FXRP allows XRP to trade natively on Hyperliquid’s onchain orderbook, with the option to bridge tokens back to the XRP Ledger after execution.

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

The rollout marks the first instance of XRP spot exposure being available on Hyperliquid’s onchain orderbook, according to a release shared with CoinDesk. Hyperliquid is an onchain trading platform running on its own high-performance Layer-1 blockchain, with trading volumes exceeding $185 million over the past 24 hours.

FXRP is a representation of XRP issued through Flare’s FAssets framework and LayerZero’s omnichain token standard. This structure allows the token to move across blockchains, trade on Hyperliquid, and subsequently be bridged back to the XRP Ledger through a fully onchain process.

Flare co-founder Hugo Philion said the launch is aimed at expanding XRP’s use across decentralized finance without relying on offchain custody.

“By integrating Flare’s FAssets infrastructure with Hyperliquid’s orderbook, we are broadening XRP’s role in DeFi while keeping the XRPL as the canonical settlement layer,” Philion said.

Unlike most DeFi trading venues that rely on automated market maker pools, Hyperliquid uses an orderbook-based market structure. That approach can deliver tighter spreads and more predictable execution during periods of elevated trading activity, making spot markets particularly relevant for larger traders managing exposure across venues.

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

For market participants, the proposition is straightforward: XRP holders gain access to a deep, onchain spot venue with familiar execution mechanics, while Hyperliquid-native traders can access 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 own network after trading to support XRPFi applications such as lending and staking, keeping the full trading cycle onchain.