Hyperliquid's first XRP spot market, powered by Flare’s FXRP
[UPDATE January 21, 2026] FXRP can now be bridged to HyperEVM. The new Bridge tab in the FAssets Portal simplifies starting FXRP spot trading on Hyperliquid. It's also available via Stargate.
As of today, Flare lists FXRP for spot trading on Hyperliquid, launching initially with an FXRP/USDC pair. Additional stablecoin pairs are expected to follow. This will be the first XRP spot pair to be available on Hyperliquid.
The listing is enabled by Flare’s FAssets system and LayerZero’s Omnichain Fungible Token (OFT) standard, allowing FXRP to move across chains, trade on Hyperliquid’s onchain orderbook, and return to its canonical home on the XRP Ledger in a single click.
Access the FXRP/USDC spot market at: https://app.hyperliquid.xyz/trade/FXRP/USDC
Why it matters
With FXRP listed on Hyperliquid, XRP and Flare users gain access to a high-performance spot trading venue while maintaining full on-chain custody. At the same time, non-Flare users on Hyperliquid receive a direct entry point into Flare’s growing XRPFi ecosystem, without needing to onboard from scratch.
First institutional-grade XRP spot exposure on Hyperliquid
This listing marks the first XRP exposure on Hyperliquid, bringing FXRP to one of the most liquid onchain trading venues available today. Hyperliquid’s orderbook delivers tighter spreads, deeper liquidity, and professional-grade trading tools, including limit orders and advanced execution, designed for high-volume and sophisticated traders.
While FXRP is deeply integrated across Flare’s DeFi ecosystem, Hyperliquid’s high-throughput orderbook is purpose-built to outperform AMM-based pools on price discovery and execution quality, particularly under institutional trading conditions.
Fast, simple multichain bridging
FXRP is deployed as a LayerZero OFT, enabling seamless routing to Hyperliquid’s HyperEVM and onward to its HIP-1 representation on HyperCore for spot trading.
A dedicated FXRP bridge powered by Flare Smart Accounts will follow in the coming weeks, enabling one-click withdrawals from Hyperliquid back to the XRP Ledger, preserving FXRP’s canonical anchor.
Enable new trading strategies
Traders can combine FXRP spot markets with perpetuals to hedge exposure, execute directional strategies, or simply buy and sell XRP exposure across venues. Today, there is $250m of XRP open interest on perps with no ability to spot hedge the asset. FXRP on Hyperliquid spot will expand the type of XRP strategies run. At any time, FXRP can be bridged back to XRPL via Flare.
End-to-end custody
Users can bridge FXRP once, trade on Hyperliquid, and bridge back—remaining on-chain throughout the entire lifecycle.
Why Hyperliquid
Hyperliquid is an onchain exchange ecosystem combining a high-performance Layer-1 orderbook (HyperCore) with an EVM execution environment (HyperEVM). Its permissionless listing model and deep liquidity make it a natural venue for Flare’s mission: expanding XRP’s role as a programmable, multichain financial asset while reinforcing XRPL as the canonical settlement and trust layer.
Superior price discovery
Hyperliquid’s high-volume orderbook environment is designed to outperform traditional AMMs in both price discovery and execution quality.
A new audience for XRPFi
Hyperliquid-native users gain a direct path to Flare’s XRPFi ecosystem, including lending, staking, and all composable DeFi use cases, without needing to begin their journey on Flare.
Reputation and legitimacy
Aligning FXRP with one of the fastest-growing on-chain trading venues strengthens XRP’s positioning as a global, permissionless, programmable financial asset.
Get started: how XRP holders trade FXRP on Hyperliquid
Activate your account
Before funding your Hyperliquid account, activate it by connecting an EVM wallet (e.g. MetaMask, Rabby) to the Hyperliquid site.This wallet address will be used to send assets to and from Flare, HyperEVM, and HyperCore.
Funding your account with USDC (from Arbitrum)
Deposit USDC directly from Arbitrum within the Hyperliquid app.
- USDC is credited to HyperCore
- Swap USDC into FXRP via the onchain orderbook
- No prior Flare or XRPL setup required
This route is ideal for traders coming from other DeFi ecosystems who want FXRP exposure.
Funding your account with FXRP
To trade FXRP directly on Hyperliquid, users can bridge XRP to Flare as FXRP, then use Stargate to send FXRP from Flare to HyperEVM and onward to HyperCore.
- Here’s the flow: XRP (XRPL) → FXRP (Flare via FAssets) → Hyperliquid (HyperEVM → HyperCore)
- Once bridged, FXRP becomes immediately available on the FXRP/USDC spot market.
In a later phase, users will be able to bridge FXRP directly from the XRP Ledger to Hyperliquid using a Flare Smart Account-powered bridge. Once live, this will also enable one-click withdrawals of FXRP from Hyperliquid back to XRPL.
After acquiring FXRP at Hyperliquid, users can bridge FXRP to Flare using the same bridge at Stargate to access XRPFi opportunities, such as lending FXRP on money markets, and staking with Firelight, effectively making XRP an active DeFi asset of deep liquidity with onchain yield. The addition of the FXRP spot market on Hyperliquid will enable seamless liquidity and make FXRP more available to user within the Flare ecosystem.
https://app.hyperliquid.xyz/trade/FXRP/USDC
NEW functionalities
New version - 15.01.2026
- Frontend v1.2.27
- Backend API v1.2.1
1. Bridging to Hyperliquid and back (only Coston2 & Flare)
New tab for bridging FXRP
Also available on Stargate https://stargate.finance/
We are showing FXRP balances on HyperEVM & Hyperliquid (Hypercore) + HYPE balance on HyperEVM (since we need it for covering fees when bridging from HyperEVM to Flare Network)
Hyperliquid Stack:
Apps:
https://app.hyperliquid-testnet.xyz/trade
https://app.hyperliquid.xyz/trade
Options:
1.1. Bridge FXRP to HyperEMV (Hyperliquid EMV chain - no trading here)
1.2. Bridge FXRP to Hyperliquid (Trading platform)
1.3 Bridge from HyperEVM to Flare Network
2. Redemption on custom XRP address
2.1. The user now doesn’t need to connect to the XRP wallet to make redemption but he can enter the XRP address manually.
2.2. The user can edit the destination address and enter an address that doesn’t belong to his connected wallet.
3. Transaction list connected to FAsset explorer (only Flare)
To make it easier for users we changed the destination link of the transaction that now goes directly to the Flare Space FAsset Explorer.