XRP is now available for spot trading on Hyperliquid, coinciding with Flare’s FXRP listing.

FXRP enables XRP to trade directly on Hyperliquid’s onchain orderbook, with the ability to bridge assets back to the XRP Ledger after execution.

Interoperability blockchain Flare said Wednesday it has introduced the first XRP spot market on Hyperliquid through the listing of FXRP, launching initially with an FXRP-USDC trading pair.

The move gives traders their first access to XRP spot exposure on Hyperliquid’s onchain orderbook, according to a statement shared with CoinDesk. Hyperliquid operates its own high-performance Layer-1 blockchain, with trading volumes exceeding $185 million over the past 24 hours.

FXRP is an onchain representation of XRP issued via Flare’s FAssets system and LayerZero’s omnichain token standard. The design allows the asset to move across blockchains, trade natively on Hyperliquid, and later be bridged back to the XRP Ledger through an onchain workflow.

Flare co-founder Hugo Philion said the launch is intended to expand XRP’s utility across decentralized finance without introducing offchain custody assumptions.

“By combining Flare’s FAssets infrastructure with Hyperliquid’s orderbook, we’re extending XRP’s reach in DeFi while preserving the XRPL as the canonical settlement layer,” Philion said.

Hyperliquid differs from most DeFi venues by using a traditional orderbook model rather than automated market maker pools. That structure can result in tighter spreads and more reliable execution during periods of heavy trading, making spot listings particularly relevant for larger participants managing risk or hedging derivatives positions.

Flare said FXRP will be routed to 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 clear. XRP holders gain access to a deep, onchain spot market with familiar execution tools, while Hyperliquid-native users can trade a 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 support XRPFi applications such as lending and staking, keeping the full lifecycle onchain.