as a HIP-1 asset on HyperCore for spot order book trading.
As a result, FXRP can move seamlessly across blockchains, traveling from the XRPL to Flare, routing into Hyperliquid for trading, and returning to the ledger when needed.
Looking ahead, Flare revealed plans to launch a dedicated FXRP Bridge powered by smart accounts in the coming weeks. This upgrade will enable one-click withdrawals back to the XRP Ledger while preserving FXRP’s anchor to XRPL.
Throughout the entire process, which includes bridging, trading, and withdrawals, users remain fully on-chain and retain transparent custody at all times.
Initial Support for FXRP/USDC Pair
According to the announcement, trading initially launched with the FXRP/USDC pair, with additional stablecoin pairs expected to roll out over time.
Prior to this development, XRP exposure on Hyperliquid was limited to derivatives, often involving leveraged positions. Now that FXRP is live on spot markets, traders can finally spot-hedge XRP exposure, unlocking more advanced strategies such as hedging, arbitrage, and directional positioning across both spot and perpetual markets.
The Gateway to DeFi
Beyond trading, the FXRP spot listing acts as a direct gateway into Flare’s XRPFi ecosystem. Last year, Flare enabled XRP holders to bridge their assets to its blockchain and mint FXRP to unlock participation in DeFi.
With FXRP now live on Hyperliquid, native users can seamlessly move their holdings into Flare to access lending markets, staking, and other composable DeFi applications. This development reframes XRP not merely as a trading instrument, but as a yield-generating, programmable asset backed by deep on-chain liquidity.
Currently, FXRP has a circulating supply of 86.18 million tokens, giving it a market valuation of approximately $181.88 million.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
