Flare Network has launched the first spot market for XRP on Hyperliquid through FXRP, a representation of XRP issued on Flare that allows traders to buy and sell XRP exposure directly on Hyperliquid’s onchain order book.
According to project co-founder Hugo Philion, who confirmed the launch this week, Flare is looking to extend XRP’s functionality into more decentralized finance use cases. The new listing will connect XRP’s blockchain network to Hyperliquid.
The spot listing is enabled by Flare’s FAssets system and LayerZero’s Omnichain Fungible Token standard, which would help traders move FXRP through blockchains. FXRP can be minted on Flare, routed to Hyperliquid for trading, or sent back to its original network through this setup.
Flare brings XRP spot trading to @HyperliquidX ☀️
This listing gives XRP deeper liquidity, better price discovery, and institutional-grade execution, unlocking real onchain demand while keeping settlement anchored to XRPL.
Powered by FAssets and the @LayerZero_Core OFT… pic.twitter.com/t9QTf0w6q8
— Flare ☀️ (@FlareNetworks) January 7, 2026
How FXRP reaches Hyperliquid and trades onchain
According to Flare’s insight on the new Hyperliquid listing, FXRP is routed from Flare to Hyperliquid’s HyperEVM before being represented on HyperCore, Hyperliquid’s core trading layer, where spot markets operate.
Once on HyperCore, FXRP trades against USDC on an onchain order book where users have access to transparent pricing and liquidity. Philion said the structure allows FXRP to move back to its canonical environment on the XRP Ledger without executing several manual steps.
A dedicated FXRP bridge powered by Flare Smart Accounts is expected to launch in the coming weeks, which could enable one-click withdrawals from Hyperliquid back to the XRP Ledger.
According to data from CoinGlass, XRP perpetual futures currently carry around $250 million in open interest, but traders haven’t had a direct spot market on the same platform to hedge their exposure. FXRP’s availability for spot trading could help them combine spot positions with perpetual contracts or execute directional strategies.
Traders can access the FXRP spot market on Hyperliquid depending on their background and assets. Before trading, users must activate a Hyperliquid account by connecting an EVM-compatible wallet such as MetaMask or Rabby that can move assets between Flare, HyperEVM, and HyperCore.
One route mentioned by Flare is depositing USDC directly from Arbitrum within the Hyperliquid application. The funds are credited to HyperCore, where traders can swap USDC into FXRP using the onchain order book.
Another way to transfer coins is to bridge XRP from the XRP Ledger to Flare, where it is issued as FXRP through the FAssets system. The token can then be sent via Stargate to HyperEVM and then to HyperCore for spot trading.
Flare is also planning to enable direct bridging of FXRP from the XRP Ledger to Hyperliquid using a Flare Smart Account-powered bridge in a later phase. The upgrade will also allow one-click withdrawals of FXRP from Hyperliquid back to the XRP Ledger once it goes live.
After acquiring FXRP on Hyperliquid, users can bridge the token back to Flare using the same Stargate infrastructure, opening access to lending on money markets and staking through Firelight, Flare’s staking platform.
Flare adds more use cases for XRP; Ripple not going public yet
As reported by Cryptopolitan on December 23, Flare Network launched a new yield-bearing XRP product called earnXRP to draw more Ripple tokens into decentralized applications. The earnXRP product was developed in collaboration with Upshift Finance and Clearstar.
EarnXRP users can deposit FXRP into a single vault that automatically allocates funds to onchain activities, and the yield generated by those strategies is denominated in XRP, the project’s developers revealed.
The expansion of XRP into DeFi comes as Ripple, the parent company of the token, shut down rumors about going public in 2026. President Monica Long said the company does not plan to pursue an initial public offering.
“Currently, we still plan to remain private. Often the strategy driving an IPO is to get access to the investors and the liquidity of the public markets … We’re in a really healthy position to continue to fund and invest in our company’s growth without going public,” Long told Bloomberg in an interview on Tuesday.
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